Barratt completions increase by 9.2% in first half
Housebuilder Barratt has reported a 9.2% increase in home completions for the first half of its financial year to 31 December 2020.
It delivered 9,077 homes over the period, compared to 8,314 in the same period the year before.
Barratt said construction activity in the first half was “slightly ahead” of its planned output, with an average of 298 homes completed per week.
It added: “We enter our second half with a reduced level of work in progress carried forward at December 2020 compared to June 2020 and, as a result, a greater reliance on construction activity in the half year ahead.”
Under the latest coronavirus regulations, Barratt has been able to keep its site-based construction running across Britain. Its sales offices operate on an appointment basis in England and Scotland but have been required to close in Wales. Total forward sales, including JVs, as of 31 December 2020 have increased by 14.3% to 13,588 homes (up from 11,885 homes in 2019) at a value of £3.2bn (compared to £2.7bn in 2019).
Meanwhile Barratt improved its net cash position this half year to £1.1bn, from £308.2m at 30 June 2020.
The housebuilder said it expected wholly owned completions to be between 15,250 and 15,750 homes for the 2021 financial year.