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Barratt profits plunge 75% amid fall in new home completions
The Guardian
|September 05, 2024
Barratt Developments has suffered a 75% drop in annual profit and a double-digit decline in home completions after a challenging year for Britain's biggest housebuilder.
The company said yesterday that the past year had proved tough for the housebuilding industry and potential buyers, as cost of living pressures, much higher mortgage rates and weak consumer confidence weighed on the market.
Those factors hit Barratt's annual pre-tax profits, which tumbled 75% to £171m in the year to the end of June, down from £705m a year earlier.
Barratt said it had completed 14,004 new homes over the period.
This story is from the September 05, 2024 edition of The Guardian.
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