Optimism building up at developer Berkeley Group
BUILDER and developer Berkeley Group said it would hit a profit target two years earlier than expected thanks to more buoyant conditions.
The group, renowned for its London land buys, said last year that it aimed to double pre-tax profits within five years as well as lift the margin in its land bank.
“The board believes that it is now positioned to achieve the profit target set in the five-year plan at least two years earlier than originally anticipated, to the extent that market conditions prevail,” Berkeley chairman Tony Pidgley said in a statement ahead of its annual meeting.
Berkeley added that trading had been ahead of management expectations since May 2010, and it had achieved a “significant number” of planning consents.