Barratt Developments see increased profit

Barratt Developments see increased profit

North East established Barratt Developments has delivered more cheer from the house building sector as it posted a 40% leap in half-year profits after ramping up efforts to complete more homes.

During the period of June to December 2015 the regional firm saw pre-tax profits rise to £295m, up from £210.2m in 2014.

According to David Thomas, chief executive of Barratt Homes, the group delivered a 9% increase in new-build completions over its first half “without compromising on the quality of homes we’re building.”

Furthermore, the firm’s total completions increased to 7,626, up 9.4% from the previous year.

Mr Thomas commended the government’s Help to Buy scheme, saying: “The market remains strong as a result of improved mortgage availability and Government support for first time buyers and we will continue to grow in a way that delivers for the needs of homebuyers and shareholders alike.”

The past five years have seen the company increase its annual output by more than 53%, buildmore than 71,7001 homes and approve the investment of over £4.4bn in new land for housing.