Berkeley Group Holdings PLC (LSE:BKG), the London-focused housebuilder, said trading has been stable over the past four months as it reiterated previous guidance for the year.
Adding it supports plans by the government to build 1.5 million homes, it added that as well as changes to the planning system this requires a change of attitude and a refreshed partnership approach to allow developments, that are currently stalled, to come forward.
“Berkeley is committed to playing its full part in delivering the new homes the country needs," said the statement, adding it would give a fuller assessment of the impact of the government plans with its interim results in December.
The group added it is on target for profits in the full year ending 30 April 2025 of £525 million, 90% of which has been secured through exchanged sales contracts.
Profits for the year are expected to be weighted towards the first half with the operating margin slightly ahead of its long-term range (17.5% to 19.5%) for this interim period.
Net cash on 31 October 2024 will be around £450 million (30 April 2024: £532 million) following shareholder returns of £229 million in the first half including a proposed £184 million special dividend.