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The shares of housebuilder Barrett Developments (LON:BDEV) rose by 3.59% to 566.03p (as of 11:10 GMT) after it announced a 19.1% increase in profits before tax for the six months ended 31st December. Revenues climbed by 7.2%, but profits were further boosted by a 200 basis point improvement in gross margins.
Chief executive David Thomas commented: “The Group has delivered a strong operational and financial performance across the half year. As Britain’s largest housebuilder, we are helping to address the country’s housing shortage by building high quality homes, growing volumes, creating jobs and supporting economic growth, whilst continuing to lead the industry in quality and customer service.
‘Operating efficiencies are delivering improved margins and our controlled and disciplined business model means we have a high-quality land bank, strong forward sales, excellent financial position and efficient cash flow generation.
‘Whilst we continue to monitor market conditions closely, current trading is in line with our expectations and we are confident of delivering a good financial and operational performance in FY19“.