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The Berkeley Group Holdings plc Trading Update Period from 1 May 2024 to 31 August 2024 6 September 2024 |
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The Berkeley Group Holdings plc ("Berkeley") is holding its Annual General Meeting ('AGM') today, at which it will provide the following Trading Update covering the period from 1 May 2024 to 31 August 2024.
"Trading has been stable for Berkeley over the first four months of the year and we are on target to achieve our pre-tax earnings guidance for the full year ending 30 April 2025 of £525 million, 90% of which is already secured through exchanged sales contracts.
Pre-tax profits for the year are expected to be weighted towards the first half, similarly to last year, and operating margin will therefore be slightly ahead of our long-term range (17.5% to 19.5%) for this period. Net cash at 31 October 2024 will be around £450 million (30 April 2024: £532 million) following shareholder returns of £229 million in the first half, including the £184 million proposed special dividend that is subject to approval by shareholders at today's AGM.
Berkeley supports the proposed changes to the planning system and the Government's aspiration to deliver 1.5 million new homes across this Parliament as part of its mission for growth. Achieving this ambition requires a change of attitude and a refreshed partnership approach to allow developments, that are currently stalled, to come forward and Berkeley is committed to playing its full part in delivering the new homes the Country needs.
This ambitious plan from the new Government brings with it a number of changes to the operating environment, the impact of which Berkeley will fully evaluate ahead of updating the market with its Interim Results in December."
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For further information please contact:
The Berkeley Group Holdings plc Novella Communications
R J Stearn Tim Robertson
T: 01932 868 555 T: 020 3151 7008
LEI: 2138009OQSSLVVHQAL78
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