AGM Statement

Barratt Developments PLC
11 November 2004

                                                      Thursday 11 November 2004

                            Barratt Developments PLC
                                 AGM Statement

Barratt Developments PLC will be holding its Annual General Meeting at 2.30pm
today. At the meeting Charles Toner, Group Chairman, will make the following
statement:-

I would like to take the opportunity today to comment on our results for the
year ended 30 June 2004 and also to update you on current trading conditions and
on our prospects for the current financial year.

It was another excellent year and our 12th consecutive year of record results.
We completed over 14,000 homes throughout Britain, 11,500 (82%) of which were on
brownfield sites. For the second year running, this was more than any other
housebuilder and firmly established the Barratt Group as Britain's leading urban
regenerator. In doing so, we increased turnover by 16% to £2.5 billion,
increased pre-tax profit by 27% to £367.7m and again maintained our record of
increasing earnings per share by over 20% per annum. Our strong financial
position was reflected by cash in hand at the year-end of £190 million compared
to £82 million cash in hand last year. Return on Capital also improved again, to
37%, one of the highest in the industry.

The quality and geographic spread of our developments, together with our wide
product range covering all market sectors, helped increase forward sales by 10%
to £880m, providing a good start to the new financial year. We exercised
prudence in the land market throughout the year to improve acquisition terms
but, nonetheless, our land and planning skills enabled us to acquire 18,076
plots, 29% more than we used. This brought our total land stocks, including
plots agreed subject to contract, to 56,000 plots, equal to four years supply.
We achieved planning approvals for over 15,500 new homes, one of the highest
rates in the industry, and have all the necessary planning approvals for this
year's production.

We have almost 30 years experience in brownfield development and so are very
well placed to assist in, and benefit from, the government's increasing emphasis
on urban regeneration and social housing.

Our Southern California operation performed well in the period and after several
years of losses its recent return to profitability was welcome. It was, however,
a small part of our total Group operation and its disposal on 30 August 2004 was
a good strategic move which will enable us to focus totally on our core UK
activities. The proceeds of £90m will be used for the selective purchase of land
for projects in key growth areas.

This year, we produced our first Corporate Social Responsibility report. This
identifies not only our strengths but also reinforces our commitment to
continued improvement in our CSR performance particularly through our on-going
investment in urban regeneration. In addition, over the last three years, a
sustained senior management focus on health and safety has transformed the
standards and performance levels achieved on our sites. Since then, independent
NHBC health and safety audit inspections over that period have confirmed our
performance rating is well ahead of other major housebuilders using the service.
We will, however, continue to work with our contractors and sub-contractors on
our health and safety values, performance standards and training programmes.

We also continue to focus on the service and quality of product we provide and
this was recognised with our divisions winning the highest ever number of
building quality awards in the NHBC Pride in the Job Campaign. The Group also
won more Green Leaf environmental awards than any other housebuilder for the
third year running and in the 'What House? Awards' we were voted 'Britain's Best
Large Housebuilder' and for the second year running won the Gold award for best
brownfield development in Britain. Barratt was also identified in a Design
Council report as one of the UK's most effective users of design and innovation.

These excellent all round results reflect the success of our organic growth
strategy and proven business model and the continuing strengthening of our
business across all areas of operation.

I would like to take this opportunity to publicly welcome Bob Davies, who joined
the Board as a non-executive director last May. Bob is the Chief Executive of
Arriva plc and with his wide business experience is an asset to the Board.

We have made further sales progress in this new financial year and forward sales
now stand at over £1 billion which together with completions to date secures 70%
of our full year projection.

As anticipated, interest rate rises moderated demand in recent months. Despite
negative media reporting, and the uncertainty this causes potential buyers, we
are currently achieving sales levels sufficient for us to secure another year of
progress. We believe there is no change in the underlying fundamentals of
historically low interest rates, good employment levels and the severe
constraint on supply caused by ongoing difficulties within the planning system.
All of these underpin the market and ensure that in the medium and longer term
overall demand will continue to exceed supply. Also, lower price rises in the
year ahead will improve affordability and this will benefit our sales
performance going forward.

We remain committed to further steady growth by the controlled expansion of our
most experienced and successful divisions over the next six years. In addition,
we have plans to establish up to four new divisions in key growth areas. This
will give us the capacity to increase production towards 20,000 homes per annum
by 2010. This growth plan will, naturally, be adapted to market conditions but
with the main fundamentals remaining sound we are confident the plan is
achievable.

We are, as always, well placed to adapt to any changes in market conditions with
a high quality land bank, strong forward sales, full geographic coverage and a
wide product range. Our financial position is very strong and this, together
with our marketing skills, our urban regeneration expertise and the strength of
our management teams across the country, gives us confidence that we have all
the quality and experience needed to meet the challenges and opportunities
ahead.

Charles Toner

Chairman 11 November 2004

For further information please contact:
Terry Garrett/Chris Lynch/ Nick Dibden
Weber Shandwick Square Mile                                       020 7067 0700




                      This information is provided by RNS
            The company news service from the London Stock Exchange