Barratt sees profitable second half on increased selling prices

BarrattBarratt Developments, the third largest house builder in UK by market value, said that it expects to report an underlying profit in the second half of the fiscal.

Barratt also said that its average selling price was reported up by 15% in the period of six months ended June 2010. The house builder has reported an increase in both prices and forward reservations in the second half of the fiscal.

Barratt said that its forward sales in the second half were reported of £1.07 billion, increasing by 32% comparing to the same period last year.

The House builder also said that its average selling price in the second half of the fiscal was reported up by 15% comparing to the previous corresponding period.

"The increase in our selling prices coupled with effective cost control is leading to good margin growth and we expect to deliver a profit for the second half. Our forward sales now exceed £1 billion, the highest level we have reported for two years," said Mark Clare, chief executive of Barratt.

Barratt had reported a loss of nearly £70 million in the second half of last year, while the company lost around £63.5 million in the first half of this fiscal.

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