A round-up of the latest headlines from the UK's new housebuilder industry.
The Flintshire-based firm has reported a 26% increase of pre-tax profit on last year, up to £315m. They have said that Brexit, so far, has not had any impact on business, with the Chairman stating that "The new homes market is continuing to be buoyant".
Avant Homes to expand into North Yorkshire
The South Yorkshire based firm Avant Homes, is set to expand further North to meet rising demands for houses under £200,000. The Chief Executive has said that the housebuilder has spent "months developing nine new designs that are easier to build and have a smaller footprint". Currently their focus is on £250,000-£260,000 houses in South Yorkshire and East Midlands.
Berkeley Group's Shareholders revolt against Exec's pay
16% of investors voted against the company's pay at the annual general meeting. £92m of long-term share bonuses were awarded to executives after they beat targets over a 10 year period. Berkeley Group's management decided to cap future exec pay back in February, so the maximum they'll receive over 7 years is £150m.
Cala's failed Chinese takeover bid revived in secret talks
Cala has asked Lazard, the investment bank, to begin sounding out prospective bidders, after the takeover by a Chinese property giant collapsed a few months prior. The "upmarket housebuilder of scale" is likely to be worth more than £700m, with private equity, pension funds and some rival housebuilders expected to look at it.
Highest number of completions for housebuilder in nine years
At the end of June this year, Barratt Developments had completed 17,395 homes. Chief Executive, David Thomas said that "this has been another excellent year for the group". Operating profit grew 20% to £799.2m and forward sales are up 13.8% to £2.7b. It also increased annual revenues by 10%, to £4.6b.
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