Building up profits

BARRATT Developments said it was on course for record results despite building just 184 more homes than in the previous year.

Barratt sold 17,579 homes in the 12 months to the end of June – its highest number in a decade. Profit before tax is expected to come in at £ 835m, up 9pc from £765.1m, beating market expectations of £812m.

Shares rose 3.52pc, or 17p, to 500p.

The value of Barratt’s forward order book rose 1.5pc from £2.14bn to £2.18bn, representing 10,155 plots.

Chief executive David Thomas said it has been ‘a very good year’.