Residential property development company Barratt Development Plc (LON: BDEV) saw their share price dip on decreased revenues, though their profits and dividends both increased on a year-on-year comparison.
While the Company’s revenues contracted 2.3% to £4.763 billion, their profit before tax jumped 8.9% on-year, to £909.8 million. Their profits from operations also rose 4.5% to £901.1 million.
Barratt Developments shareholders enjoyed similar success, with basic EPS bouncing 10.1% to 73.2p, and total dividends increasing 5.9% to 46.4p per share.
The Group added that their annual home completions went up 1.6% to 17,856, and that they maintained their high standard of customer care through the year.
Speaking on the results, Chief Executive David Thomas stated,
“It has been another outstanding year delivering a strong operational and financial performance. The Group’s long term investment in quality and operational excellence continues to drive margin improvements, alongside our highest number of completions for 11 years. As the only major housebuilder to be awarded a 5 Star rating for customer satisfaction for ten years in a row, we continue to lead the industry in quality and customer service.”
“Whilst there is increased economic and political uncertainty, we begin the new financial year with a strong forward order book, balance sheet and cash position which we believe provides us with the resilience and flexibility to react to potential changes in the operating environment in FY20 and beyond. We maintain our focus on the delivery of operational improvements across our business, and our commitment to deliver the highest quality homes across the country.”
After making a slight recovery, the Company’s share price dipped 4.12% or 25.60p to 596.40p a share 04/09/19 13:08 BST. Peel Hunt analysts downgraded their stance to Hold, which concurred with the stance of Liberum analysts, Shore Capital reiterated their ‘Sell’ rating. The Group’s p/e ratio is 9.35, their dividend yield stands at 4.43%.
Elsewhere in property development and estate agency news, there have been updates from; Belvoir Group PLC (LON: BLV), Tritax Big Box REIT PLC (LON: BBOX), Intu Properties plc (LON: INTU), LSL Property Services plc (LON: LSL), Countryside Properties PLC (LON: CSP) and Ashley House Plc (LON: ASH).