Housebuilder Barratt Developments has posted a hefty rise in annual profits as it hailed an “outstanding” year.
The group posted a 9.2% rise in annual pre-tax profits to a record £835.5 million, while revenue increased 4.8% to £4.87bn.
Completions were up 1.1% to 17,579 – the highest number in a decade – and the average selling price on completion increased 5% to £288,900.
Barratt said market conditions remain good and the availability of attractive mortgage finance and the Government’s Help to Buy scheme continue to support “robust consumer demand”.
Chief executive David Thomas said: “The group has had another outstanding year delivering a strong operational and financial performance, and our highest volumes in a decade.
“As the UK’s largest housebuilder, we are helping to address the country’s housing shortage, creating jobs and supporting economic growth whilst continuing to lead the industry in quality and customer service.”
The positive comments come despite reports surfacing over the weekend that Help to Buy will be scrapped in 2021.
Barratt also announced medium-term operational targets, including volume growth of 3% to 5% per year and a minimum 25% return on capital employed.
Mr Thomas added: “The group starts the new financial year with a strong balance sheet, and robust consumer demand supported by a positive mortgage environment.”