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Barratt bucks market trend with record profits

House builder Barratt brushed off a more subdued housing market posting record full-year pre-tax profits up 11 per cent to £406.6 million compared to £375.6 million at the same stage last year.
The company said the immediate economic outlook was uncertain but it will rely on its wide geographical spread and product range, its urban regeneration and social housing expertise going forward.

Group turnover was broadly flat for the full year at around £2.5 billion. In the UK turnover increased 6 per cent to £2.47 billion up from £2.32 bn last year, while margins edged ahead 0.3 per cent reaching the 16 per cent marker.

Operating profits imporved 8 per cent to £395.7 million, unit sales increased 2 per cent to 14,351 while the average selling price edged ahead 4 per cent to £172,200.

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