Barratt expects to reveal profit gains

Housebuilder Barratt Developments anticipates posting pre-tax profit for the year to end of June 2004 ahead of current market expectations.

The group said UK completions rose to about 14,000, with its US completions also improving.

The average UK selling price at about £165,000 is around 8% up on last year.

Operating margins improved in the UK and the US and all divisions operated profitably throughout the year, it said.

Barratt’s land bank has been maintained at about 56,000 plots and all detailed planning permissions are in place to achieve good growth for the year ahead.

Forward sales are up 10% to about £880m.