Bardon-based housebuilder Barratt doubles profits to £45m
Building firm Barratt today said profits more than doubled in the second half of 2012 as the housing market continued to return to health.
The Bardon-based company revealed it made a surplus of £45 million in the six months to December 31, compared to £21.6 million in the same period of 2011.
This was despite a small fall in total revenue, from £952.8 million to £950 million.
The group, which owns David Wilson Homes, was boosted by an increase in profit margins, which rose by almost a third to 8.4 per cent.
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Barratt, like many other house builders, is seeing a bounce-back in profits following the credit crunch. It comes after the firm bought land cheaply in the deepest part of the recession and is now using it to develop more up-market homes which can be sold at higher margins.
The company completed the sale of 4,241 homes during the half-year, up 5.3 per cent on the same period of 2011.
Chief executive Mark Clare predicted profits would continue to grow healthily.
"We have been investing for the future, successfully securing higher margin land both in the South-East and across the rest of the country that will drive further profit growth," he said.