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Berkeley reports 26% jump in profits Berkeley reports 26% jump in profits
(4 months later)
Housebuilder Berkeley has reported a 26% jump in annual pre-tax profits on the back of the surging property market in London and the south-east.Housebuilder Berkeley has reported a 26% jump in annual pre-tax profits on the back of the surging property market in London and the south-east.
Berkeley reported revenues of £1.4bn for the year ending April 2013, up more than 30% on last year, helped by advance sales of its riverside flats and detached houses.Berkeley reported revenues of £1.4bn for the year ending April 2013, up more than 30% on last year, helped by advance sales of its riverside flats and detached houses.
The housebuilder said activity outside the south-east had not recovered since the 2008 downturn, but was likely to pick up as a result of the government's "help to buy" plan, a contentious state mortgage subsidy scheme.The housebuilder said activity outside the south-east had not recovered since the 2008 downturn, but was likely to pick up as a result of the government's "help to buy" plan, a contentious state mortgage subsidy scheme.
The group said it was ahead of schedule to pay out £1.7bn to shareholders in three instalments by 2021. It also reported that a cut in corporation tax had driven up earnings per share by more than 30% to 160p.The group said it was ahead of schedule to pay out £1.7bn to shareholders in three instalments by 2021. It also reported that a cut in corporation tax had driven up earnings per share by more than 30% to 160p.
Tony Pidgley, Berkeley's chairman, said: "The growth in earnings this year is a direct result of a period of sustained investment since early 2009 during which Berkeley has committed over £1bn to new land and £2.4bn to construction and completed over 12,000 new homes in London and the south of England."Tony Pidgley, Berkeley's chairman, said: "The growth in earnings this year is a direct result of a period of sustained investment since early 2009 during which Berkeley has committed over £1bn to new land and £2.4bn to construction and completed over 12,000 new homes in London and the south of England."
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