21 Feb 2018

£m unless otherwise stated1,2 Half year ended
31 December 2017		 Half year ended
31 December 2016		 Change
Total completions (plots)3 7,324 7,180 2.0%
Revenue 1,988.0 1,816.2 9.5%
Profit from operations 355.2 324.0 9.6%
Operating margin (%) 17.9 17.8 0.1 ppts
Profit before tax 342.7 321.0 6.8%
Interim dividend per share (pence) 8.6 7.3 17.8%
ROCE (%) 28.3 27.0 1.3 ppts
Net Cash 165.9 196.7 (15.7%)

Highlights

  • Strong operational and financial performance driven by good customer demand
  • The UK's largest housebuilder with total completions3 for the first half at 7,324 plots
  • Good growth in profit before tax, up 6.8% to £342.7m with ROCE up by 1.3 ppts to 28.3%
  • Approved the purchase of £641.2m (2016: £328.2m) of land reflecting confidence in the market, excellent land opportunities and commitment to disciplined volume growth
  • Continued focus on industry-leading customer satisfaction and build quality demonstrated by winning the 2017 Large Builder NHBC Supreme National Award
  • New Cambridgeshire division to open, helping to meet high demand for new homes in the region

Current trading

  • Net private reservations up 6.5% at a very strong 0.82 (2017: 0.77) per active outlet per average week
  • Total forward sales3 up 2.0% to £3,077.9m as at 18 February 2018 (19 February 2017: £3,018.2m)

Capital Return Plan

  • Extended Capital Return Plan with ongoing commitment to ordinary dividend cover at 2.5 times and intention to pay special dividends of £175m in November 2018 and £175m in November 2019

Commenting on the results David Thomas, Chief Executive of Barratt Developments PLC said:

'With good consumer demand, a healthy forward order book and a robust balance sheet, overall we have had a strong first half and we continue to deliver against our operational and financial objectives.

As the UK's largest housebuilder, we enter our 60th year increasing our housing output, creating jobs and supporting economic growth across the country.

Having built more than 450,000 homes since 1958, Barratt remains focused on quality, design and industry-leading customer service while delivering homes the country needs.'

Note on forward looking statements
Certain statements in this document may be forward looking statements. By their nature, forward looking statements involve a number of risks, uncertainties or assumptions that could cause actual results to differ materially from those expressed or implied by those statements. Forward looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Accordingly undue reliance should not be placed on forward looking statements.

This announcement contains inside information. The person responsible for arranging for the release of this announcement on behalf of Barratt Developments PLC is Chloé Barnes (Head of Investor Relations).

There will be an analyst and investor meeting at 9.00am today at Deutsche Bank, 1 Great Winchester Street, London, EC2N 2DB. The presentation will be broadcast live on the Barratt Developments corporate website,www.barrattdevelopments.co.uk, from 9.00am today. A playback facility will be available shortly after the presentation has finished.

A listen only function will also be available.

Dial in: 0800 376 7922
International dial in: +44 (0) 207 192 8000
Conference ID: 4073718

Further copies of this announcement can be downloaded from the Barratt Developments corporate website www.barrattdevelopments.co.uk or by request from the Company Secretary's office at: Barratt Developments PLC, Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire, LE67 1UF.

1Refer to Glossary for definition of key financial metrics

2Unless otherwise stated, all numbers quoted exclude joint ventures

3Including JV's in which the Group has an interest

For further information please contact:

Barratt Developments PLC
Jessica White, Chief Financial Officer
01530 278 259

Analyst/investor enquiries
 Chloé Barnes, Head of Investor Relations
020 7299 4895

Media enquiries
Tim Collins, Head of Corporate Communications
020 7299 4874

Derek Harris, Head of Public Relations
020 7299 4873

Brunswick
Jonathan Glass/Wendel Verbeek
020 7404 5959

21 Feb 2018 Half Year Results

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Barratt Developments plc published this content on 21 February 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 February 2018 07:05:04 UTC.

Original documenthttp://www.barrattdevelopments.co.uk/media/media-releases/pr-2018/pr-21-02-2018

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