8th Sep 2015 06:18
LONDON (Alliance News) - Berkeley Group Holdings PLC on Tuesday reiterated its earnings guidance as it said it has continued to expand its operations in its current financial year so far.
The housebuilder, which will be promoted to the FTSE 100 later this month, said that since the start of its financial year at the start of May, it has continued to invest across its business, signing contracts to acquire five sites and investing further in order to hit its three-year earnings targets.
Chairman Tony Pidgeley, in a statement issued ahead of the company's annual general meeting, said that following the positive start to the year, the group reiterates its guidance for earnings of GBP2.0 billion to be delivered in aggregate over its 2016, 2017 and 2018 financial years.
Berkeley said its trading has been helped by a stable operating environment, boosted by the decisive General Election result in the UK, with underlying reservations levels broadly similar year-on-year in the financial year so far.
The group also said that steady sales in the period meant that its cash due on forward sales over the next three years has been broadly maintained and in line with its expectations.
By Sam Unsted; [email protected]; @SamUAtAlliance
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