Barratt share price: Company announces final results
Barratt Developments (LON:BDEV) today released its annual results announcement for the year ended 30 June 2015.
**Highlights from the company’s statement:**
Significant increase in housing completions with the Group4 responding to strong consumer demand across all regions; Private average selling price increased by 8.7% to £262,500 (2014: £241,600) driven by further changes in mix and house price inflation; Profit before tax increased by 44.8% to £565.5m (2014: £390.6m); ROCE up 440 basis points to 23.9% (2014: 19.5%); Strong cash generation resulting in net cash at 30 June 2015 of £186.5m (2014: £73.1m); Continued to secure excellent land opportunities, approving 16,956 plots for purchase and maintained a controlled land supply of 4.5 years; Significant step up in the delivery of strategic land with 17% of FY15 (FY14: 10%) completions from strategically sourced land
Record cash returns: Total FY15 capital return of £250m (2014: £102m), equating to 25.1 pence per share (2014: 10.3 pence per share)
Current trading: Strong start to the new financial year with net private reservations per week of 257, up by 14.7% on the prior year; Total forward sales including JV’s up by 32.2% as at 6 September 2015 at £2,321.9m compared to last year
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Commenting on the results David Thomas, Chief Executive of Barratt Developments said: “The strong operational and financial performance in FY15 reinforces the progress we have made over the past few years. Alongside our industry leading management team, I will continue to execute on our current strategy and focus on driving further efficiencies across the business.
The new financial year has started very well; we have a strong forward sales position and are making very good progress towards our FY17 targets of at least a 20% gross margin and at least a 25% return on capital employed.”
As of 07:09 BST, Wednesday, 09 September, Barratt Developments Plc share price is 637.00p.
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