Its half yearly financial report for the six months to 31 December 2013 shows a 19% increase in completions with 6,195 homes built between April and December last year.
The firm’s turnover jumped by 33% to £1.3 billion over the same period, while pre-tax profit more than doubled from £45.9 million to £120.4 million.
‘Our disciplined approach means that we have been able to increase the number of new homes we are building while driving up profitability, return on capital and dividends,’ said Mark Clare, group chief executive at Barratt.
In other market announcements construction firm Kier Group also reported strong results. Its operating profit nearly doubled from £22.7 million in the six months to December 2012 to £44.4 million for the same period last year. It was a similar story with Redrow PLC, which announced pre-tax profits more than doubled from £23 million in six months to December 2013 to £47.5 million last year.
Meanwhile, Barratt has also announced the release of self build plots in Bedford as part of its commitment to answering the government's recent call to double the number of these property types built over the next decade.
The developer has been working closely with Central Bedfordshire Council which is backing the national push to increase the output of self build homes from 10,000 to 20,000 plots.
‘As a leading home builder we appreciate the need for self build homes to help support the housing market and meet the needs of the modern purchaser. We recognise the appeal of being able to build a custom made home which matches a homebuyer's specific needs and style choices and the release of the new self build plots at our Marston Park development represents an opportunity to do just that,’ explained Andrew Swindell, managing director for Barratt Homes.
Those who choose to invest in one of the self build plots will have the flexibility to construct and create their own home, whilst still working within the development's Design Code and to the Code for Sustainable Homes Level Three energy requirements.
A number of different plots, designed to suit a range of purchasers, will be released for sale later this month with prices for each individual plot available upon request from the Land and Development team at Bedford based property company, Compass.
Suggested house types to suit the plot size include The Cambridge, a four bedroom detached home featuring a kitchen with family and breakfast areas and a large glazed bay leading to the garden. The four bedroom Harborough house is also a popular choice, and offers a free flowing family kitchen and dining room with French doors that open onto the rear garden. Both home designs feature large double bedrooms with provisions for at least one en suite, if not more.
