Sponsored by
Market Watch: Spring sellers set to boost house builders
HOUSE builders Barratt Developments and Redrow are both expected to say that the spring selling season has been buoyant as new buyers rush to take advantage of a tax amnesty that ends next month.
Redrow is likely to say on Thursday that its turnaround has continued in recent weeks after it overhauled its range under the leadership of Steve Morgan, who three years ago returned to the company he founded in 1974 after it posted its worst ever set of results.
The Flintshire-based company had sold its unprofitable Scottish division and started one in London to reflect the strong demand for homes in the capital. When it last updated the market, it said pre-tax profits rose to £25.3 million in the 12 months to 30 June, compared to just £700,000 the previous year.
Barratt has focused on building more family homes in the affluent southeast of England, helping its average selling prices increase 4 per cent to £200,000 in the six months to 31 December. It is expected to say on Wednesday that its operating profits increased 40 per cent to £61m as it benefits from buying cheaper land after the recession.
The mild weather in the final months of last year will see Centrica’s residential arm – British Gas and Scottish Gas – report its lowest profit in three years on Thursday.
The UK’s biggest gas supplier is expected to report a 25 per cent fall in profits to £550m at its household energy business in 2011, as the mild weather allowed customers to turn down the central heating.
But the group is poised to report record overall profits of £2.5 billion, up 4 per cent on the previous year, as its upstream business smashes through the £1bn barrier for the first time. The division is tipped to see a 38 per cent increase in profits to around £1.1bn.
Email to a friend
Print this page- Family mourn death of Glasgow ‘fight’ schoolboy
- Rangers takeover: Duff & Phelps threaten legal action against BBC
- Today’s youth not fit to be employed, says car firm Arnold Clark
- Rangers administration: Fans fear Duff & Phelps claims could scare off Green
- Rangers takeover: triple penalty punishment enough, says Johnston
- Alistair Darling leads ‘No to independence’ fight over tea and biscuits
- Scottish independence: SNP flip-flops over Nato
- Scottish Independence: SNP ‘won’t be Yes campaign’s only voice’
- Scottish independence: Alex Salmond’s pledge to sign up 1m voters
- Today’s youth not fit to be employed, says car firm Arnold Clark
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Edinburgh
Sunday 27 May 2012
Today
Sunny
Temperature: 10 C to 22 C
Wind Speed: 12 mph
Wind direction: North east
Tomorrow
Sunny
Temperature: 9 C to 21 C
Wind Speed: 12 mph
Wind direction: North east
Your view
Please sign in to be able to comment on this story.