Barratt sees profits jump but City says fears remain

Housebuilding giant Barratt Developments has cheered a hike in annual profits following an “outstanding” year.

Thegroupyesterdayposted 9.2 per cent rise in annual pre-tax profit to a record £835.5 million, while revenue was up 4.8 per cent to £4.87 billion.

Completions were up 1.1 per cent to 17,579 – the highest number in a decade.

Laith Khalaf, senior analyst at financial services group Hargreaves Lansdown, said: “Despite this strong performance, the share price has lost almost a fifth of its value since the start of the year.

“That’s because the market is worried about three things which are out of Barratt’scontrol–brexit,interest rates and Help to Buy.”