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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Berkeley    BKG   GB00B02L3W35

BERKELEY

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Berkeley : House-builder Berkeley's profit slides amid mounting Brexit worries

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12/07/2018 | 05:29am EST

(Reuters) - Berkeley first-half pretax profit fell 25.7 percent, the British house-builder said on Friday, while warning about an uncertain short-term outlook as people put off house purchases ahead of Britain's exit from the European Union.

Pretax profit fell to 401.2 million pounds in the six months ended Oct. 31, from 539.9 million pounds a year earlier.

Berkeley said its short-term outlook was uncertain because of the ongoing Brexit negotiations and a number of other unspecified headwinds in its London and the South East markets.

"This uncertainty affects sentiment and confidence which has a consequential adverse impact on investment levels and transaction volumes with a number of developers withdrawing from these markets," the company said in a statement.

UK house prices, growing for most of the past 25 years, have softened in the past year as the government struggled to find its way through Brexit talks and speculation mounted that thousands of financial and other jobs could leave the country.

The days of London house price rises hugely outpacing inflation won't be returning anytime soon, even if Britain and the EU strike a Brexit deal, the vast majority of economists and analysts polled by Reuters said in November.

Berkeley reiterated on Friday that Britain's housing market lacked urgency and was constrained by high transaction costs and limits on mortgage borrowing.

The company delivered 2,027 homes in the first half, down from 2,190 last year.

Berkeley, however, raised its full-year pretax profit forecast by more than 5 percent.

(Reporting by Tanishaa Nadkar and Noor Zainab Hussain in Bengaluru; Editing by Sai Sachin Ravikumar)

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Financials (GBP)
Sales 2019 2 622 M
EBIT 2019 677 M
Net income 2019 565 M
Finance 2019 757 M
Yield 2019 3,97%
P/E ratio 2019 9,53
P/E ratio 2020 11,56
EV / Sales 2019 1,59x
EV / Sales 2020 1,79x
Capitalization 4 936 M
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Mean consensus HOLD
Number of Analysts 15
Average target price 36,1  GBP
Spread / Average Target -5,7%
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Managers
NameTitle
Robert Charles Grenville Perrins CEO, Executive Director & Group Managing Director
Anthony William Pidgley Chairman
Richard James Stearns Group Finance Director & Executive Director
John A. Armitt Non-Executive Director
Karl Whiteman Executive Director
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