The UK’s largest housebuilder, Barratt Developments has posted its best annual results for three years.
The group returned a profit before exceptional costs of £42.7m (2010: £33m loss). The £54.2m exceptional restructuring and financing costs dragged down the pre-tax result to £11.5m.
Total completions for the full year were slightly down on last year to 11,171.
“We have made considerable progress in rebuilding profitability – by optimising selling prices, improving operational efficiency and securing new higher margin land,” said Mark Clare, group chief executive.
“Whilst we expect progress to continue, further recovery in the housing market remains dependent on improving economic conditions and the ability of our customers to secure mortgage finance.”
