Barrattin voitot romahtavat heikon kysynnän ja korkeiden asuntolainojen korkojen vuoksi

The company on Wednesday said pre-tax profit slumped to £170.5m from £705m, with completions down 18.6% to 14,000, although this was at the upper end of expectations

Oikaistu tulos ennen veroja laski 56.5 % 385 miljoonaan puntaa kesäkuun 30. päivään asti, kun keskimääräinen ennuste oli 365 miljoonaa puntaa. Vuosittainen osinko yli puolittui 16.2 pa osakkeeseen.

"Kun otetaan huomioon maanhankinta viimeisten 24 kuukauden aikana, odotamme näkevän keskimääräisten myyntipisteiden lyhyen aikavälin vähenemisen, mikä johtaa 13,000 13,500 - 2025 XNUMX kodin toimittamiseen koko vuoden XNUMX aikana", Barratt sanoi.

”Vaikka kysyntä on edelleen herkkä asuntolainojen kohtuuhintaisuudelle ja viimeisten kahden vuoden aikana vähentynyt maanostoaktiviteetti on vaikuttanut lyhyellä aikavälillä toimipisteidemme määrään, meillä on hyvät mahdollisuudet vastata vahvaan kysyntään. uudet kodit kaikista Yhdistyneestä kuningaskunnasta."

The company tried to sound upbeat about plans by the new Labour government to changing planning laws in an effort to stimulate the market and meet demand.

“While the housing market remains subdued due to affordability constraints, we welcome the government’s proposed reforms of the planning system as key to both unlocking economic growth and tackling the chronic undersupply of new homes,” Barratt said.

The company also said it was moving ahead with its £2.5bn takeover of rival Redrow, despite concerns from the UK's competition regulator, which has said the deal could disadvantage homebuyers in the area around a town in Shropshire.

Barratt said it was working with the Competition and Markets Authority to get the green light.

Richard Hunter, head of markets at Interactive Investor said Barratt "has to hope" that the grim results mark an inflection point for the group.

"It has confidence in its future prospects, which should be given fresh impetus by the acquisition of Redrow, a deal which is now all but over the line," he said.

"The acquisition is a clear statement of intent, which should come with annual cost synergies of £90m by year three and a combined land pipeline of over 92000 plots, which would give the new entity significant firepower as and when economic constraints abate."

"When the deal is finally agreed, Barratts will be in a position to assess capital requirements for the enlarged group with an eye towards current legacy costs as well as its desire to be active in the land market. Complementary geographical footprints add a further intriguing dimension to the deal."

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