Speaking in a trade update today Barratt has announced that it continues to trade well and expects to report a “significant” improvement in its profitability for both the half and full year.
During the period from July 1 to November 11 2012, Barratt's sales rose 21.1% to £768.5 million against £634.5 million in the same period last year. It was also announced that private reservations per site per week were slightly up on the previous year – 0.54 against 0.53.
Barratt has noted that in recent weeks it had seen an “increased momentum” in site openings from new land. It expects to see average site numbers for the full year to be marginally ahead of the previous year and that it anticipates that half of its full year completions will come from the new higher margin land that it has acquired.
“Our strategy of securing higher margin land and bringing it into production as quickly as possible is delivering,” commented group ceo Mark Clare.