Berkeley ramps up full year profit

19th Jun 2013 07:04

FTSE 250 house building company Berkeley Group reported a 26 per cent hike in annual pre-tax profit and issued a further interim dividend following strong housing demand in London and the South of England.Pre-tax profit rose to £270.7m in the year ended April 30th from £214.8m in 2012. Net asset value (NAV) per share rose 20.2% to 1,009.1p. Group revenue rose to £1.37bn during the year from £1.04bn previously. Berkeley said the growth in basic earnings per share by 32.2% to 160.0p in the year is a direct result of sustained investment in the Berkeley business over several years. Its land bank grew to £2.85bn with £315m invested in new land. Chairman Tony Pidgley said: "I am confident that Berkeley can meet its objectives for delivering returns to shareholders, but mindful of the risks that geopolitical events, regulation, increases in taxation alongside an uncertain future tax policy and even anti-competitive rhetoric can have on the business and the wider housing market.""Cash due on forward sales of over £1.45bn, an increase of £397.1m this year, supports our continued investment and provides good visibility over future performance."Net cash was £44.7m compared to net debt of £57.9m in April 2012. The group said it would pay a further interim dividend of 59p per share payable in September 2013. This counts towards a planned return of £568m by September 2015. Berkeley said it is on track to pay out £1.7bn over 10 years. CJ