Housebuilder Barratt Developments has attributed a near 7% rise in interim profit to strong customer demand leading to confidence in the market.
In the six months ending 31st December 2017, Barratt made a pre-tax profit of £342.7 million (2016: £321.0m) on revenue up 9.5% to £1,988.0m (2016: £1,816.2).
Including joint ventures, total completions reached 7,324 (2016: 7,180). Of these, 1,270 were built with timber frames.
Commenting on the results, David Thomas, chief executive of Barratt Developments PLC, said: “With good consumer demand, a healthy forward order book and a robust balance sheet, overall we have had a strong first half and we continue to deliver against our operational and financial objectives.
“As the UK’s largest housebuilder, we enter our 60th year increasing our housing output, creating jobs and supporting economic growth across the country.
“Having built more than 450,000 homes since 1958, Barratt remains focused on quality, design and industry-leading customer service while delivering homes the country needs.”
Increasing volume and efficiency will be a priority for the company in the coming years, and further investment is being made into the researching and trialling the latest developments.
Mr Thomas added: “We are also implementing a number of key initiatives in terms of improving efficiency and growing volumes in the future. In addition to building around 1,270 homes during FY17 using timber frames, we have completed trials of light gauge steel frames and large format blocks with positive results. These provide similar benefits to timber frame, such as increased build speed and reducing our reliance on certain traditional construction methods. We continue to trial various new offsite technologies, including offsite concrete garages and offsite ground floor foundation systems. We are also researching and applying smart technologies to better understand the needs of our customers in the future.”