Legacy repair costs cause Barratt profits to slump

By Joey Gardiner2022-09-07T10:42:00

Housebuilder hails £5bn revenue but ‘macro-economic uncertainty’ means recent trading suffers

The UK’s biggest housebuilder has seen a slump in pre-tax profit for the year to June after setting aside cash to repair legacy properties, despite revenue topping £5bn for the first time.

Shares in Barratt fell back as it reported pre-tax profit for the 2022 year of £642m, down 21%, and said that trading in recent weeks had been sharply down on the same period last year.

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