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Housebuilder Barrett Developments (LON:BDEV) reported record pre-tax profits on Wednesday, sending shares up in early morning trading.

The group reported pre-tax profits of around £835 million, boosted by strong performance in its regional business, and completions soaring to their highest figure in a decade.

The average selling price of Barratt’s homes rose by 5.1 percent to £329,000, while the value of its order book rose 5.6 percent to £2 billion. Year-end net cash was expected to be ahead of guidance at £790 million, up from £723.7 million the previous year.

The group confirmed that it would be  proposing a special dividend of £175 million in November 2018 and November 2019.

“The board is confident in the future progress of the group and we enter our new financial year with good momentum supported by a strong forward order book,” Barrett said.

Barratt Developments have become the latest housebuilder to report good news in what has otherwise been seen as a slightly gloomy market. Last week Persimmon reported another half of steady growth on Thursday, on the back of “resilient” consumer confidence, with revenues up 5 percent to £1.84 billion over the first half of 2018.

Barrett Developments (LON:BDEV) shares are currently trading up 1.18 percent at 488.70 (0900GMT).

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