Berkeley Group reiterates medium-term dividend targets

8th Sep 2015 07:57

(ShareCast News) - Berkeley Group was continuing to see stable operating conditions at the half-year mark, prompting the homebuilder to reiterate its medium-term commitments as regards dividends and profits.Normal transaction levels had been maintained across the firm's sites, with the number of underlying reservations in line with last year, the company said in a trading statement ahead of its annual general meeting.Berkeley Group attributed that to good demand fundamentals and a shortage of quality homes on the market.In particular, those steady sales meant the amount of cash due on forward sales over the next three years remained in line with previous guidance.During the period the group continued investing in the acquisition of new sites for development, including one at Battersea and another at West End Green in Paddington."Since the start of the financial year, Berkeley has continued to invest in the business, contracting to purchase five new sites and further investing in build to deliver the enhanced profitability over the next three years as previously guided," management said.The company maintained its plans to pay an additional 433p per share in dividends by September 2018 through regular equal payments."Following this positive start to the year", the Board reiterated its previous guidance for aggregate earnings in the region of £2 billion over the three years to 30 April 2018.