Highlights
Disciplined growth in housing completions, delivering our highest total in eight years
Private average selling price increased by 10.4% to £289,800 (2015: £262,500), predominantly reflecting mix
Strong growth in profit before tax, up by 20.7% to £682.3m (2015: £565.5m)
ROCE up 3.2 ppts to 27.1% (2015: 23.9%), reflecting our fast asset turn model
Positive cash generation resulting in strong balance sheet and net cash at 30 June 2016 of £592.0m (2015: £186.5m)
Excellent future land opportunities secured with 24,387 plots approved for purchase; controlled land supply of 4.5 years at year end
Step up in the delivery of strategic land with 22% (2015: 17%) of completions from strategic land
19% increase in final ordinary dividend per share to 12.3p (2015: 10.3p) together with 12.4p special dividend per share
Total FY16 capital return of £308m (2015: £250m), equating to 30.7 pence per share (2015: 25.1 pence per share)
Current trading
Positive start to the new financial year, with net private reservations per active outlet per average week from 1 July 2016 of 0.75 (2015: 0.71)
Total forward sales including JV's as at 4 September 2016 up by 4.1% compared to last year, at £2,416.5m (6 September 2015: £2,321.9m)
Commenting on the results David Thomas, Chief Executive of Barratt Developments PLC said:
"The strong operational and financial performance in FY16 reinforces the progress we have made over the last few years as does our disciplined volume growth. This was underpinned by our fast asset turn model and our industry leading customer service and construction excellence.
Barratt starts the new financial year in a good position with a strong balance sheet, good forward sales and an experienced management team. Whilst we continue to monitor market conditions closely, current trading trends are positive, and I remain confident in the fundamentals of the housing sector and of our business."
