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Berkeley announces £90.6 million profit

Property company Berkeley Holdings said they were confident going forward despite the credit crunch and housing market downturn.

The company announced a pretax profit of £90.6 million for the six months to October 2007 - up 11.2 per cent from last year.

The company’s profit of £441 million gave it an operating margin of over 21 per cent.

And they announced a one-off payment to shareholders of £242 million.

Managing Director AW Pidgley said: “Berkeley is uniquely placed to respond to the market conditions initiated in the credit markets that currently prevail.

“We believe that the fundamentals of the housing market in London and the South East remain strong.
“Demand continues to outstrip supply and interest rates remain at historically low levels.”