Interim Results - 6 Months to 31 December 1999

Barratt Developments PLC
22 March 2000

                   BARRATT DEVELOPMENTS PLC
                               
              INTERIM RESULTS TO 31 DECEMBER 1999
                               
                     CHAIRMAN'S STATEMENT
                               

The   Group   has   again  achieved  excellent   results.   We
outperformed  the market and further increased  market  share,
continuing our track record of consistent growth over the past
eight  years.  All our key financial statistics reached record
levels and looking ahead, we are extremely well-positioned  to
deliver another highly successful financial year.

Group results for the half year ended 31st December 1999  with
comparisons  against the six months ended 31st  December  1998
are as follows:-

*  Record pre-tax profit amounted to £50.5m against £41.2m, an
   increase of 23%.

*  Basic earnings per share amounted to 15.1p against  12.2p,
   an increase of 24%.

*  The interim dividend declared is 3.85p, an increase of 8%.

*  Operating  profits amounted to £53.4m against  £43.2m,  an
   increase of 24%.

*  Group turnover rose to £516m against £432m, an increase of
   19%.  In the UK we achieved 4,654 completions, an increase  of
   11%  at  an average selling price of £104,800, an increase  of
   5%.

*  UK  land  stocks increased by 1,500 plots over  and  above
   usage to 30,700 plots.

*  Borrowings  were  £38.0m (8% gearing) against  £11.2m  (3%
   gearing), notwithstanding an increased investment in  UK  land
   and work in progress of £106m.

*  Despite  this significant investment in our future  profit
   growth  our return on capital employed of 27%, is amongst  the
   highest in our industry.

These  results  highlight  a further  period  of  considerable
progress  in which all regions traded successfully,  producing
increased sales and profit. The Group lifted sales completions
by  11% against an industry increase for new homes of only 1%,
again demonstrating our ability to increase market share.

At  the  half year end our forward sales order book  increased
18%  to  a record £322m. This solid improvement in our  forward
sales is ongoing which, coupled with further strengthening  of
our  margin,  should maintain the consistency  of  our  profit
growth.

We  have  continued to benefit from our policy  of  controlled
organic  expansion  and  in the year we  established  two  new
divisions at Exeter and Sheffield. These two divisions  should
together  achieve over 300 sales completions in  this  current
financial year.

Over  the  past  seven years our expansion has been  extremely
successful. In 1993 we announced the first phase of our growth
plan  to increase legal completions from 5,000 to 8,000.  This
was  successfully completed and in 1996 we announced a further
phase  of  growth to increase legal completions from 8,000  to
11,000  by  the year 2000, and this we are fully on course  to
achieve.

During  this period of growth we have increased the number  of
house-building divisions from 12 to 24, outlets  from  160  to
312  and volume by an average of 10% each year. Over the  same
period  we  have  produced an increase in earnings  per  share
averaging 20% per annum.

To  continue  this level of performance further  expansion  is
planned with a strategic emphasis on the South coupled with  a
focus  on  further  strengthening  the  operating  margin.  To
facilitate  this  growth,  four  new  divisions  are   to   be
operational  for  the  new financial  year  and  combined  are
anticipated to contribute over 600 completions in their  first
financial year.

During  the  half  year to 31st December we  experienced  good
market  conditions throughout all our operating areas.  Demand
for home ownership remains strong and the market continues  to
be  buoyant. Recent concerns over interest rates are overdone.
Modest  movement  in interest rates around  6%  will  help  to
provide  a stable economy and maintain a good housing  market,
thereby avoiding historical peaks and troughs. Notwithstanding
recent  small  increases in interest rates  to  6%,  mortgages
remain  extremely  affordable. Consumers continue  to  benefit
from  increasing disposable income, unemployment continues  to
fall  and  purchaser confidence is high. Overall the  economic
background  augurs  well  for a stable  housing  market  going
forward.

The  South continues to be our strongest market place and this
fully endorses our strategic emphasis on this region in recent
years. During the half year over 60% of our investment in land
was  in  the South, where we now have 96 sites with 63 in  and
around the M25. This reflects our determination to maximise on
this more substantial market.

The Group benefits enormously from our total geographic spread
of outlets and from selling to all market sectors at prices up
to  £2.5m.  We  are  recognised for our ability  to  adapt  to
varying  market conditions, offering purchaser  assistance  to
suit local needs.
During the period demand for our part-exchange service reduced
considerably  with  around 23% of our  buyers  utilising  this
service, down from 35% the previous year.

We  have made excellent progress in increasing the quality and
quantity  of  our land stocks which should greatly  assist  in
securing future profit growth. In the six months, 6,154  plots
were acquired, 32% more than we used.

All  land  buying  is stringently controlled.  Our  consistent
financial  performance  over the  past  eight  years  and  our
assessment  of  the market has allowed us to be  selective  in
land   acquisition,  thereby  ensuring  a   full   return   on
investment.

Our  total  market  spread allows us to acquire  land  in  all
sectors and we increased selling outlets from 292 to 312  over
the   year.  We  also  have  extensive  experience  in   urban
development,  which  makes  us less  reliant  than  others  on
greenfield sites. Over 60% of our land has had a former use.

Our  USA  operation  continued to improve, doubling  operating
profits  to £1.2m from turnover of £32m against £23m  turnover
for  the  previous period. Legal completions amounted  to  123
against  102  and  the  average  selling  price  increased  to
£258,000  up  from  £222,000. We continue  to  secure  quality
development  sites in sought-after locations and fully  expect
ongoing profit improvement.

Looking ahead, we anticipate a stable UK economy and a buoyant
housing  market. Our sales reservations in the  half  year  to
31st  December were 8% up on the previous year and sales since
January  have  continued  at this  level.  Our  forward  sales
position continues to strengthen and is currently over £400m.

We  also maintain one of the lowest cost bases in the industry
which  further assists margin improvement and our  control  of
our  investment produces one of the highest returns on capital
of 27%.

We  have  a highly successful management team with an enviable
track  record. Our enlarged divisional network, allied to  the
size  and quality of our land bank and our outstanding product
range,   position  the  Group  very  favourably  against   our
competitors  and we look forward with confidence to  a  strong
and exciting future.

Frank Eaton                                  
Chairman


The  following are the unaudited results of the Group for  the
half year ended 31st December 1999.

1.  GROUP PROFIT & LOSS ACCOUNT

                               Half year    Half year        Year
                                   ended        ended       ended
                            31st December 31st December 30th June
                                     1999        1998        1999
                                       £m          £m         £m

TURNOVER: Group and share
   of joint venture                   519.3       435.2   1,016.3
LESS:  Share of joint venture
   turnover                            (3.6)       (3.3)     (7.5)
                                    --------     --------  -------
GROUP TURNOVER                        515.7       431.9   1,008.8
                                    --------     -------   -------

OPERATING PROFIT                       52.6        42.5     115.0

SHARE OF OPERATING PROFITS
  OF JOINT VENTURE                      0.8         0.7       1.1
                                    --------    -------- --------
PROFIT BEFORE INTEREST
   AND TAXATION                        53.4        43.2     116.1

NET INTEREST PAYABLE                   (2.9)       (2.0)     (4.1)
                                     --------    -------- --------

PROFIT ON ORDINARY ACTIVITIES
   BEFORE TAXATION                     50.5        41.2     112.0

TAXATION                              (15.4)      (12.8)    (34.7)
                                     --------   -------- --------

PROFIT ON ORDINARY ACTIVITIES
   AFTER TAXATION                      35.1        28.4      77.3

DIVIDENDS                              (8.9)       (8.3)    (25.2)
                                    --------    -------- --------
RETAINED PROFIT                        26.2        20.1      52.1
                                    --------    -------- --------
                                    --------    -------- --------

                                      pence       pence    pence

BASIC EARNINGS PER
   SHARE                               15.1        12.2       33.1
                                     --------    -------- --------
DILUTED EARNINGS PER SHARE             14.9        12.2       32.9
                                     --------    -------- --------
DIVIDEND PER SHARE                     3.85        3.56      10.80
                                     --------    -------- --------

DIVIDEND COVER                          3.9x        3.4x      3.1x

The interim dividend of 3.85p per share (1998 3.56p per share)
will  be paid on 19th May 2000 to shareholders on the register
at the close of business on 7th April 2000.




2.  GROUP BALANCE SHEET         Half year    Half year      Year
                                    ended        ended     ended
                            31st December 31st December30th June
                                     1999         1998      1999
                                       £m           £m        £m

FIXED ASSETS
Tangible   assets                       2.5          0.6      1.3
Investment in joint venture:
       Share  of  gross  assets         8.6          7.8      6.8
       Share  of  gross 
         liabilities                   (5.9)        (5.7)    (4.6)
                                    --------    --------  --------
                                        2.7          2.1      2.2
Other investments: interest
   in own shares                        8.0            -         -
                                     --------    -------- --------
                                       13.2          2.7      3.5
                                     --------    -------- --------
                                     --------    -------- --------

CURRENT ASSETS
Properties held for sale               3.9          3.7      3.7
Stocks                               946.9        756.0    818.3
Debtors due within one                12.0         17.2     20.7
Debtors due after more than                  
   one year                            1.0          1.8      1.3
Bank and cash                          6.0         21.1     63.6
                                   --------    -------- --------
                                     969.8        799.8    907.6
                                   --------    -------- --------
                                   --------    -------- --------

CURRENT LIABILITIES
Creditors due within
     one year                      (438.3)     (325.3)  (429.5)
                                  --------    -------- --------

NET CURRENT ASSETS                  531.5       474.5    478.1
                                  --------    -------- --------
                                  --------    -------- --------

TOTAL ASSETS LESS CURRENT
      LIABILITIES                   544.7       477.2    481.6

CREDITORS DUE AFTER MORE
     THAN   ONE  YEAR               (65.2)      (56.7)   (27.3)
                                  --------    -------- --------

NET ASSETS                          479.5       420.5    454.3
                                  --------    -------- --------
                                  --------    -------- --------

CAPITAL AND RESERVES
Share capital                        23.4        23.3     23.4
Share premium                       177.0       176.2    177.0
Profit retained                     279.1       221.0    253.9
                                  --------    -------- --------

EQUITY SHAREHOLDERS' FUNDS          479.5       420.5    454.3
                                  --------    -------- --------
                                  --------    -------- --------

NET ASSETS PER SHARE(p)               205         180      195
                                  --------    -------- --------
                                  --------    -------- --------

GEARING                                8%          3%         -
                                  --------    -------- --------
                                  --------    -------- --------



3. GROUP CASH FLOW STATEMENT     Half year   Half year      Year
                                     ended       ended     ended
                            31st December 31st December30th June
                                      1999        1998      1999
                                        £m          £m        £m

Net cash (outflow)/inflow
from operating activities:
         Operating profit             52.6         42.5    115.0
         Increase in stocks         (130.2)       (85.6)  (145.5)
         Decrease/(increase)
           in debtors                  8.0          3.0     (1.1)
         Increase in creditors        28.4          3.2     78.0
         Other non cash movements        -         (0.1)     0.1
                                    --------   --------  --------
                                     (41.2)       (37.0)    46.5
Returns on investments and
   servicing of finance               (2.9)        (2.2)    (5.9)
Taxation                                 -         (2.0)   (30.4)
Capital expenditure and
     financial investment             (9.4)        (0.2)    (1.1)
Acquisitions and disposals               -            -      1.0
Equity dividends paid                (16.8)       (15.7)   (24.0)
                                    --------   --------  --------
Cash outflow before financing        (70.3)       (57.1)   (13.9)
Financing                             13.1         (1.7)    (3.1)
                                    --------    --------  -------
Decrease in cash                     (57.2)       (58.8)   (17.0)
                                    --------   --------  --------
                                    --------   --------  --------

Reconciliation of net cash
   flow to movement in net debt
Decrease in cash                     (57.2)      (58.8)    (17.0)
Cash flow from (increase)/
   decrease in debt                  (13.1)        1.7       4.0
                                   --------   --------  --------
Change in net debt resulting
      from cash flows                (70.3)      (57.1)    (13.0)
Exchange movements                     0.6         0.1      (1.1)
                                   --------   --------  --------
Movement in net debt in
     the period                      (69.7)      (57.0)    (14.1)
Net funds at 1st July                 31.7        45.8      45.8
                                   --------   --------  --------
Net (debt)/funds at 31st December
     /30th June                      (38.0)      (11.2)     31.7
                                   --------   --------  --------

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  1999  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 1999.  These policies are set out in the company's Annual
Report and Accounts.


For further information:

Mr C.A. Dearlove        or     Mr Terry Garrett/Ms Chris Lynch
Group Finance Director         Ludgate Communications
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.