Homebuilder doubles profits as first-time buyers look to get on market (From The Northern Echo)
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Barratt Developments sees pre-tax profits hit £46m with orders worth £1.1bn
6:00am Thursday 28th February 2013 in Business News
HOMEBUILDER Barratt Developments has double profits after Government schemes helped get more people on the property ladder.
The company saw pre-tax profits rise by 113 per cent to £46.1m for the six months to December 31, an increase from £21.6m in 2011, and said its order book was worth £1.1bn.
A report revealed profit from operations had risen to £80.8m from £61.1m in 2011, with net debt falling from £542.2m two years ago to £331.7m.
The figures come after Government programmes, including NewBuy, offered first-time buyers equity loans to help bring down mortgage deposit requirements.
Mark Clare, Barratt Developments group chief executive, said: “We are continuing to invest in new land to drive the future performance of the business and we expect a further significant improvement in profitability in this financial year.”
