- Berkeley Group Holdings (The)
- 06 September 2024 07:50:28
Source: Sharecast
In an update for the period from 1 May to the end of August ahead of its annual meeting, the company said it was on track to achieve its pre-tax earnings guidance for the full year ending 30 April 2025 of £525m. It added that 90% of this is already secured through exchanged sales contracts.
Pre-tax profits for the year are expected to be weighted towards the first half, similarly to last year, and operating margin will therefore be slightly ahead of the group’s long-term range of 17.5% to 19.5%, it said.
Net cash at the end of October is expected to be around £450m, down from £532m at the end of April following shareholder returns of £229m in the first half. This includes the £184m proposed special dividend that is subject to shareholder approval at the AGM.
"Berkeley supports the proposed changes to the planning system and the Government's aspiration to deliver 1.5 million new homes across this Parliament as part of its mission for growth," it said.
"Achieving this ambition requires a change of attitude and a refreshed partnership approach to allow developments, that are currently stalled, to come forward and Berkeley is committed to playing its full part in delivering the new homes the country needs.
"This ambitious plan from the new Government brings with it a number of changes to the operating environment, the impact of which Berkeley will fully evaluate ahead of updating the market with its interim results in December."