Barratt says market still tough

Published:  09 September, 2010

LONDON: House builder Barratt Developments said concerns about the economy and the lack of mortgage finance meant the market for new housing was still challenging as it reported better-than-expected full-year profits.

 

Chief executive Mark Clare said today: "It's early days in the autumn-selling season but so far private reservation rates are in line with expectations and prices are holding up,"

Shares in the group were down 3% at 101 pence on early trading this morning.

Barratt, which is building more houses rather than flats at present, said it would continue to focus on prices rather than volume and would not reinstate dividends, unlike rivals Bovis and Persimmon.

Barratt reported an operating profit of £90.1m for the year to the end of June, up from £34.2m a year ago.

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