Barratt Developments Plc (LSE:BDEV) said profits rebounded 65% in its latest financial year and the current year has started well.
“There is very strong demand for houses across the country,” said the FTSE 100 housebuilder, which added sales per site had risen to 0.83 per average week compared to 0.94 before the pandemic.
Forward sales are 15,700 homes with a value of £3.94bn or almost 30% higher than at the same time in 2019.
The group has already indicated completions in the year to end June 2021 were 17,243 with revenues of £4.81bn (£3.4bn).
Margins rose and pre-tax profits recovered to £812mln compared to £492mln a year earlier and £910mln in 2019.
“We have begun the new financial year in a strong position and, whilst there are still uncertainties ahead, our strong balance sheet, forward order book visibility and construction activity to date all stand us in good stead,” added David Thomas, chief executive.
Barratt added it had also started a review of all its current and legacy buildings where it has used external wall system (EWS) or cladding solutions and is assessing the action required in line with the latest updates to Government guidance, as it applies, to multi-storey and multi-occupied residential buildings.
“We recognise that the wider complex issues surrounding fire safety guidance and cladding have caused distress for affected homeowners, as regulations and requirements have continued to evolve.”
All of its buildings, including those incorporating EWS or cladding solutions, were signed off by approved inspectors as compliant with the relevant Building Regulations at the time of completion, it added.
The dividend for the year is 29.4p and Barratt ended the year with net cash of £1.32bn.