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Berkeley profit falls in H1 as first lockdown dents sales

By BFN News | 07:41 AM | Friday 04 December, 2020

Homebuilder Berkeley reported a fall in first-half profit on lower sales of homes owing to the impact of the first lockdown earlier this year. For the six months ended 31 October, pre-tax profit fell 16.6% to £230.8 million year-on-year as revenue fell to £895.9 million from £930.9 million. The company sold 1,104 new homes in the first half, down from 1,389 last year, at a price of £799,000, up from £644,000 year-on-year. Forward sales increased to £1.94 billion from £1.86 billion reported at year-end. Looking ahead, the company said full-year pre-tax profit, which was anticipated to be £500 million and split broadly one third in the first half and two thirds in the second half, was expected to be more evenly distributed over the year. 'Beginning the second half of this financial year in a robust financial position, we plan to commit further capital to our sites, retaining a vigilant stance given the prevailing volatility, exacerbated by the risk of further disruption as the form of agreement on the future trading relationship with the EU is concluded,' the company said. Story provided by

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