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    BDEV   GB0000811801

BARRATT DEVELOPMENTS PLC

(BDEV)
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UK builder Barratt scraps special dividend, sees improvement in bookings

09/02/2020 | 02:54am EDT
Barrett branding is seen on a building at a Barratt housing development near Haywards Heath

Britain's biggest housebuilder, Barratt Developments, scrapped a special dividend payout for 2021 on Wednesday as it reported a near 30% fall in full-year housing completions and revenue, but pointed to an improvement in forward sales.

Britain's housing market has picked up pace in recent months after coming to a virtual standstill in late March and April, as tax breaks for home purchases and a shift towards suburban living caused by the pandemic spur home sales.

The FTSE-100 company, which builds homes in England, Scotland and Wales, said it entered the new financial year with "cautious optimism".

Its total forward sales as on Aug. 23 stood at 15,660 homes with a value of 3.71 billion pounds, compared with 13,064 homes last year.

The company said pretax profit fell 45.9% to 491.8 million pounds ($657.73 million) in the full year ended June 30. It incurred costs of 74.3 million pounds related to the impact of the COVID-19 pandemic on its business.

Barratt praised the government's stamp duty holiday scheme as a boost to the industry, but said that it saw signs that many buyers were struggling with tighter lending conditions as banks worry about loan risks amidst one of the most severe global recessions.

"The restriction and removal of Help to Buy will exacerbate this. It is important that lenders and the Government consider what further options are available to help potential first time buyers who want to purchase their own home," Barratt said.

(Reporting by Samantha Machado in Bengaluru; Editing by Shailesh Kuber and Saumyadeb Chakrabarty)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BARRATT DEVELOPMENTS PLC -0.34% 707.4 Delayed Quote.5.94%
FTSE 100 0.25% 7080.31 Delayed Quote.9.31%
MSCI UNITED KINGDOM (STRD) 1.38% 1149.576 Real-time Quote.9.98%
S&P UNITED KINGDOM (PDS) 0.21% 1410.31 Delayed Quote.9.89%
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Financials
Sales 2021 4 689 M 6 510 M 6 510 M
Net income 2021 645 M 896 M 896 M
Net cash 2021 819 M 1 137 M 1 137 M
P/E ratio 2021 11,1x
Yield 2021 3,92%
Capitalization 7 218 M 10 046 M 10 021 M
EV / Sales 2021 1,36x
EV / Sales 2022 1,24x
Nbr of Employees 6 655
Free-Float 99,1%
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Technical analysis trends BARRATT DEVELOPMENTS PLC
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TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 843,80 GBX
Last Close Price 709,80 GBX
Spread / Highest target 47,9%
Spread / Average Target 18,9%
Spread / Lowest Target 6,09%
EPS Revisions
Managers and Directors
NameTitle
David Fraser Thomas Group Chief Executive Officer & Executive Director
Jessica Elizabeth White Chief Financial Officer & Executive Director
John Murray Allan Non-Executive Chairman
Steven John Boyes Deputy Chief Executive, COO & Director
Nina Stephanie Bibby Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
BARRATT DEVELOPMENTS PLC5.94%10 046
D.R. HORTON, INC.31.38%32 642
PULTEGROUP, INC.25.70%14 253
PERSIMMON PLC9.79%13 487
SEKISUI HOUSE, LTD.3.95%13 286
PIK-SPECIALIZED HOMEBUILDER81.57%10 127