Barrett Developments plc announce an interim ordinary dividend of 4.4p

DividendMax Ltd.

Barrett Developments plc announce an interim ordinary dividend of 4.4p

The Barratt Developments plc Board has declared an interim dividend of 4.4 pence per share (HY23: 10.2 pence per share). The interim dividend will be paid on Friday 17 May 2024 to all shareholders on the register on Friday 12 April 2024. Shareholders who wish to elect for the Dividend Reinvestment Plan should do so by 26 April 2024. The Board, in line with its stated dividend policy, continues to target a full year ordinary dividend based on an ordinary dividend cover of 1.75x adjusted earnings per share.

Other financial highlights include:

Resilient operational performance, delivering 6,171 total home completions3 (HY23: 8,626) and revenue of £1.9bn (HY23: £2.8bn), with adjusted profit before tax at £157.1m (HY23: £521.5m).

Adjusted items relating to costs associated with legacy properties of £61.9m (HY23: £20.0m), which resulted in reported profit before tax of £95.2m (HY23: £501.5m).

Balance sheet strength maintained with net cash of £753.4m (31 December 2022: £969.1m), after payment of the FY23 final dividend of £228.0m (FY22 final dividend: £259.8m).

Continued industry leadership on quality, customer satisfaction and sustainability: 96 NHBC Pride in the Job Awards, more than any other housebuilder for 19 years, rated '5 Stars' by our customers in the HBF customer satisfaction survey for 14 years in a row, and recognised as the leading national sustainable housebuilder by NextGeneration for the eighth consecutive year.

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