Revenue for the year was up 4% to 拢2,957m, completing 3,698 new homes.
A year ago, Berkeley was expecting profits to be down 30% this time, given market dynamics, so chairman Tony Pidgley was happy the results. 鈥淭his has been another year of solid performance for Berkeley, delivering financial results ahead of expectations while unlocking an increasingly valuable mix of social, economic and environmental benefits for the communities in which we work,鈥� he said.
Berkeley remains strongly placed, with net cash of 拢975m, up from 拢687.3m a year ago, forward sales of 拢1.8bn and an estimated 拢6.2bn of gross profit in its land holdings.
In December 2016, Berkeley set a plan to deliver 拢3.0bn of pre-tax profit over the five years to April 2021.聽 It is currently 18% ahead of this target.
Got a story? Email news@theconstructionindex.co.uk
