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Barratt doubles profits

Barratt Developments (BDEV) joined in the housebuilder bonanza by more than doubling profits in the first half and projecting that borrowings will be eliminated by June 2015. The company is making significant progress on this front; at the half-year end, net debt had been reduced from £542m a year earlier to £331m, and Barratt reckons this will drop to £160m by the June year-end. The board also promised to pay a final dividend this year and to achieve cover of around three times after tax earnings for the year to June 2016.

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By Jonas Crosland,
27 February 2013

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