Brexit blow: Housebuilder cautions on profits amid turmoil

Housebuilder Berkeley yesterday warned that strong earnings growth is unlikely to last, with profits set to come in a third lower next year as it continues to battle Brexit headwinds across the London market. The company, which primarily operates in London and south-east England, said pre-tax profits jumped 15.1 per cent to £934.9 million over the 12 months to 30 April, up from £812.4m a year earlier. Berkeley cheered its results, but told investors that they marked a “peak” for earnings which will be “returning to more normal levels from 2018/19, when profits are anticipated to be around 30 per cent lower”.