28th Sep 2005 07:02
Barratt Developments PLC28 September 2005 28th September 2005 BARRATT DEVELOPMENTS PLC Results for the year ended 30th June 2005 Group Highlights: • Group turnover £2,512.7m (2004: £2,516.0m)• Group operating profit £411.3m (2004: £375.6m) up 10%• Group pre-tax profit £406.6m (2004: £367.7m) up 11%• Basic earnings per share 123.6p (2004: 111.4p) up 11%• Dividend for the year 26.98p (2004: 21.58p) up 25%• Net cash in hand £276.9m (2004: £189.7m in hand) with average gearing of 2%• Successful disposal of US housing division for £85m in August 2004• ROACE remains one of the strongest in the sector at 31% (2004: 37%) UK Housing Highlights: • UK housebuild turnover £2,472.4m (2004: £2,327.6m) up 6%• UK housebuild operating profit (before exceptional items) £395.7m (2004: £366.4m) up 8%• UK housebuild operating margin increased to 16.0% (2004: 15.7%)• UK unit sales 14,351, up 2%, again more than any other housebuilder• More than 11,700 homes on brownfield sites, Britain's leading urban regenerator• Leading private sector provider of social housing, 1,760 homes (2004:1,308)• UK average selling price £172,200 up 4%• 300,000th home completed in year Charles Toner, Chairman of Barratt Developments commented: "Once again, Barratt has demonstrated its ability to succeed in a competitivemarket place. Despite challenging conditions, the Group improved margins, postedrecord pre-tax profits of £406.6m and achieved its 13th consecutive year oforganic growth. We also built more homes in total and more homes on brownfieldsites than any other housebuilder. We have the land bank, financial resourcesand capacity to ensure our long term growth strategy remains unchanged. Ourdecision to increase the dividend by 25% reflects our confidence in our futureprospects." David Pretty, Group Chief Executive of Barratt Developments commented: "Our wide geographic spread and product range, together with our urbanregeneration and social housing expertise all contributed to a good result forthe year. The immediate economic outlook may be uncertain but a healthy forwardorder book of £900m, together with completions to date, puts us in a goodposition. It's too early to assess the market for the rest of the year but weare working on the basis that it will remain challenging. Nevertheless, we aretargeting to maintain volumes this year but, should the market improve, we havethe ability to immediately respond and move volumes forward. All in all, we arewell placed for the future. For further information please contact: Barratt Developments PLCDavid Pretty, Group Chief Executive On the day: 020 7067 0700Colin Dearlove, Group Finance Director Thereafter: 0191 286 6811 Weber Shandwick Square MileTerry Garrett/Chris Lynch 020 7067 0700 The financial analysts' presentation slides will be available on the Barratt corporate website: www.barratt-investor-relations.co.uk from 10.30am today. CHAIRMAN'S STATEMENT I am very pleased to report that, notwithstanding the challenging marketconditions throughout the year, the Group achieved further growth in volume andmargins producing a record £406.6m pre-tax profit. This was our 13th consecutiveyear of organic growth and we continue to build more homes in total and morehomes on brownfield sites than other housebuilder in Britain. We are also well positioned for the future, having ended the financial year withhealthy forward sales of £774m. With further sales progress since 1st July 2005,forward sales now stand at £900m which, together with completions to date,already secures 52% of our full year requirement. Key features of the results for the year ended 30th June 2005 are as follows:- • Group pre-tax profit amounted to £406.6m against £367.7m the previous year, an increase of 11%. • UK pre-tax profit, before the exceptional item of £15.9m from the disposal of ground rents, was £390.7m compared to £358.3m the previous year, up 9%. • Basic earnings per share amounted to 123.6p against 111.4p the previous year, an increase of 11%. • A final dividend of 17.99p per share will be recommended, payable on 18 November 2005 to shareholders on the register on 21 October 2005, against 14.68p the previous year. This gives a total dividend for the year of 26.98p, an increase of 25%, 4.6 times covered. This increase reflects our progress and the Board's confidence in the future performance of the Group. • Net cash in hand at the year end was £276.9m (2004: £189.7m cash in hand) with an average gearing over the year of just 2%. This was achieved notwithstanding a £234.0m increased investment in land stocks and work in progress. • On 30 August 2004 we completed the disposal of our small Southern California operation, for net proceeds of £85m, in line with the Group's strategy to focus on our UK operations. • Return on average capital employed continued to be amongst the highest in the industry at 31% (2004: 37%). These robust results demonstrate the continued success of our organic growthstrategy and the fundamental strengths of our Group. The medium and long term fundamentals of the housing market remain sound,bolstered by a continuing serious shortage of new homes due to the very slowplanning system. The economic outlook in the short term, however, remainsuncertain notwithstanding the recent 0.25% cut in interest rates. With over ninemonths of our financial year yet to run it is, therefore, too early toaccurately assess the market for the year ahead, although we are well placed toachieve further growth in completions if market conditions allow. Our experienced management team across Britain has, once again, demonstrated itsability to succeed in a very competitive market place. I would like to thank allof our local teams throughout the Group, both office and site based, for alltheir hard work. Our record performance is a result of their teamwork, skillsand enthusiasm. We are pleased to welcome a new Non-Executive Director, Mr Bill Shannon, whojoined the Board in September. Mr Shannon has had a long and distinguishedcareer with Whitbread PLC, serving as an Executive Director between 1994 and2004. He is also a Non-Executive Director of Aegon UK PLC and Matalan PLC andbrings with him a wealth of experience in the business sector. Looking ahead, we are well placed to continue to progress. Despite the shortterm economic uncertainties, our long term strategy remains unchanged andundoubtedly there will be many growth opportunities going forward. Our widegeographic spread and extensive product range, together with our urbanregeneration and social housing expertise, all contributed to a good result forthe year. These core strengths, together with our healthy forward sales, strongfinances and experienced management team leave us well positioned for the futureand able to quickly respond as market conditions improve. Charles TonerChairman CHIEF EXECUTIVE'S OPERATIONAL REVIEW Our teams across the country successfully adapted to a more demanding andcompetitive market place, achieved yet another record result for the BarrattGroup - our 13th consecutive year of organic growth. We built more new homes in total and more homes on regenerated brownfield landthan any other housebuilder for the third consecutive year. We also strengthenedour leading position in the provision of social housing. No housebuilder doesmore to create sustainable communities than Barratt. In addition, during the year, we had the pleasure of handing over the keys tothe 300,000th Barratt home completed since our Group was formed in 1958 by SirLawrie Barratt. At the same time as growing our business, our work has been recognised this yearby a record number of design, quality and environmental awards. UK HOUSING A total of 14,351 new homes were completed, an increase of 2%, helping increaseUK housebuild turnover by 6% to a new record of £2,472.4m (2004: £2,327.6m). Afurther improvement in our margin, combined with the £15.9m exceptional profitfrom the sale of our freehold ground rent portfolio and low gearing, produced arecord Group pre-tax profit of £406.6m, an increase of 11%. The underlyingoperating profit from our core UK housing activity increased to £395.7m, up 8%,with the operating margin increasing again from 15.7% to 16.0%. Our average selling price increased by 4% to £172,200. Total private completionswere 1% down, at 12,591 units, with an increased selling price of £182,100, up5%. Social housing completions increased by 35% to 1,760, at an average sellingprice of £101,700, up 14%. We continue to benefit from the strength of our long-standing national purchaseagreements with our main suppliers. These helped us maintain our stringentcontrol of costs. We are also taking positive action to reduce costs further inevery part of our business. HOUSING MARKET The housing market throughout our financial year was certainly one of the mostchallenging for years, but one which we had anticipated and prepared for. As aresult, and despite the weaker general economic situation and buyer hesitancy,we were able to compete well in all of our operational areas. Forward sales atthe year end stood at a healthy £774m. Whilst down on last year's all timerecord, which reflected the previous year's over-heated market, in percentageterms this remains at the upper end of our historic norm. This has now increasedto £900m which together with completions to date, secures 52% of our full year requirement, with 9 months of the financial year yet to come. The fundamentals of the housing market remain sound, supported by low interestrates and good employment levels. These are underpinned by restricted supplycaused by constant planning delays, and the enormous need for new housing whichwill have to be met in due course. Quite apart from these factors, our Group greatly benefits from a number of corestrengths which continue to boost our performance and provide valuableprotection from market fluctuations. GEOGRAPHIC AND PRODUCT DIVERSITY Our wide geographic spread and product range are just two of our core strengths.These ensure we avoid an over-dependence on any one geographic area or marketsector and enable us to adjust production, sales and land buying in line withmarket conditions. Today, we have 450 sites in production being built by our 32operating divisions working throughout England, Scotland and Wales. We are ableto serve all sectors of the market at prices currently from £72,000 to £2m.Together with our affordable average selling price of £172,200 this maximisesour appeal to the widest range of buyers. We have identified areas where we consider both coverage and market share can beincreased. Accordingly, we have established an East Anglia division and land hasalready been acquired for this new operation. The first homes are targeted forcompletion this financial year and we would expect this new division to producecirca 400 homes per annum by 2010. We have always had a strong presence in the area known as the Thames Gateway andhave currently 3 operating divisions covering that area. However, due to theincreased complexity of urban regeneration, and the need for more focus, we haveformed a new Thames Gateway operation to act as a specialist facilitator for ourlocal divisions. Already, two large sites, totalling circa 600 homes have beenagreed with English Partnerships under the London Wide Initiative. Constructionis due for commencement during 2006, with completions following from 2008onwards. At the same time, we have taken the opportunity to redeploy our resources toensure greater coverage of expansion areas in Kent. Our former South Londondivision has been relocated to Sevenoaks and renamed Barratt Kent. Its previousoperating area has been redistributed between our two major West and East Londondivisions, both of which have excellent track records in all aspects of urbanrenewal. These changes will improve both our specialist urban regenerationopportunities in the capital and our Group coverage for all types of housing. Other areas of the country have been identified where we can, at the appropriatetime, increase coverage and market share. These will be actioned when the timeis right. URBAN REGENERATION AND BROWNFIELD DEVELOPMENT We lead the industry in the regeneration of Britain's cities and urban areaswith a track record based on 30 years of experience. 82% of our homes in theyear were built on brownfield sites, which equates to over 11,700 homes, risingto over 95% in London. This significantly exceeds the Government's 60% targetand, once again, is more than any other housebuilder. Whilst much of our urban regeneration has been undertaken in the South, ourbrownfield activities in other towns and cities across the rest of the countrycontinue to expand and prosper. Apart from London and the South East, we arecurrently active in many towns and cities, including Edinburgh, Glasgow,Newcastle, Leeds, Birmingham, Leicester, Cardiff, Bristol, Brighton andSouthampton. In addition, important new projects totalling over 4,000 homes have recently wonplanning approval and are underway or soon to start. These include Aberdeen,Edinburgh, Stockton-on-Tees, Hull, Liverpool, Rochdale, Wolverhampton, Bedford,Torquay, Southampton and in London. Many other brownfield projects, large andsmall, are in the planning pipeline and others are at an advanced stage ofnegotiation. Furthermore, we have been chosen by the London Borough of Barnet, together withour partner Metropolitan Housing Trust, as preferred developer for the majorWest Hendon Regeneration Scheme. This should produce over 2,000 new homes, againover the next 10 years. We have also been selected, again as preferred developer, for the regenerationof East Central Rochdale. Together with our partner Artisan, we will becommencing the first phase of 80 new homes in 2006 with a potential of 1,500 newhomes over the next 10 years. Brownfield development has massive potential and we continue to commitsubstantial resources to this growing sector. With our unrivalled track recordwe remain very well placed to contribute to, and benefit from, the Government'songoing emphasis on urban regeneration. SOCIAL HOUSING PARTNERSHIPS Our social housing partnerships continue to prosper. We have reinforced ourleadership in the provision of affordable housing, be it low cost homes forsale, rent, shared ownership or for those with special needs. In the year justended we significantly increased output, building 1,760 homes for our housingassociation partners, an increase of 35%. Our production in this key sector hasincreased 116% over the past 4 years and we are now the largest provider ofsocial housing from the private sector. Currently, we have 91 partnerships underway across Britain, with a further 87due to start. As with urban regeneration, the provision of much neededaffordable social housing is receiving much greater Government priority. Thiskey sector is likely to grow further and, with our long experience in this fieldand local network, we are well placed to contribute. LAND AND PLANNING Our land acquisition and planning skills continue to serve us well in adifficult planning environment. We remained prudent in the land marketthroughout the year, but were able to acquire 19,059 plots which was 4,708plots, 33%, more than we used. These extra plots increased the land bank to54,063 plots and, including 7,000 further plots agreed, this brings our total UKland bank to over 61,000, the highest ever. This is 4.25 years' supply atcurrent volumes. During the year we spent £745m on land acquisition, an increase of £94m over theyear. This increase largely represents the redeployment of the £85m proceedsfrom the USA disposal. Notwithstanding the serious planning delays bedevilling the industry, we securedan increased level of planning approvals for 16,400 plots. This is 6% more thanthe previous year. As a result, we have all the necessary approvals in place toachieve our requirements for this year. Furthermore, over 90% of the landrequired for 2006/07 is already owned or contracted, with over 70% for thefollowing year, 2007/08. On the back of our planning progress, we would expect our average outlets tocontinue their steady increase, which will help mitigate the effects of a moremoderate market. Subject to planning approvals being obtained on programme, wewould expect outlets to increase over the new financial year to an average ofcirca 465. ADVANCE HOUSING Our joint venture operation, Advance Housing, increased production of steelframed modular housing from its automated production facility in Daventry,Northamptonshire. It is now in its second year of production, increasing output from 81 homes to151 homes. 128 homes were occupied by private purchasers on 9 Group developmentsand a further 23 homes were supplied to our Housing Association clients on 2developments. The concept is beginning to realise its potential, reflecting, as it does, theGovernment's continuing emphasis on modern methods of construction. We aim toincrease output again this year, subject to achieving the necessary planningapprovals. SKILLS TRAINING Once again we have significantly increased our investment in skills trainingwith over 50% of our employees already achieving the CSCS (Construction SkillsCertification Scheme) standard in the past year. This puts us ahead of industrytargets to have a fully carded and qualified workforce, including oursubcontractors, by 2010. Our apprentice training programme remains the largest in the industry, making areal contribution to addressing the national construction skills shortage.Currently, 536 apprentices are receiving on-site skills training on ourdevelopments nationwide. In addition, we have 59 graduates on fast-track careerpaths. An increasing number of our managerial and supervisory staff, bothon-site and office based, began their careers on our apprentice and graduateprogrammes. This augurs well for our future prospects. CUSTOMER CARE Improving customer care is very important to us. We believe good progress hasbeen made over the last three years in comprehensively overhauling our qualityand customer services procedures and our independently audited buyer surveyresponses show continuing improvement. We remain focused on targeting further,and lasting, improvement in all parts of our operation. Last month we launched our new 10 point Customer Charter setting outunequivocally the standards of quality and service we strive to provide to ourcustomers. We are also developing a Customer Care Personal Code of Practice forall our Staff, Suppliers and Sub-Contractors, pledging our commitment to thecore values of integrity, respect and courtesy upon which the delivery ofquality and service depend. A comprehensive staff training programme for the newCharter is underway and a similar programme will be put in place for the Code ofPractice. Like all in the sector, we are highly dependent on our subcontractors andsuppliers aspiring to and achieving similar standards of quality, service andcustomer care to ourselves. A major area of focus in our subcontractor andsupplier partnerships in the year ahead will be to ensure that all who work for,and supply to, the Barratt Group are aware of our increased expectations and arefully committed to compliance with our new Customer Charter and Code ofPractice. AWARDS Our construction teams produced an excellent performance in this years' NHBC"Pride in the Job" campaign securing 51 Quality Awards, up from 40 last year,and a new record. This secured 19% of the total nationwide NHBC awards comparedto our market share of 9%. The Group also did well in the Daily Express British Housebuilder Awards.KingsOak secured the Best National Builder Award 2005 and a further 6 top awardswent to Barratt and KingsOak Divisions. It is very pleasing to report that for a record fourth time we were voted 'MajorHousebuilder of the Year' in the 2005 'Building' awards, one of the mostprestigious awards in the construction industry. The award recognises theGroup's leading role and outstanding contribution to housing and urban renewal. We were also recognised by the Design Council as one of "an elite" group ofquoted British companies, which use good design as a management discipline andtool at the strategic heart of our business. Our leading contribution to design innovation in housebuilding was alsorecognised in the 2005 House Builders' Federation's publication 'Designing Homesfor Life'. No less than 9 of our developments were showcased for their positivedesign features, more than any other national housebuilder. In addition, the Group won 13 Greenleaf environmental awards which was, for thefourth year running, the most in the industry. THE YEAR AHEAD ......... AND LOOKING FORWARD We have produced another set of record results, and achieved our 13thconsecutive year of progress, in a challenging and competitive market place. The short-term economic outlook remains unclear and with only three months ofour financial year elapsed, it is too early to assess the market for the rest ofthe year. We shall be operating on the assumption that the market will remainchallenging but are targeting to maintain volumes. We have the benefits of ahealthy forward order book, increasing outlets, a growing social housingprogramme and our proven marketing ability to achieve sales in tougher times.However, should the market improve, we also have the land bank with planningpermission and the capacity to immediately respond and increase volumes. Notwithstanding the uncertain short-term economic outlook, the underlyingfundamentals of the housing market are sound and there will be many growthopportunities for us in the future. Our long-term growth strategy thereforeremains unchanged. Our national geographic spread and wide product range,together with our urban regeneration and social housing skills, have allcontributed to a good result this year and will boost our performance in thefuture. These core strengths, together with our healthy forward sales, qualityland bank, strong finances and experienced management team, leave us wellpositioned for the future and poised for further growth once market conditionsallow. David PrettyGroup Chief Executive 28th September 2005 For further information please contact: Barratt Developments PLCDavid Pretty, Group Chief Executive On the day: 020 7067 0700Colin Dearlove, Group Finance Director Thereafter: 0191 286 6811 Weber Shandwick Square MileTerry Garrett/Chris Lynch 020 7067 0700 The financial analysts' presentation slides will be available on the Barrattcorporate website: www.barratt-investor-relations.co.uk from 10.30 am today,together with photographic images of Charles Toner, David Pretty and a selectionof Barratt developments. Further copies of the announcement can be obtained from the Company Secretary's office at:Barratt Developments PLC Wingrove House • Ponteland Road • Newcastle upon Tyne NE5 3DP The following are the unaudited results of the Group for the year ended 30thJune 2005.________________________________________________________________________________1. Group Profit and Loss Account Unaudited Audited 2005 2004 £m £m________________________________________________________________________________Turnover - Continuing operations 2,484.7 2,343.1- Discontinued operations 28.0 172.9________________________________________________________________________________Group Turnover 2,512.7 2,516.0________________________________________________________________________________Operating profit - Before exceptional items 395.0 364.2 - Exceptional items, profit on disposal of freehold ground rents 15.9 -________________________________________________________________________________ - Continuing operations 410.9 364.2 - Discontinued operations 0.4 11.4________________________________________________________________________________Operating profit 411.3 375.6 Net interest payable (4.7) (7.9)________________________________________________________________________________Profit on ordinary activities before taxation 406.6 367.7 Taxation (115.9) (107.2)________________________________________________________________________________Profit on ordinary activities after taxation 290.7 260.5 Dividends (63.9) (51.4)________________________________________________________________________________Retained profit 226.8 209.1________________________________________________________________________________ Earnings per share - basic 123.6p 111.4p________________________________________________________________________________Earnings per share - diluted 122.1p 110.1p________________________________________________________________________________Dividend per share 26.98p 21.58p________________________________________________________________________________Dividend cover 4.6x 5.2x________________________________________________________________________________ ________________________________________________________________________________2. Statement of Total Recognised Gains and Losses Unaudited Audited 2005 2004 £m £m________________________________________________________________________________Profit on ordinary activities after taxation 290.7 260.5Currency translation differences on foreign currency net investments - (3.9)________________________________________________________________________________Total gains and losses recognised since last annualreport 290.7 256.6________________________________________________________________________________ ________________________________________________________________________________3. Group Balance Sheet Unaudited Audited 2005 2004 £m £m________________________________________________________________________________Fixed assets Tangible assets 11.3 11.9________________________________________________________________________________Current assets Properties held for sale 7.2 9.7 Stocks 2,403.0 1,977.0 Debtors due within one year 37.7 41.6 Debtors due after more than one year 2.6 1.3 Bank and cash 285.1 230.4________________________________________________________________________________ 2,735.6 2,260.0 Current liabilities Creditors due within one year (1,293.4) (1,066.0)________________________________________________________________________________Net current assets 1,442.2 1,194.0________________________________________________________________________________ Total assets less current liabilities 1,453.5 1,205.9 Creditors due after more than one year (101.5) (89.8)________________________________________________________________________________Net assets 1,352.0 1,116.1________________________________________________________________________________Capital and reserves Called up equity share capital 24.2 24.0 Share premium 197.9 190.7 Profit retained 1,129.9 901.4________________________________________________________________________________Equity shareholders' funds 1,352.0 1,116.1________________________________________________________________________________Net assets per share 559p 465p________________________________________________________________________________ ________________________________________________________________________________4. Group Summary Cash Flow Statement Unaudited Audited 2005 2004 £m £m________________________________________________________________________________Net cash inflow from operating activities Operating profit 411.3 375.6 Increase in stocks (528.7) (254.4) Increase in debtors (7.2) (6.8) Increase in creditors 294.0 147.5 Other non cash movements 2.3 0.8________________________________________________________________________________ 171.7 262.7 Returns on investments and servicing of finance (4.7) (11.5) Taxation (113.8) (98.7)Capital expenditure and financial investment (1.0) (5.4)Acquisitions and disposals 83.2 -Equity dividends paid (55.6) (45.0)________________________________________________________________________________Cash inflow before financing 79.8 102.1Financing (1.6) (15.4)________________________________________________________________________________Increase in cash 78.2 86.7________________________________________________________________________________Reconciliation of net cash flow to movement in net funds Increase in cash 78.2 86.7 Cash flow from decrease in debt 9.0 19.1________________________________________________________________________________ Change in net funds resulting from cash flows 87.2 105.8 Exchange movements - 2.3________________________________________________________________________________ Movement in net funds in the period 87.2 108.1 Net funds at 1st July 189.7 81.6________________________________________________________________________________ Net funds at 30th June 276.9 189.7________________________________________________________________________________ 5. Statutory Accounts The financial information set out above does not constitute statutory accountswithin the meaning of the Companies Act 1985. The figures in the preliminarystatement have been taken from the group's draft statutory accounts which havenot yet been signed. The figures for the year to 30th June 2004 are an extractfrom the full accounts for that year, which have been filed with the Registrarof Companies and on which the auditors gave an unqualified opinion. The preliminary financial information has been prepared on the basis ofaccounting policies set out in the company's Annual Report for the year ended30th June 2004. Work continues on the changes required for the implementation of InternationalFinancial Reporting Standards to ensure compliance for the results to bereported for the year ending 30th June 2006. The major areas of change areexpected to relate to accounting for pension costs, share based payments,financial instruments and the timing of dividend payment recognition. ________________________________________________________________________________6. Geographical Analysis 2005 2004 Turnover Operating Turnover Operating Profit Profit £m £m £m £m________________________________________________________________________________UK housebuild 2,472.4 395.7 2,327.6 366.4Other UK 12.3 (0.7) 15.5 (2.2)Exceptional items - 15.9 - -________________________________________________________________________________UK sub-total 2,484.7 410.9 2,343.1 364.2USA 28.0 0.4 172.9 11.4________________________________________________________________________________Group total 2,512.7 411.3 2,516.0 375.6________________________________________________________________________________ ________________________________________________________________________________7. Cash in Hand/(Bank Debt) 2005 2004 £m £m________________________________________________________________________________Due within one year (4.8) (28.3) Due after more than one year (3.4) (12.4)________________________________________________________________________________ (8.2) (40.7) Bank and cash deposits 285.1 230.4________________________________________________________________________________Total net funds 276.9 189.7________________________________________________________________________________ 8. Dividends The directors propose a final dividend of 17.99p per share (2004: 14.68p) makinga total for the year of 26.98p per share (2004: 21.58p). It is proposed that thefinal dividend will be paid on 18th November 2005, to shareholders on theregister, at close of business, on 21st October 2005. 9. Earnings Per Share Basic earnings per ordinary share is based on the profit after taxation of£290,700,000 (2004: £260,500,000) and the weighted average number of ordinaryshares in issue and ranking for dividend during the year of 235,167,051 (2004:233,904,273). For diluted earnings per share, the weighted average number ofshares in issue and ranking for dividend is adjusted to assume the conversion ofall dilutive potential shares. The effect of the dilutive potential shares is2,962,205 (2004: 2,597,644), this gives a diluted weighted average number ofshares of 238,129,256 (2004: 236,501,917). 10. Net Assets Per Share Net assets per ordinary share are based on the net assets at 30th June 2005 of£1,352.0m (2004: £1,116.1m) and the number of shares in issue at that date of241,972,144 (2004: 239,797,852). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Barratt Developments