Barratt expects bumper profit for the year

Barratt expects to report a 12% hike in profit for the year beating market expectations.

The housebuilder in a trading update said pre-tax profit is to hit £765m, up from £682.3m for 2016.

Barratt added that it completions for the year stood at 17,395, which was its highest level for nine years, while market conditions remained supportive due to the continuation of Help to Buy.

David Thomas, chief executive at Barratt, said: “It has been another very strong year for the Group both operationally and financially. We have delivered our highest number of completions for nine years, more than any other housebuilder, and continue to see a positive mortgage environment and strong consumer demand.

“In March we were recognised as a five star builder by the Home Builders Federation for the eighth year in a row and we are determined to lead the industry in quality and service as we drive operational improvements through the business.”