Berkeley shares rise after market update
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Property developer Berkeley Group (LON:BKG) saw its shares rise by 30p to 3,540p (as of 14:20 BST) after it said that conditions during the first four months of the financial year had remained consistent with those at the end of the last financial year. Pricing and demand remained robust throughout London and the South East of England.
However, there are a number of headwinds including high transaction costs, mortgage restrictions, and economic uncertainty which are restricting potential growth. Despite this management believe that the company will be able to deliver pre-tax profits of £1.575 billion in the two years ended April 2019.
Berkeley also recommitted to paying a dividend of 33p per share in September of this year.
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