Berkeley Group Holdings profit builds by 42%

Berkeley Group Holdings (LON:BKG) soared in early trade after it announced a 42% rise full-year pre-tax profit to £539.7 million. Revenue rose 30.8% to £2.12 billion.

The house building group shrugged off any impact from the general election saying it was experiencing “normal market conditions with good underlying demand.”

“We welcome the stability in Central Government following the General Election and the commitment to increase housing supply, but political uncertainty remains with the London Mayoral Election and referendum on Britain’s relationship with Europe on the horizon. Berkeley is a supporter of the U.K. remaining in Europe as this is the best way for London to remain a world city” said Chairman Tony Pidgley.

Berkeley Group accounts for roughly 10% of the capital’s construction projects and has a broad range of properties ranging from those costing in excess £2 million to affordable housing.

The success the group has enjoyed across it’s 74 London sites has allowed them to confirm a 90p dividend payable in September. Shares traded at 3422p at 9:50am London time, up 8.3%.

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