Barratt Developments delivers 'excellent' first half trading performance

The company has issued a trading update for the half year ended 31 December 2020.

The statement said: "We have delivered an excellent first half performance. Across the country, we have seen strong customer demand for our high quality new homes. Our sales rate over the period has, as anticipated, moderated since our October update to a more normalised level and for the period was up 11.6% at 0.771 (2019: 0.692) net private reservations per active outlet per week. "

David Thomas, the company's chief executive commented: "Throughout the pandemic, our teams have worked hard to make our operations COVID-secure and our first priority continues to be keeping our employees, sub-contractors, suppliers and customers safe.

"I'd like to thank our people for their efforts in helping us to rebuild completion volumes, drive further operational improvements and deliver on our commitment to build the highest quality homes across the country.

"Despite the ongoing challenges presented by the pandemic, we are confident that our operating performance and strong financial position provide us with the resilience and flexibility to respond to the operating environment in FY21 and beyond."

Richard Hunter, Head of Markets at interactive investor, commented “The strength of the trading update and the resumption of the dividend next month have been warmly received, as Barratts continues to plough on regardless.

"The group continues to build on strong foundations, with growth underpinned by a strong financial position."