65% pre-tax profit boost pays dividends for UK housebuilder
A UK developer has announced the return of its dividend to above pre-pandemic levels after a ‘significant’ increase in profits.
Barratt Developments saw its pre-tax profits for the year ending June 30 rise by 65.1 per cent on the previous year.
The firm’s dividend for the period is 29.4p per share following a pause during the pandemic, and higher than its 2019 dividend of 29.1p.
David Thomas, chief executive of Barratt Developments, commented: “We have made excellent progress this year thanks to the resilience, flexibility and hard work of our employees, sub-contractors and suppliers, who have also continued to deliver the highest standards of quality and service.
“We have begun the new financial year in a strong position and, whilst there are still uncertainties ahead, our strong balance sheet, forward order book visibility and construction activity to date all stand us in good stead.
“There is very strong demand for houses across the country and we play a crucial role in providing the high quality and sustainable homes this country needs.
“As we work towards our medium term target of growing completions to 20,000 homes a year, we are committed to doing so as the leading national sustainable housebuilder - building homes which have a positive environmental, social and economic impact today and into the future.”
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