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Barratt Developments expects to build strong profit growth
Housebuilder Barratt Developments has continued the trend of construction companies predicting increases in pre-tax profits, completions and average sales price.
Like Bovis Homes, Taylor Wimpey and Galliford Try before it, Barratt announced a sizeable increase in the average cost of one of its houses; up 13 per cent to £220,000 in the financial year. Completions were up 8.6 per cent at 14,838.
In the trading statement, Barratt also announced that it expected its pre-tax profits to exceed the upper bounds of analysts' expectations, with £390m the figure suggested.
The group cited "strong demand for new homes across the country" as a reason for optimism heading into the 2015 financial year.