Financials
Financials

Latest Financial Results

The Berkeley Group Holdings plc (“Berkeley”) announced its unaudited interim results for the six months ended 31 October 2017.

Berkeley’s objective is to be London’s leading place-maker, balancing strong operational performance with a desire to produce homes of a high quality in fantastic places for all Londoners, playing a key role in delivering the 300,000 new homes this country needs each year.

These results are the consequence of Berkeley’s operating model, which places financial strength and sustainability at its heart, and the sites this enabled Berkeley to acquire in the period from 2010 to 2013. The 2017/18 full year results will represent a peak for Berkeley, before returning to more normal returns in 2018/19. Our guidance of £1.5 billion of pre-tax profit for these two years will be approximately 60% weighted towards the current year. Shares acquired in the period for £92.8 million and dividends paid of £70.4 million.

OPERATIONAL HIGHLIGHTS

  • 2,117 homes delivered – includes more than 10% of London’s new private and affordable homes
  • £300 million of subsidies provided to deliver affordable housing and committed to wider community and infrastructure benefits in the period
  • Over 12,000 people working across our sites, including over 850 apprenticeships in the six months
  • The Berkeley Foundation has added three new strategic partners to its four enduring partnerships, with over £12 million committed to more than 100 charities since the Foundation’s inception in 2011

EARNINGS

  • £533.3 million of pre-tax profit, up 35.8% from £392.7 million
  • Five year pre-tax profit guidance starting 1 May 2016 updated to £3.3 billion from £3.0 billion
  • £1.5 billion pre-tax profit to be delivered in two years ending 30 April 2019

FINANCIAL POSITION

  • Net cash of £632.8 million (April 2017: £285.5 million)
  • Net asset value per share up 14.7% to £17.85 (April 2017: £15.56)
  • Cash due on forward sales of £2.45 billion (April 2017: £2.74 billion)
  • £6.0 billion of estimated future gross margin in the land bank (April 2017: £6.4 billion)

SHAREHOLDER RETURNS

  • £8.34 per share already returned and a further £1.00 per share to be returned by 31 March 2018
  • Remaining £7.00 (£1.0 billion) on target to be delivered evenly over the next 3.5 years to September 2021
  • 2.7 million shares acquired in the period for £92.8 million and dividends paid of £70.4 million

Annual Report – https://www.berkeleygroup.co.uk/investor-information/latest-annual-report

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Berkeley St Edward are investing in an intense academy programme, designed to strengthen and improve existing technical skills. This is a unique opportunity for Technical Co-ordinators to learn from leading industry experts.

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