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Berkeley profit climbs as revenue boosted by sales in South East, London

By BFN News | 07:23 AM | Wednesday 23 June, 2021


Homebuilder Berkeley reported an uptick in annual profit as revenue was boosted by home sales at higher prices in the South East and London. For the year ended 30 April 2021, pre-tax profit rose to £518.1 million from £503.7 million year-on-year as revenue climbed to £2.2 billion from £1.9 billion. The company sold 2,825 homes, up from 2,723 last year, at an average selling price of £770,000, up from £677,000. The gross margin percentage decreased to 28.8% from 33.2%, reflecting the mix of properties sold in the year, the operating environment over the last 12 months and investments. 'In this environment, we have delivered results for this year and last in line with guidance at the start of the two year period (which was before the pandemic), maintained our annual £281 million shareholder return and added ten new sites, with the capacity to deliver 6,650 new homes, to our land holdings,' the company said. Looking ahead, the company said fundamentals of Berkeley's core markets in London and the South East remain strong, driven by an undersupply of housing. Story provided by StockMarketWire.com

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