In a statement issued by the Company, Berkeley’s CEO announced that the Group has delivered pre-tax earnings of £812.4 million for the year, an increase of 53.0% on he previous year. This came from the sale of 3,905 homes at an average selling price of £675,000, reflecting the mix of properties sold in the year.
This result, taken together with the £530.9 million delivered last year, means Berkeley has now delivered £1.3 billion of the £2.0 billion pre-tax earnings target for the three financial years ending 30 April 2018 that it set in June 2015.
Berkeley also reiterates its earnings guidance for the five years ending 30 April 2021 of at least £3.0 billion of pre-tax earnings, anticipating earnings for 2017/18 of at least the level of 2016/17.
The statement added that the housing market in London stabilised in the second half of the year, following the disruption either side of the EU Referendum, and reservations for the 2017 calendar year have recovered to 2015 levels.
Yesterday Berkeley Group also announced that 68 affordable homes will be made available to families and victims of the Grenfell Tower fire in Kensington Row, London W14. The homes are part of a development by St Edward, a joint venture between Prudential and the Berkeley Group.
