- Total completions down 18.6%
- Revenue fell by 21.7%
- Earnings per share dropped by 77.8%
September 04 2024 06:06:19 UTC– Barratt Developments PLC, a leading UK residential property developer, has released its final results for the year ended June 30, 2024. The company reported a notable decrease in key financial metrics, reflecting the ongoing challenges in the housing market.
The total number of homes completed during the year declined by 18.6% to 14,004, down from 17,206 in the previous year. Correspondingly, revenue fell by 21.7% to £4,168.2 million, compared to £5,321.4 million in 2023. Basic earnings per share took a significant hit, dropping 77.8% from 53.2 pence in 2023 to 11.8 pence.
Barratt Developments acknowledged the subdued state of the housing market, attributing the downturn to affordability constraints. However, the company expressed optimism regarding the UK Government’s proposed reforms to the planning system, viewing them as essential for stimulating economic growth and addressing the persistent undersupply of new homes.
As one of the UK’s foremost builders of family homes, Barratt Developments remains committed to working with the government and stakeholders to meet the country’s housing needs, despite the challenging market conditions.