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Homebuilder Barratt sees annual profit above market view

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Homebuilder Barratt sees annual profit above market view
FILE PHOTO: A company logo is seen on the side of a house at a Barratt Homes housing development near Preston, Britain, October 9, 2017. REUTERS/Phil Noble   -   Copyright  PHIL NOBLE(Reuters)
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(Reuters) – Barratt Developments Plc <BDEV.L>, Britain’s biggest housebuilder, said on Wednesday it expects annual pretax profit to be above market expectations, helped by margin growth and contributions from joint ventures.

Barratt has been reducing the various kinds of houses that it offers to cut costs and drive margins as it prepares for Brexit by liaising with its suppliers to ensure the smooth arrival of overseas components.

The company said it expects to deliver an operating margin of about 18.9% compared with 17.7% a year earlier.

The homebuilder completed 17,856 homes, including joint ventures, compared with 17,579 homes a year earlier and said it made good progress in its strategy to exit central London.

The company, which has over 6,000 employees and builds homes in England, Scotland and Wales, said it expects pretax profit of £910 million for the period ended June 30 compared with £835 million a year earlier.

(Reporting by Samantha Machado in Bengaluru; Editing by Arun Koyyur)

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