Barratt turnover fell by a third during the six months to 31 December 2009 after it built 27% fewer homes compared to the same period a year earlier.
Turnover dropped to 拢872.4m (H1 2008: 拢1.3bn), and the house builder made a pre-tax loss before exceptional items of 拢178.4m for the reporting period (H1 2008: 拢594.5).
The main exceptional was a 拢129.9m writedown in relation to its Atlantic Quay 5 development in Glasgow.
Barratt built 5,053 homes in the six months to 31 December 2009 (H1 2008: 6,905).
However, the average sale price rose 3.5% to 拢166,300 (H1 2008: 拢160,700), which Barratt said was largely due to changes in its mix towards more houses and less apartments.
Forward sales at 31 December 2009 were 拢651.2m representing 3,995 units compared to 拢455.8m and 3,529 units a year before.
At 21 February 2010, forward sales had increased to 拢847.4m. Barratt says this means it has secured around 77% of its full year requirement.
Since mid-2009 Barratt has agreed terms to buy 拢358m of land, comprising 74 sites and 9,038 units.
Net debt was 拢605.3m at 31 December 2009 compared to 拢1.4 billion a year earlier, a reduction of 拢671.6m since 30 June 2009 due chiefly to a 拢720m rights issue and the sale of Atlantic Quay 5 for 拢25m.
Barratt chief executive Mark Clare said: 鈥淒uring the last six months, we have improved our trading performance, successfully refinanced the business and invested in new land.
鈥淭he value of our forward order book is now up 27% year on year and with our ongoing focus on optimising selling prices we are expecting to see significant improvements in operating margin in the second half.鈥�
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