Barratt Developments

Ticker BDEV

Today's data summary

Market closed
% change
+5.43%
Price Pence
512.40
Change
+26.40
As of 21:35 09 Apr 2020
Market cap. Pound sterling
5,217.73 million
As of 21:35 09 Apr 2020

Latest updates

Barratt Developments good start to year

crane
Getty Images

Barratt Developments has issued a trading statement ahead of its annual general meeting.

David Thomas, chief executive, said: "We have started our new financial year well, with a good sales rate and a healthy forward order book.

'Whilst there is economic and political uncertainty, we continue to be disciplined and have a strong balance sheet and cash position which we believe provide us with the resilience and flexibility to react to potential changes in the operating environment in full year 2020 and beyond."

He said the business was focused on delivering our medium term targets of volume growth in wholly owned home completions of 3 to 5% per annum over the medium term.

"We have started our new financial year well. Based on current market conditions, we continue to expect to grow volume towards the lower end of our medium term target range this year, whilst ensuring we maintain our industry leading standards of quality and service."

Barratt boss gets pay rise

Barratt logo
Getty Images

House builder Barratt Developments has published its annual report and it shows that the total pay of chief executive David Thomas increased to £3.6m from £2.7m a year earlier.

That was after a rise in long-term share awards and bonuses.

"It has been another year of strong results for the group. We have met, or in some cases exceeded, the financial and non-financial short and long term performance targets," the chair of the remuneration committee Richard Akers said.

The company added that the ratio of chief executive pay to the median employee was 88:1 and that it is reducing the size of payments for executives' pension - a flash point for some investors - from 15% of salary from 25%. For new joiners as of 1 July 2019 the maximum pension contribution has been reduced further, to 10% of salary, equal to the maximum employer contribution available to the workforce in general, the company said.

Barratt profits and house building figures up

Housebuilding
PA Media

Housebuilder Barratt has announced record profit before tax for the year of £909.8m, up 8.9% on the previous year.

The firm also said it built 17,856 homes in the year to 30 June 2019, up from 17,579 in the previous 12 months.

David Thomas, Barratt chief executive, said: "Whilst there is increased economic and political uncertainty, we begin the new financial year with a strong forward order book, balance sheet and cash position which we believe provides us with the resilience and flexibility to react to potential changes in the operating environment in full year 2020 and beyond."

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Shares in UK house builders and airlines tumble

New build homes
PA

Despite a slight rally in FTSE 100 shares, many of which could benefit from a devaluation of the pound, those that are heavily exposed to the UK economy, like house builders and domestic airlines, have tumbled this morning.

Investors are responding to news that Boris Johnson plans to suspend parliament in a move that increases the likelihood of a no-deal Brexit.

Home builders Taylor Wimpey, Persimmon and Barratt Developments were down between 2.2% and 2.5%. Meanwhile, British Airways owner IAG was down 1.6% and - on the FTSE 250 - Easyjet was down 3.5%.

Mixed trading on the FTSE

The FTSE 100 has tipped lower in afternoon trade, down at 7,522.88.

There was little movement at the top of the blue chip risers and fallers. Online grocery group Ocado's share price is down 4% at £11.66.

Shares in Barratt Developments are ahead 3.73% at 605.8p.

The FTSE 250 is still ahead but has trimmed gains to 0.18% at 19,454.35.

Barratt Developments top FTSE 100

Barratt Developments
Barratt Developments

Barratt Developments is the FTSE 100's biggest riser this morning after the housebuilder said full-year profits will beat forecasts.

The company said it has reduced the height of its houses to help cut costs and is reducing its exposure to the London market.

It share price is ahead 3.73% at 605.9p. Reckitt Benckiser is also ahead, up 2.75% at £66.03 following its US settlement over claims linked to its former company Indivior.

Ocado, on the other hand, dropped 2.47% to £11.84.

The FTSE 100 is up 0.24% at 7,548.78.

Barratt profits 'ahead of expectations'

home being built
BARRATT

Housebuilder Barratt Developments says profit before tax is expected to be ahead of market expectations at around £910m. That compares with £835.5m last year.

David Thomas, chief executive, said: "It has been another very good year for the group both operationally and financially".

Trading strong says Barratt

house building
PA

Barratt Development, Britain's largest housebuilder, has issued a trading update for the period from 1 January to 5 May.

It says forward sales were up 2.4% and chief executive David Thomas said it was another "strong period".

"Trading since the beginning of the year has been strong, the outlook for the year is modestly ahead of our previous expectations and we are encouraged by our continued progress in driving operating efficiencies through the business.

"Whilst we continue to monitor the market closely, we are confident of delivering a good financial and operational performance [in the full year 2019]."

Neighbours 'misled' over 'dream homes' on Barratt estate in Yate
Residents on a new build estate claim they were 'misled' on management fees when they bought their homes.