Interim Results

Barratt Developments PLC
26 March 2003


                   BARRATT DEVELOPMENTS PLC

             INTERIM RESULTS TO 31ST DECEMBER 2002

                     CHAIRMAN'S STATEMENT


The  first half year produced another excellent performance for
the  Group.  Record  pre-tax profits of £105.3m  were  achieved
during  the period and we further extended our track record  of
increasing earnings per share by over 20% per year. We  started
2003  with  record forward sales, up 43% to £700m, and  forward
sales  now  stand at over £800m.  Together with completions  to
date this secures 90% of our full year sales projection and  we
are  therefore well set to achieve our 11th successive year  of
uninterrupted growth.

Group results for the half year ended 31st December 2002,  with
comparisons  against the six months ended 31st  December  2001,
are as follows:-

*    Pre-tax  profit  increased  to a  record  £105.3m  against
     £77.6m, an increase of 36%.

*    Basic  earnings per share amounted to 32.5p against 23.8p,
     an increase of 37%.

*    The interim dividend is 4.94p, an increase of 10%.

*    Operating  profits amounted to £109.5m against £82.6m,  an
     increase of 33%.

*    Group  turnover rose to £951m, against £753m, an  increase
     of  26% and the average selling price rose to £145,500, an
     increase of 14%.

*    In  the  UK we achieved 6,102 completions, an increase  of
     11%.

*    UK  land  stocks increased by 2,200 plots over  and  above
     usage to 42,250 plots.

*    Borrowings  were £81.4m (10% gearing) against  £10.8m  (2%
     gearing), notwithstanding an increased investment in land and
     work in progress of £326.9m.

*    Despite  this substantial investment in our future  profit
     growth, our return on capital of 32% maintains our position as
     an industry leader.

An  excellent performance in which we again improved all of the
key  financial  statistics reflecting  the  consistent  organic
growth of our business.

As always, we benefit enormously from our total geographical spread
and by serving all market sectors at prices ranging from £62,000 to
£1.6m,  with an average of £145,500. Throughout the period  all  of
our regions traded successfully and we increased sales reservations
by  10%  year  on year. All of our regional markets  remain  robust
despite some moderation, especially at the top end of the market in
the  South,  where we have limited exposure. We have an  unrivalled
track  record of adapting to varying market conditions and we offer
our purchasers assistance tailored to meet local needs.

We  also have proven skills and long experience in dealing  with  a
very  difficult  planning regime. Over the half  year  we  achieved
planning  approvals for over 10,000 plots on 147 sites. We acquired
8,302  plots,  36% more than we used, substantially increasing  our
total  land  stocks to 42,250 plots.  This is one  of  the  largest
developable land banks in the industry,  fully meeting our  forward
requirements.  During the period selling outlets increased by 6% to
410.

Our  extensive  experience and skills in developing brownfield  and
multi-use  sites  across Britain enables  us  to  maximise  on  the
Government's  emphasis on urban renewal. Over 75% of our  land  has
had  a  former  use, comfortably exceeding Government  regeneration
targets, and our diverse product range and designs help to overcome
planning challenges and satisfy customer aspirations.

Our  Southern  California  operation made  excellent  progress  and
produced  another  strong  performance in  the  period,  increasing
profits  by 52% to £3.5m from 242 completions. We have moved  to  a
more   affordable  product  and  this  is  benefiting   our   sales
performance  there.  At a lower average selling price of  £233,000,
sales   reservations  were  up  24%,  thereby  maintaining  healthy
turnover  levels.  As in the UK, the market is underpinned  by  low
interest  rates  and  a restricted supply and we  fully  anticipate
further profit growth in line with our expectations.

The quality of the product and service we provide to our buyers was
again  recognised recently when Barratt site manager Keith May  won
the top national award for quality workmanship in the NHBC Pride In
The  Job  campaign. This followed Gold Awards for  Best  Brownfield
Development, Best Starter Home and Best Luxury Development  in  the
coveted annual What House? awards.

We have previously paid tribute to Frank Eaton, our former Chairman
and Chief Executive who died in October 2002.  Our very experienced
management team and strong divisional structure, ably led by  David
Pretty, will continue to take the business forward.

We  are confident we can sustain our progress, notwithstanding  the
short  term uncertainties in the market.  Low interest rates,  good
affordability  and a more normal and sustainable  market  will  add
welcome  stability.  Planning constraints, which are  ensuring  the
supply  of  new  homes cannot meet demand, will  also  continue  to
underpin  the  housing market.  We benefit from a wide geographical
spread  throughout the country, successfully selling to all  market
sectors.   We  have record sales outlets and strong forward  sales,
which  are now over £800m, up 38% year on year and we have  one  of
the  largest  developable  land banks in  the  industry.   We  are,
therefore, well positioned to produce further excellent results.

Charles Toner
Chairman

26th March 2003



The following are the unaudited results of the Group for the half year
ended 31st December 2002.

-----------------------------------------------------------------------------------------
1.  GROUP PROFIT AND LOSS ACCOUNT       Half year ended   Half Year ended   Year ended
                                          31st December     31st December    30th June
                                                   2002              2001         2002
                                                     £m                £m           £m
-----------------------------------------------------------------------------------------
GROUP TURNOVER                                    950.5             752.8      1,799.4
=========================================================================================

OPERATING PROFIT                                  109.5              82.6        227.9

NET INTEREST PAYABLE                               (4.2)             (5.0)        (7.9)
-----------------------------------------------------------------------------------------
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION                                   105.3              77.6        220.0

TAXATION                                          (30.0)            (22.9)       (61.9)
-----------------------------------------------------------------------------------------
PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION                                     75.3              54.7        158.1

DIVIDENDS                                         (11.4)            (10.4)       (33.3)
-----------------------------------------------------------------------------------------
RETAINED PROFIT                                    63.9              44.3        124.8
=========================================================================================
EARNINGS PER SHARE - BASIC                         32.5p             23.8p        68.6p
=========================================================================================
EARNINGS PER SHARE - DILUTED                       32.2p             23.5p        67.7p
=========================================================================================
DIVIDEND PER SHARE                                 4.94p             4.49p       14.38p
=========================================================================================
DIVIDEND COVER                                     6.6x              5.3x         4.8x
=========================================================================================

All activities of the group are continuing.

The  interim dividend of 4.94p per share (2001 4.49p per share) will
be  paid  on  23rd May 2003 to shareholders on the register  at  the
close of business on 11th April 2003.

------------------------------------------------------------------------------------------
2.   STATEMENT OF TOTAL               Half year ended   Half Year ended   Year ended
     RECOGNISED GAINS AND LOSSES        31st December     31st December    30th June
                                                 2002              2001         2002
                                                   £m                £m           £m
------------------------------------------------------------------------------------------
Profit on ordinary activities
after taxation                                   75.3              54.7        158.1
Currency translation differences
on foreign currency net
investments                                      (2.0)             (0.8)        (2.1)
------------------------------------------------------------------------------------------
Total gains and losses recognised
in period                                        73.3              53.9        156.0
==========================================================================================



-------------------------------------------------------------------------------
3.  GROUP BALANCE SHEET      Half year ended   Half Year ended   Year ended
                               31st December     31st December    30th June
                                        2002              2001         2002
                                          £m                £m           £m
-------------------------------------------------------------------------------
FIXED ASSETS
Tangible assets                          7.4               1.8          2.4
Other investments : interest in
own shares                              17.7              16.6         17.7
-------------------------------------------------------------------------------
                                        25.1              18.4         20.1
===============================================================================
CURRENT ASSETS
Properties held for sale                 6.6               5.7          6.1
Stocks                               1,599.4           1,307.7      1,451.3
Debtors due within one year             26.8              26.3         26.4
Debtors due after more than one
year                                     0.6               0.7          0.5
Bank and cash                           12.4              30.1        131.8
-------------------------------------------------------------------------------
                                     1,645.8           1,370.5      1,616.1


CURRENT LIABILITIES
Creditors due within one year         (749.5)           (627.8)      (753.3)
-------------------------------------------------------------------------------

NET CURRENT ASSETS                     896.3             742.7        862.8
===============================================================================

TOTAL ASSETS LESS CURRENT
LIABILITIES                            921.4             761.1        882.9

CREDITORS DUE AFTER MORE THAN
ONE YEAR                               (99.7)            (84.7)      (123.4)
-------------------------------------------------------------------------------

NET ASSETS                             821.7             676.4        759.5
===============================================================================

CAPITAL AND RESERVES
Share capital                           23.8              23.6         23.8
Share premium                          185.5             181.5        185.2
Profit retained                        612.4             471.3        550.5
-------------------------------------------------------------------------------

EQUITY SHAREHOLDERS' FUNDS             821.7             676.4        759.5
===============================================================================
NET ASSETS PER SHARE                     346p              287p         320p
===============================================================================
GEARING                                   10%                2%           -
===============================================================================


-------------------------------------------------------------------------------
4. GROUP CASH FLOW STATEMENT  Half year ended   Half Year ended   Year ended
                                31st December     31st December    30th June
                                         2002              2001         2002
                                           £m                £m           £m

Net cash (outflow)/inflow from
operating activities
   Operating profit                     109.5              82.6        227.9
   Increase in stocks                  (153.0)           (132.9)      (280.9)
   Increase in debtors                   (0.7)             (1.8)        (1.7)
   (Decrease)/increase in
   creditors                            (72.3)             40.3        199.5
   Other non cash movements              (0.1)             (0.5)        (0.6)
-------------------------------------------------------------------------------
                                       (116.6)            (12.3)       144.2
Returns on investments and
servicing of finance                     (3.6)             (5.5)        (8.8)
Taxation                                (29.5)            (19.1)       (59.7)
Capital  expenditure and financial
investment                               (5.4)             (5.1)        (7.1)
Acquisitions and disposals                  -               3.7          3.7
Equity dividends paid                   (22.9)            (20.4)       (30.8)
-------------------------------------------------------------------------------
Cash (outflow)/inflow before
financing                              (178.0)            (58.7)        41.5
Financing                                 0.4               2.3          5.6
-------------------------------------------------------------------------------
(Decrease)/increase in cash            (177.6)            (56.4)        47.1
===============================================================================


Reconciliation of net cash flow to
movement in  net debt
(Decrease)/increase in cash            (177.6)            (56.4)        47.1
Cash flow from increase in debt             -              (0.4)           -
-------------------------------------------------------------------------------
Change in net (debt)/funds             (177.6)            (56.8)        47.1
resulting from cashflows
Exchange movements                        1.6               1.1          2.6
-------------------------------------------------------------------------------
Movement in net (debt)/funds in
the period                             (176.0)            (55.7)        49.7
Net funds at 1st July                    94.6              44.9         44.9
-------------------------------------------------------------------------------
Net (debt)/funds at 31st
December/30th June                      (81.4)            (10.8)        94.6
===============================================================================


The  financial information set out above does not constitute statutory
accounts  within the meaning of the Companies Act 1985.   The  figures
for  the  year to 30th June 2002 are an extract from the full accounts
for  that  year which have been filed with the Registrar of  Companies
and on which the auditors gave an unqualified opinion.

The  interim financial information has been prepared on the  basis  of
accounting policies adopted for the year ended 30th June 2002.   These
policies are set out in the company's Annual Report and Accounts.

------------------------------------------------------------------------

For further information:
Mr  C.A.  Dearlove         OR       Ms.  Chris  Lynch/Mr Terry Garrett
Group Finance Director                     Weber Shandwick Square Mile
Barratt Developments PLC
Telephone: [phone]                      Telephone: [phone]


                            * * * * * * * * * * * *

Further  copies of the announcement can be obtained from the Company's Registered Office:
Barratt Developments PLC, Wingrove House, Ponteland Road, Newcastle upon Tyne, NE5 3DP.



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