Interim Results

Barratt Developments PLC
28 March 2001

                BARRATT DEVELOPMENTS PLC
                            
          INTERIM RESULTS TO 31ST DECEMBER 2000
                            
                  CHAIRMAN'S STATEMENT


We  have  again achieved excellent results, significantly
increasing  market share and delivering  record  profits.
This  performance is consistent with our track record  of
increasing earnings per share by over 20% per  annum  and
has been achieved notwithstanding a tightening of the  UK
housing  market  throughout 2000. Our forward  sales  are
also  at  record  levels  and we are  confident  we  will
deliver another highly successful financial year.

Group results for the half year ended 31st December 2000,
with  comparisons  against  the  six  months  ended  31st
December 1999, are as follows:-

  Record  pre-tax profit amounted to  £63.1m  against
  £50.5m, an increase of 25%.

  Basic  earnings per share amounted to 19.4p against
  15.1p, an increase of 28.5%.

  The interim dividend declared is 4.16p, an increase
  of 8%.

  Operating profits amounted to £69.4m against £53.4m,
  an increase of 30%.

  Group  turnover  rose to £629m  against  £516m,  an
  increase of 22% and the average selling price  rose  to
  £120,000, an increase of 7%.

  In the UK we achieved 4,990 completions, an increase
  of 7% against an industry decrease of 3% - the only major
  housebuilder to significantly increase market share.

  UK  land  stocks increased by 1,600 plots over  and
  above usage to 33,300 plots.

  Borrowings were £66.6m (12% gearing) against £38.0m
  (8% gearing), notwithstanding an increased investment in
  UK land and work in progress of £136.6m.

  Return  on capital of 30%, maintaining our position
  as an industry leader.

A  further period of considerable progress, improving all
of  our  key financial statistics. We established another
four  new  housing divisions and further increased  total
selling  outlets  to 340. Sales completions  were  up  7%
against  an  industry  decrease of  3%,  thereby  further
increasing our market share and setting us apart from our
competitors,   being  the  only  major  housebuilder   to
significantly increase volume year on year. Our  strategy
of  ongoing  organic growth, which commenced eight  years
ago,   is  extremely  successful.  We  have  consistently
increased our volumes and more than doubled the  size  of
our  business,  generating strong  profit  growth  and  a
tenfold increase in earnings per share.


The  overall  UK housing market has stabilised  from  the
overly  buoyant levels that existed in 1999 but is  still
sufficiently robust for us to achieve our objectives.  We
commenced the second half year in a very strong position,
with record forward sales of £390m, up 21%. This, coupled
with  further strengthening of our margin, sets us firmly
on course to maintain our unrivalled record of consistent
profit growth over the last eight years.

All  of  our regional market places continue to be  good,
with  the  south, where we have majored our  emphasis  on
growth,  remaining  the  strongest.  The  Group  benefits
enormously  from our total geographic spread  of  outlets
and  from selling to all market sectors at prices ranging
from  £50,000 to £2.9m. We have a proven track record  of
adapting   to   varying   market   conditions,   offering
purchasers assistance to suit local market needs.  During
the period demand for our part-exchange service reduced a
little,  with  21% of our customers taking  advantage  of
this fast and efficient re-sale service and in the period
we completed 941 part-exchange re-sales.

Demand   for  home  ownership  continues  to  be  strong,
underpinned  by  high employment levels, steady  earnings
growth    and    increasing   disposable   income,    and
affordability is forecast to remain positive. The  recent
cut  in base rate to 5.75% should also help to sustain  a
strong economy and maintain a robust housing market going
forward.

Our  long  experience and skills in developing brownfield
and  multi-use sites positions us well to deal  with  the
current  planning  regime  and  its  emphasis  on   urban
redevelopment. Over 70% of our developments are  on  land
that  has  had  a  former  use  -  comfortably  exceeding
Government  targets  -  and  our  diverse  product  range
ensures  that  we  can  meet both planning  and  customer
requirements.

While  planning  delays remain a concern, our  unrivalled
skills in land buying continue to stand the Group in good
stead  and  we  continue  to make excellent  progress  in
securing  our  land requirements in quality locations  of
proven demand. A total of 6,590 plots were acquired,  32%
more  than  we  used, thereby increasing our  total  land
stocks  to  33,300,  fully meeting requirements  for  our
planned  growth.  Our  investment in  land  and  work  in
progress  is  stringently controlled, which helps  us  to
produce  one  of  the highest returns on capital  in  the
industry at 30%.

Our  USA operation produced another excellent result  for
the  period,  increasing profits by 67% to  £2.0m.  Legal
completions increased 20% to 148 and the average  selling
price increased from £286K to £319K. We operate within  a
good  Californian economy with high levels of  employment
and strong demand in our regional markets. We continue to
secure  development sites in quality locations and  fully
anticipate  a  further substantial profit improvement  in
the full year.

Looking  ahead,  the  UK  housing  market  is  sound  and
sufficiently  strong  for us to achieve  our  objectives.
Sales  reservations in the six months  to  31st  December
increased  6%  year on year and sales since January  have
continued at this level, again setting us apart from  our
competitors.  We  have a highly skilled  and  experienced
management  team,  which coupled with  excellent  current
forward sales of £450m and a quality land bank, means  we
are extremely well placed to continue our sound progress.
We   are   confident  we  will  achieve  another   highly
successful financial year.


Frank Eaton
Chairman                                 28th  March 2001


The  following are the unaudited results of the Group for
the half year ended 31st December 2000

1    GROUP PROFIT & LOSS ACCOUNT

                             Half year ended   Half year ended   Year ended
                               31st December     31st December    30th June
                                        2000              1999         2000
                                          £m                £m           £m
TURNOVER: Group                              
and share of joint venture             633.3             519.3      1,259.5
LESS: Share of                               
joint venture turnover                  (4.5)             (3.6)        (9.5)
                           ---------------------------------------------------
GROUP TURNOVER                         628.8             515.7       1,250.0
                           ___________________________________________________
                                             
OPERATING PROFIT                        68.5              52.6         150.8
                                             
SHARE OF OPERATING                                    
PROFITS OF JOINT VENTURE                 0.9               0.8           1.2
                           ---------------------------------------------------
PROFIT BEFORE                                
INTEREST AND TAXATION                   69.4              53.4         152.0  
                                                                        
NET INTEREST PAYABLE                    (6.3)             (2.9)         (8.1)
                           ---------------------------------------------------
                                             
PROFIT ON ORDINARY                                     
ACTIVITIES BEFORE TAXATION              63.1              50.5         143.9
                                            
TAXATION                               (18.6)            (15.4)        (43.7)
                           ---------------------------------------------------
                                            
PROFIT ON ORDINARY                                        
ACTIVITIES AFTER TAXATION               44.5              35.1         100.2
                                            
DIVIDENDS                               (9.6)             (8.9)        (27.3)
                           ---------------------------------------------------
RETAINED PROFIT                         34.9              26.2          72.9
                           ___________________________________________________
                                                                  
                                       pence             pence         pence
EARNINGS PER                                 
SHARE - BASIC                           19.4              15.1          43.3
                           ___________________________________________________
                 
EARNINGS PER                                 
SHARE - DILUTED                         19.3              14.9          43.1
                           ___________________________________________________
                                           
DIVIDEND PER SHARE                      4.16              3.85         11.88
                           ___________________________________________________
                                             
DIVIDEND COVER                          4.7x              3.9x          3.6x
                           ___________________________________________________

The  interim dividend of 4.16p per share (1999 3.85p  per
share)  will be paid on 25th May 2001 to shareholders  on
the register at the close of business on 6th April 2001


2    GROUP BALANCE SHEET

                           Half year ended    Half year ended    Year ended
                             31st December      31st December     30th June
                                      2000               1999          2000
                                        £m                 £m            £m
                                             
FIXED ASSETS                                 
Tangible assets                        2.1                2.5           2.2
Investment in                                
joint venture:
Share of gross assets                  9.5                8.6           9.6
Share of gross liabilities            (5.9)              (5.9)         (6.6)
                            __________________________________________________
                                       3.6                2.7           3.0
Other                                        
investments: interest in own                 
shares                                10.9                8.0          10.7
                            --------------------------------------------------
                                             
                                      16.6               13.2          15.9
                            __________________________________________________
                                             
CURRENT ASSETS                               
Properties held for sale               4.5                3.9           4.2
Stocks                             1,084.9              946.9         981.0
Debtors due within one year           20.7               12.0          17.7

Debtors due after more than
one year                               1.1                1.0           2.6
Bank and cash                         30.6                6.0          46.9
                            --------------------------------------------------
                                   1,141.8              969.8       1,052.4
                            --------------------------------------------------
                                             
CURRENT                                      
LIABILITIES
Creditors due                                
within one year                     (507.3)            (438.3)       (476.3)
                            --------------------------------------------------
                                            
NET CURRENT ASSETS                   634.5              531.5         576.1
                            __________________________________________________

                                             
TOTAL ASSETS LESS                            
CURRENT LIABILITIES                  651.1              544.7         592.0

                                             
CREDITORS DUE                                
AFTER MORE THAN ONE YEAR             (85.8)             (65.2)        (63.3)
                            --------------------------------------------------
                                            
NET ASSETS                           565.3              479.5         528.7
                            __________________________________________________
                                             
CAPITAL AND RESERVES                                 
Share capital                         23.4               23.4          23.4
Share premium                        178.3              177.0         177.1
Profit retained                      363.6              279.1         328.2
                            --------------------------------------------------
                                            
EQUITY                                       
SHAREHOLDERS'FUNDS                   565.3              479.5         528.7
                            __________________________________________________
                                            
NET ASSETS PER                               
SHARE (p)                              242                205           226
                            __________________________________________________
                                           
GEARING                                 12%                 8%            1%
                            __________________________________________________


3    GROUP CASH FLOW STATEMENT

                         Half year ended      Half year ended     Year ended
                           31st December        31st December      30th June
                                    2000                 1999           2000
                                      £m                   £m             £m
Net cash (outflow)/inflow                                    
from operating activities

Operating profit                    68.5                 52.6          150.8
Increase in stocks                (102.9)              (130.2)        (159.4)
(Increase)/decrease                            
in debtors                          (2.1)                 8.0            3.0
Increase in creditors               15.3                 28.4           57.7
Other non cash     
movements                              -                    -           (0.6)
                          ----------------------------------------------------
                                   (21.2)               (41.2)          51.5
Returns on                                   
investments and     
servicing of finance                (8.9)                (2.9)          (6.7)
Taxation                           (13.1)                   -          (42.9)
Capital expenditure and                                     
financial investment                (0.4)                (9.4)         (11.5)
Equity dividends paid              (18.4)               (16.8)         (25.8)
                         -----------------------------------------------------
Cash outflow                                 
before financing                   (62.0)               (70.3)         (35.4)
Financing                           31.6                 13.1            9.7
                         -----------------------------------------------------
Decrease in cash                   (30.4)               (57.2)         (25.7)
                         _____________________________________________________

Reconciliation of                            
net cash flow to
movement in net debt
Decrease in cash                   (30.4)               (57.2)         (25.7)
Cash flow from                               
increase in debt                   (31.6)               (13.1)          (9.7)
                        ------------------------------------------------------
Change in net                                
debt resulting from cash
flows                              (62.0)               (70.3)         (35.4)
Exchange movements                   0.7                  0.6           (1.6)
                         -----------------------------------------------------

Movement in net                              
debt in the period                 (61.3)               (69.7)         (37.0)
Net (debt)/funds   
at 1st July                         (5.3)                31.7           31.7
                        ------------------------------------------------------
Net debt at 31st                             
December/30th June                 (66.6)               (38.0)         (5.3)


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
2000  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 2000. 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        Square   Mile Communications Limited
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.