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Homebuilder Barratt Developments lifts its profit expectations as strong demand for homes led to an 'excellent' recovery of completion volumes.
For the year ended 30 June 2021, adjusted pre-tax profit was anticipated to be marginally above the top end of the range of market expectations of £860 million to £899 million.
Pre-tax profit after adjusted items of about £107 million, is expected to be at the top end of the range of market expectations of £761 million to £812 million.
The company completed 17,243 homes in the year, which was ahead of previous guidance and higher than the 12,604 homes seen last year, but down from 17,856 homes the prior year.
Looking ahead to 2022, total forward sales stood at 14,334 homes at 30 June 2021, up from 14,326 homes last year at a value of £3,473.5 million, up from £3,249.7 million last year and £2,604.1 million in 2019.
'[W]e enter the new financial year in a strong position and remain focussed on our medium term targets, including delivering 20,000 homes a year,' the company said.
The publication of the annual results would be released on 2 September 2021.