Barratt Developments (LON:BDEV) posted record pre-tax profits for the first half of the financial year, sending shares up in early trading.
Th group reported profits of £342.7 million for the six month to the end of December, up 6.8 percent on the year before. Revenue rose by 9.5 per cent to £1.99 billion, up from £1.8 billion a year ago.
Total completions rose 2 percent to 7,324 plots. The housing developer said it also intends to pay special dividends of £175 million in November 2018 and £175 million in November 2019.
David Thomas, Chief Executive of Barratt Developments, attributed the strong figures to an increase in consumer demand, as well as “a healthy forward order book and a robust balance sheet”.
“Overall we have had a strong first half and we continue to deliver against our operational and financial objectives.
“As the UK’s largest housebuilder, we enter our 60th year increasing our housing output, creating jobs and supporting economic growth across the country”, he said.
Total forward sales were up 2 per cent on the previous year at £2.4 billion, with wholly-owned forward sales up 4 per cent at £2.7 billion.
Shares in Barratt Developments are currently trading up 1.14 percent at 568.60 (0851GMT).