After what has been an unprecedented and challenging period, Barratt business has demonstrated its operational strength and financial resilience. Disciplined operating framework and the speed of management decision making and actions, both at the start of the pandemic and thereafter, have delivered both a rapid and robust recovery and a further strengthened balance sheet.
The Board, in light of this performance, and whilst recognising uncertainties remain ahead, is to declare an interim dividend of 7.5 pence per share (2019: nil). The interim dividend will be paid on Monday 10 May 2021 to all shareholders on the register on Friday 16 April 2021.
Other financial highlights include:
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Record first half year home completions with 9,077 total completions, up 9.2% |
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Recovery in adjusted operating margin to 20.3% (2019: 19.4%, H2 FY20: 5.9%) mainly driven by growth in completions, delivering adjusted profit before tax of £507.2m (2019: £440.8m). After adjusted items of £77.0m (2019: £17.8m), profit before tax was £430.2m (2019: £423.0m) |
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Continued strong cash generation with period end net cash of £1,106.7m (2019: £433.8m) and land creditors reduced to £601.1m (2019: £830.8m) (21.2%; 2019: 27.4% of land bank) further strengthening their balance sheet |
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Continued progress in maintaining their position as the leading national sustainable housebuilder; the only housebuilder to deliver improved annual CDP scores across all three categories this year (Forest, Water and Climate) |
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Launched The Barratt Charitable Foundation to further support the communities in which they operate |
