COMPANY FOCUS: BARRATT DEVELOPMENTS

PRE-TAX profits at Barratt Developments rose 12.1% to £765m in the year to the end of June, confirming the view that a slowdown in the housing market has yet to significantly affect housebuilders.

Revenues were up 9.8% to £4.65bn and volumes were 4.7% higher than last year. The group’s average selling price rose 6% to £275,200.

The UK’s largest housebuilder ended the period with net cash of £724m, compared to £592m in 2016.

It said consumer demand remains robust. Forward sales of £2.75bn give it a good visibility for the current financial year.

The FTSE 100 company plans to pay an ordinary final dividend of 17.1p per share in November, up 39% from a year earlier, plus a special dividend of 17.3p a share.