The Courier & Advertiser (Perth and Perthshire Edition)
Barratt dividend hopes
HOUSEBUILDER Barratt yesterday said it expects to recommence its dividend to shareholders later this year.
Ahead of its annual meeting, the developer said it was on course to record a “significant improvement” in profitability for the half and full financial year and would proposed a final dividend for the period ending next June.
The group — which has sites in Dalgety Bay, Dunfermline and Inchture — was supportive of Government efforts to stimulate the housing market, but continues to believe mortgage finance and approvals were the key to rebuilding the market.
Barratt said it would focus on higher-margin developments and target appropriate new land to add to its range of sites, whilst also making efficiencies in the business.
The firm said highlights in the 19-week period to November 11 included stable selling prices, a rise in reservation rates, and in private sales of 21%.
Completions in the social housing market are expected to be weighted towards the second half of the year.
The company said its target was to reduce debt, currently around £400m, to zero by 2015.
Chief executive Mark Clare said: “Our strategy of securing higher margin land and bringing it into production as quickly as possible is delivering.”