Housebuilder Barratt is gearing up to build 16,000 homes per year as it hails an improved market
Reporting its results for the year to 30 June 2013, the UK’s largest housebuilder posted revenue of £2.6bn, up 13% on £2.3bn the previous year.
The firm posted pre-tax profit of £105m, up slightly on £100m the previous year.
The firm’s operating profit rose 30% to £250m (2012: £191.1m), giving an operating margin, before exceptional items, of 9.7%.
The housebuilder’s completions rose 6% to 13,663 (2012: 12,857)
The housebuilder said it was now gearing up to build 16,000 homes per year by 2016 - a 17% rise on current levels.
Chief executive Mark Clare said: “Current market conditions are very positive. We have seen a significant step-up in consumer demand and mortgage supply, enhanced by the introduction of the government Help to Buy scheme.
“The strength of current trading and our forward order book, coupled with the expected delivery of around two thirds of completions from higher margin land, gives us confidence of another substantial improvement in performance.”