Barratt Developments PLC iissues an Interim Management Statement for the Company and its subsidiaries.
Highlights
Strong spring selling season with average weekly net private reservations up 25.3% against the prior year, driven by higher sales rates per site and increased site numbers.
Private average selling price (“ASP”) on completions during the period up by c. 5% against the prior year to c. £202,000 reflecting continuing positive changes in mix.
Overall underlying prices continued to be stable, with greater robustness in London and the South East.
Value of private forward sales up 16.1% to £827.9m (2011: £713.2m).
They are expect to agree terms on c. 10,000 plots of higher margin land in the full financial year.
Reducing overall Group indebtedness remains a key objective, with net debt as at 30 June 2012 now expected to be £75m below previous guidance at around £275m (30 June 2011: £322.6m).
