Interim Management Statement

RNS Number : 7619I

Berkeley Group Holdings (The) PLC

18 March 2010

 



The Berkeley Group Holdings plc

Interim Management Statement

Period from 1^st November 2009 to 28^th February 2010

The Berkeley Group Holdings plc ("Berkeley") today announces its Interim Management Statement in respect of the period from 1^st November 2009 to 28^th February 2010.

"Berkeley differentiates its business through the location, design and specification of its product, and the architecture and public realm of its developments, creating places in which our customers aspire to live.  This, coupled with its reputation for build quality, continues to underpin Berkeley's performance in these challenging market conditions.

Underlying transaction levels remain approximately 40% below historical average levels, consistent with the trading update provided with the interim results in December 2009.   Berkeley has adjusted its business to match supply to this level of demand.  Sales prices have been stable in the period with cancellation rates at normal levels.

In December 2009, Berkeley announced the acquisition of some 1,800 plots over 12 new sites in the period since 1^st May 2009 and, since then, a further four sites have been added to the land bank. Berkeley continues to appraise a large number of land opportunities and its financial strength allows it to act quickly and offer land vendors certainty, however, Berkeley will only acquire land where it is able to deliver value using its development expertise.

In these trading conditions Berkeley has now secured the sales required to meet the Board's expectations for its full year results for the year ending 30^th April 2010, which are at the higher end of analysts' expectations.  In terms of its cash position, Berkeley began the year with £284.8 million of net cash and this increased during the first half of the year to £344.7 million at 31^st October 2009.  Berkeley anticipates its year-end net cash position will be within this range; the exact level will depend upon land expenditure in March and April."

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For further information please contact:

The Berkeley Group Holdings plc                                                           Cardew Group

A W Pidgley                                                                                         Tim Robertson

R C Perrins                                                                                           Catherine Maitland

N G Simpkin                                                                            

T: 01932 868555                                                                                    T: 0207 930 0777

 

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