Statement re: Market Speculat

RNS Number : 5014W

Barratt Developments PLC

11 June 2008

 



Wednesday 11th June 2008

Statement re: Market Speculation

Responding to continuing market speculation Barratt Developments is today confirming the guidance for its full year ending 30 June 2008 given to the market at its Interim Management Statement made on 14 May 2008.

The company remains comfortable with market consensus forecasts for completions numbers (18,300) and profit before tax and exceptional charges (£395m). 

The Group continues to operate within its £2.6bn of committed facilities and its banking covenants. Given anticipated completion numbers, net debt at the end of June is expected to be approximately £1.7bn in line with previous guidance.

Based on the review of site margins at the time of the IMS, we continue to expect the requirement for development provisions (often referred to as land write downs) in the current year will be limited. Once year-end numbers are confirmed and a detailed review of the company's 600 developments is completed with our Auditors, the company will provide a full update.  

The Group's Trading Update is scheduled for 10 July.  

-Ends-

For further information please contact:
Barratt Developments PLC
Mark Clare, Group Chief Executive
Mark Pain, Group Finance Director
For analyst/investor enquiries, please contact:
Barratt Developments PLC	020 7299 4880
Susie Bell, Acting Head of IR
For media enquiries, please contact:
Barratt Developments PLC	020 7299 4873
Dan Bridgett, head of external Communications
Weber Shandwick Financial	020 7067 0700
Terry Garrett / Nick Dibden / James White

 

END

 

 

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