Barratt Posts Surge In Pretax Profit

Barratt Developments PLC

reported a strong rise in its full-year pretax profit. Barratt's pretax profit for the period surged to 390.6 million pounds ($629.7 million), versus GBP104.5 million, in the year-ago period. Its revenue surged 21% to GBP3.16 billion. Barratt sold 14,838 homes, up 8.6% versus the year-ago period, at an average price of GBP241,600. The company also declared a final dividend of 7.1 pence per share. Chief Executive Officer Mark Clare said, "Our disciplined approach will support a further significant increase in performance this year."