Berkeley sees sales at top end

18th Mar 2010 07:28

London and south-east focused housebuilder Berkeley said it has now secured the sales required to meet the board's expectations for its full year results for the year ending 30 April, which are at the higher end of analysts' expectations. In terms of its cash position, the group began the year with £284.8m of net cash and this increased during the first half of the year to £344.7m at 31st October 2009. Berkeley anticipates its year-end net cash position will be within this range; the exact level will depend upon land expenditure in March and April.Underlying transaction levels remain approximately 40% below historical average levels and the group said it has adjusted its business to match supply to this level of demand. Sales prices have been stable in the period with cancellation rates at normal levels.