27th Feb 2008 07:01
Barratt Developments PLC27 February 2008 27 February 2008 BARRATT DEVELOPMENTS PLC Results for the half year ended 31 December 2007 Highlights: • First half completions were 9,056 (2006: 7,206), up by 25.7%. As a result, Group turnover, rose by 38.4% to £1,652.8m (2006: £1,194.4m). On a like-for-like* basis, completions were down 14.8%. • The average selling price was £178,000 (2006: £165,000), an increase of 7.9% primarily reflecting the change in mix arising from the acquisition of Wilson Bowden. On a like-for-like* basis, although private and social average selling prices were up 0.6% and 5.3% respectively, the increased proportion of social completions led to a small overall decline of 0.8%. • Housebuild operating margin** increased to 16.8% (2006: 16.5% (restated)) but was down 0.5% on a like-for-like* basis. • Profit before tax and restructuring costs increased by 14.3% to £201.8m from £176.6m (restated). Profit before tax increased by 10.2% to £194.6m from £176.6m (restated). • Adjusted basic earnings per share*** were 40.2p (2006: 51.5p (restated)). Basic earnings per share were 38.8p (2006: 51.5p (restated)). • Given the performance of the business in the first half and our view of the current year we are increasing the interim dividend to 12.23p (2006: 11.38p), up by 7.5%. The interim dividend is 3.2 times covered. • Land stocks strengthened to 113,500 plots (including 24,100 agreed subject to contract) - 5.3 years supply at last year's like-for-like* volumes of 21,569. • Net borrowings were £1,738.5m (2006: £226.7m), including £1,245.9m of debt to fund the acquisition of Wilson Bowden. • Forward sales at 31 December 2007 were £1,263m (2006: £1,030m) 22.6% up on last year's statutory numbers and down only 5.5% on a like-for-like* basis. As at 17 February 2008 forward sales had increased to £1,615m, around 7%* below last year, which, taken with completions to date, means that we have secured 79.0% of our full year requirement. *'Like-for-like' basis assumes that the acquisition of Wilson Bowden was completed upon the first day of the comparative financial period. Wilson Bowden achieved 3,417 completions, turnover of £806.2m, operating profit of £152.1m and a profit before tax of £138.3m in the six months ended 31 December 2006. **Before restructuring costs of £7.2m (2006: £nil). ***Before restructuring costs of £7.2m (2006: £nil), offset by tax of £2.2m (2006: £nil). The comparative period has been restated as explained in note 3 to the interim report. Mark Clare, Group Chief Executive of Barratt Developments commented:'Trading conditions over the last six months have been difficult and thebusiness has had to adjust to this new environment. Against that backdrop, wehave traded satisfactorily whilst successfully completing the integration ofWilson Bowden. We have focused on improving every aspect of the business andthis has underpinned a robust margin. We are continuing to reduce costs, whilstimproving sales effectiveness to ensure that prices and volumes are maximised. 'The new calendar year has started well. We have increased outlets, and have astrong forward order book. Visitor and reservation levels continue to improveand we remain optimistic that this will continue through the balance of thespring selling season.' For further information please contact: Barratt Developments PLCMark Clare, Group Chief Executive 020 7299 4899Mark Pain, Group Finance Director 020 7299 4897 Weber Shandwick FinancialTerry Garrett/Nick Dibden/James White 020 7067 0700 A financial analysts' presentation will be broadcast live on the BarrattDevelopments corporate website: www.barrattdevelopments.co.uk from 9.30am today. The financial analysts' presentation slides will be available on the Barratt Developments corporate website: www.barrattdevelopments.co.uk from 10.30am today, together with photographic images of Charles Toner, Mark Clare and a selection of Barratt developments. Further copies of the announcement can be obtained from the Company Secretary's office at: Barratt Developments PLC, Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire, LE67 1UF. Chief Executive's statement___________________________Results_______The profit before tax and restructuring costs, of the Group for the first half,increased by 14.3% from £176.6m (restated) to £201.8m while Group turnoverincreased 38.4% to £1,652.8m (2006: £1,194.4m). On a like-for-like basis,assuming Wilson Bowden had been acquired on 1 July of the prior year, turnoverwas down 17.4%. Adjusted basic earnings per share were 40.2p (2006: 51.5p (restated)). Basicearnings per share were 38.8p (2006: 51.5p (restated)). The Group's earnings pershare has decreased from 31 December 2006 due to the shares issued upon theacquisition of Wilson Bowden, partly offset by the increase in profit after taxcompared with the prior half year. Total housebuilding completions increased by 25.7% to 9,056 (2006: 7,206) at anincreased average selling price of £178,000, up by 7.9% (2006: £165,000).Private completions were 23.9% higher at 7,177 (2006: 5,791) at an averageselling price of £200,100 (2006: £184,200). Social housing completions increasedby 32.8% to 1,879 (2006: 1,415) at an average selling price of £93,600 (2006:£86,600). However on a like-for-like basis, reflecting the more difficulttrading conditions, total completions decreased 14.8% from 10,623 units. Theincreased proportion of social completions led to a small decline in the averageselling price of 0.8% from £179,500. Our housebuilding business delivered an increased operating profit of £270.3m(before restructuring costs of £7.2m) at a margin of 16.8% (2006: 16.5%(restated)). This robust margin has been delivered against a backdrop of a moredifficult market by maintaining sales prices and tightly controlling costs. On alike-for-like basis the housebuilding operating profit (before restructuringcosts) decreased by 18.0% from £329.6m. The operating margin was down 0.5%compared to the like-for-like 17.3% in 2006. On the basis of the performance to date, our current view of the market and thecommitment already made to lift payout ratios, we are increasing the interimdividend to 12.23p (2006: 11.38p), an increase of 7.5%. The Group's half year net debt was £1,738.5m of which £1,245.9m related to thefinancing of the Wilson Bowden acquisition and the refinancing of existingWilson Bowden debt. Period end gearing was 59.8% (2006: 14.1%). Market conditions_________________Trading conditions in the first six months of the financial year have beentough. During July and August we saw relatively normal seasonal trends despitewell publicised issues impacting the US housing and sub-prime markets. During September, post the collapse of Northern Rock, the cumulative impact offive interest rate rises and the liquidity squeeze on the availability and costof mortgage finance led to a tightening of the UK housing market. These trendscontinued throughout the period to the end of December making the salesenvironment more challenging. Against this backdrop, we have successfully completed the operationalintegration of Wilson Bowden. We have focused on fully exploiting the enhancedcapabilities of the Group and are delivering on our synergy and additional costreduction targets. Looking forward, we will continue to drive the efficiency ofthe enlarged Group in particular focusing on the effectiveness of our sales andmarketing activity and, continuing to drive down costs, as we seek to protectour margins rather than just increase volumes. Housebuilding operations________________________The acquisition of Wilson Bowden has improved the geographic and product mix ofthe Group. During the six months to December 2007 we operated from 33 divisionsand had an average of 586 operational sites across England, Scotland and Wales.We expect our average number of outlets to increase by around 5% during thesecond half. Our two major brands are able to target different aspects of the market, withDavid Wilson focusing more on larger family homes and Barratt on traditionalhousing, flats and urban regeneration. This is reflected in the differentaverage selling prices - £194,400 for David Wilson Homes and £170,500 for aBarratt home. Both brands will continue to contribute to delivering substantialsocial housing numbers. Overall, 50.1% of the Group's first half completions were flats (2006: 59.8%).Outside Central London this fell to 45.9% (2006: 55.6%). Sales to investorsformed 14.9% (2006: 24.6%) of the Group's completions and again, outside CentralLondon, this fell to 12.4% (2006: 22.2%). The geographical split of our operations is illustrated in the table below: Completions Average selling price 2007 2006 2006 2007 2006 2006 Like-for-like Like-for-like___________________________________________________________________________________North 4,958 3,955 5,946 £166,400 £153,200 £168,000South 3,412 2,563 3,989 £186,700 £168,100 £189,100Central London 686 688 688 £218,500 £224,000 £224,000___________________________________________________________________________________ Total 9,056 7,206 10,623 £178,000 £165,000 £179,500___________________________________________________________________________________ In the North, total completions increased by 25.4% to 4,958 at an averageselling price of £166,400. 85.4% were private completions and 14.6% were social.Of the completions in the North, 38.3% were flats with limited exposure tolarge, complex, inner city flatted schemes. Only 12.3% of completions in theNorth were to investors. In the South (excluding Central London) total completions increased by 33.1% to3,412 at an average selling price of £186,700. Of the total completions 72.0%were for private occupation with 28.0% social housing. 57.2% of the completionsin the South were flats and 15.2% were sold to investors. Again, our exposure tocomplex inner city flatted schemes is minimal. In Central London, our schemes continue to sell at a satisfactory rate and inthe period we completed 686 homes (2006: 688), at an average selling price of£218,500, with 71.1% being for private occupation and 28.9% social. Ourcompletions in Central London were predominantly flats, (99.1% of the sales).Whilst 32.4% of completed units were sold to investors. The first six months of the year has seen a particularly strong performance insecuring a significant number of major regeneration schemes. In London we havesecured three major schemes in Lambeth, Southwark and Lewisham totalling over2,000 homes. Our specialist regeneration unit has also been successful and hasrecently won a succession of new business opportunities including the Shard EndUrban Village Development and phase 3 of the redevelopment of Camphill,Nuneaton. We remain committed to providing affordable homes and in this context havemaintained our strong presence in the social housing sector completing 1,879social housing units in the six months (2006: 1,415). We are also leaders in theprovision of housing for first time buyers and in the half year we havecompleted 81 homes under English Partnership's First Time Buyer Initiative,supported 266 buyers with our own shared equity product and continue to buildour pioneering and popular iPad product. We have completed 185 iPads in the halfyear with a further 1,366 in planning or development. Wilson Bowden Developments__________________________In the six months to December 2007 Wilson Bowden Developments' commercialbusiness made a contribution of £4.3m on a turnover of £42.5m. This was asatisfactory performance against increasingly difficult market conditions in thecommercial property sector. We have completed our strategic review of the business and are encouraged withthe existing and potential future value that exists within its portfolio. Whilstthere are overlaps with our core housebuilding operations, in areas such asregeneration, we intend to continue to run the business as a stand-alone segmentand deliver shareholder value by developing its current portfolio. Cost reduction programme________________________The operational integration of David Wilson Homes is now complete. We have beenable to increase our original synergy targets, with savings of at least £30mbeing identified in the current financial year and at least £60m in 2008/9. Weremain confident of delivering these savings and have identified furtherpossible areas of synergies which are now being explored. We have made good progress on our additional cost reduction programme and nowanticipate that this will yield a further £40m per annum. We have alreadyimplemented savings of £20m through reductions in material procurement,technical specifications and consultancy spend. Land____We have continued to strengthen our land position and as at 31 December 2007 ourlandbank had increased to 113,500 plots (2006: 70,500 plots), including 24,100plots (2006: 8,000 plots) agreed subject to contract. This equates to 5.3 years'supply at 2006/7 like-for-like volumes (2006: 4.8 years). We continue to seekways of extracting greater value from our increased land bank. We spent £593.3m on land in the first half compared to £645.5m on alike-for-like basis in the first half of 2006, a decrease of 8.1%. We haveincreased our land buying hurdle rates and adopted a more cautious approach toland acquisition over the first six months of our financial year. We haveacquired land, on average, at a cost of £47.1k per plot (2006: £52.0k) and weare carrying land in the balance sheet at an average of £47.2k per plot. Wecurrently expect to spend approximately £1.2 billion on land over the full year. Despite continued delays in the planning system, we achieved an increased levelof planning approvals in the first half of 10,881 plots, up 3.5% over last year.99.7% of land required for 2008/9 is now owned or contracted and 65.9% for 2009/10. The Group controls 11,200 acres of strategic land. Utilising the experienceacquired with the David Wilson strategic land team we are committed over thenext five years to significantly expanding the proportion of our plots we sourcefrom strategic land. Given the profile of our existing strategic land portfolio,we expect this to be broadly self-financing. Quality, service and the environment____________________________________During the six month period the Group has continued to place significantemphasis on customer service and we have made this a feature of seniormanagement remuneration. During the six months, approaching 90% of our customerswould 'recommend us to a friend' and we are seeking to drive standards higherthrough systematic training and monitoring. We have achieved unprecedented success in the National House-Building CouncilPride in the Job Quality Awards with 71 construction teams gaining recognition -more than any other housebuilder. This culminated in becoming the first evercompany to win both the top national awards for major housebuilders in the sameyear. Substantial progress has been made on the Group's environmental agenda as werespond to the challenge of meeting the zero carbon target by 2016. Building onthe pioneering work that we did at our Eco Village in Chorley, we have startedwork on our first Level 6 house at the Building Research Establishment - thefirst major housebuilder to build a house to this specification. In December we won the first site of English Partnership's Carbon Challenge andas a result will build their first ever zero carbon community comprising 200homes and commercial space. It will be located at Hanham Hall near Bristol andis part of our strategy of securing the lowest cost solutions for our customers.We now have a total of 49 sites throughout the country with carbon savingfeatures of which 16 are currently being built. To support this we have entereda partnership with E.ON UK, part of the world's largest quoted power and gascompany, to supply the solutions and technology for a number of sites goingforward. Balance sheet_____________The net assets of the Group increased by £11.0m to £2,909.0m between 30 June and31 December 2007. Significant balance sheet movements include: • Land holdings increased by £83.1m to £3,350.0m due to the Group's continuing land acquisition strategy. • Work in progress has increased by £334.8m to £1,703.3m. The increase mainly reflects the more pronounced weighting of completions and outlets to the second half as well as the slowdown in the market. • Group net debt increased by £437.3m to £1,738.5m as a consequence mainly of the changes in land and work in progress. Borrowings and cashflow_______________________The Group's half year net debt was £1,738.5m of which £1,245.9m related to theacquisition finance supporting the Wilson Bowden acquisition. Period end gearingwas 59.8% (2006: 14.1%) and the Group continued to operate well within itsfinancial covenants. At 31 December, the Group's committed facilities had anaverage life of 3.3 years and headroom of £878.5m. £800.0m of the acquisition facilities were provided on a 364 day basis but withthe ability for the Group to extend for a further 12 months until April 2009.The Group has refinanced £100.0m of this facility in the half year. Outlook_______The first six months of the year saw a satisfactory performance against abackdrop of more difficult market conditions. The interest rate outlook hasimproved and we will have a greater number of outlets in the second half fromwhich to sell. In the first seven weeks visitor levels have improved significantly compared tothe second half of 2007, however against a strong comparative period last year,levels are 13% lower. Reservations have also improved and as a result forwardsales now stand at £1,615m, around 7% below last year. This level ofreservations, which together with year to date completions, represents 79.0% ofour sales requirement for the full year. The new organisation has a sharperfocus on costs and sales and the priority will remain the preservation of arobust margin as we trade through these more difficult conditions. In thelonger-term the Group is in a good position to benefit from the reassertion ofmarket fundamentals that are characterised by growing demand against a backdropof supply constraints. Mark ClareGroup Chief Executive For further information please contact: Barratt Developments PLCMark Clare, Group Chief Executive 020 7299 4899Mark Pain, Group Finance Director 020 7299 4897 Weber Shandwick FinancialTerry Garrett/ Nick Dibden/James White 020 7067 0700 A financial analysts' presentation will be broadcast live on the BarrattDevelopments corporate website: www.barrattdevelopments.co.uk from 9.30am today. The financial analysts' presentation slides will be available on the Barratt Developments corporate website: www.barrattdevelopments.co.uk from 10.30am today, together with photographic images of Charles Toner, Mark Clare and a selection of Barratt developments. Further copies of the announcement can be obtained from the Company Secretary's office at: Barratt Developments PLC, Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire, LE67 1UF Condensed consolidated income statementfor the half year ended 31 December 2007 (unaudited) Half year ended Half year ended Year ended 31 December 31 December 30 June 2007 2006 2007 (restated*) (restated*) Note £m £m £m ________________________________________________________________________________Continuing operationsRevenue 4 1,652.8 1,194.4 3,046.1Cost of sales (1,308.5) (954.6) (2,446.1)________________________________________________________________________________Gross profit 344.3 239.8 600.0Operating expenses before restructuring costs (69.4) (43.2) (86.7)Restructuring costs 4,5 (7.2) - (26.2)________________________________________________________________________________Total operating expenses (76.6) (43.2) (112.9)________________________________________________________________________________Profit from operations 4 267.7 196.6 487.1Finance income 6 5.6 0.3 3.5Finance costs 6 (77.1) (20.3) (64.8)Share of post tax loss from joint ventures (1.6) - (1.0)________________________________________________________________________________Profit before tax 194.6 176.6 424.8Tax 7 (60.8) (53.0) (126.5)________________________________________________________________________________Profit for the period from continuing operations 133.8 123.6 298.3________________________________________________________________________________ Profit for the periodattributable to equityshareholders 133.8 123.6 298.3________________________________________________________________________________ Earnings per share fromcontinuing operationsBasic 9 38.8p 51.5p 115.4pDiluted 9 38.6p 50.6p 113.5p________________________________________________________________________________ \* The results for the half year ended 31 December 2006 and year ended 30 June2007 have been restated as explained in note 3. Condensed consolidated statement of recognised income and expensefor the half year ended 31 December 2007 (unaudited) Half year ended Half year ended Year ended 31 December 31 December 30 June 2007 2006 2007 (restated*) (restated*) £m £m £m ________________________________________________________________________________Profit for the period 133.8 123.6 298.3Revaluation of available for sale financial assets (2.7) 1.8 (0.7)Losses on hedged swap arrangements (56.4) - -Gains on hedged swap arrangements 2.0 - 12.3Tax credited/(charged) to reserves 16.0 (0.5) 0.8________________________________________________________________________________Total income recognised for the period attributable to equity shareholders 92.7 124.9 310.7________________________________________________________________________________ \* The results for the half year ended 31 December 2006 and year ended 30 June2007 have been restated as explained in note 3. Condensed consolidated balance sheetat 31 December 2007 (unaudited) 31 December 31 December 30 June 2007 2006 2007 (restated*) (restated*) Note £m £m £m________________________________________________________________________________AssetsNon-current assetsIntangible assets 106.5 - 107.0Goodwill 816.7 - 816.7Property, plant and equipment 10 34.1 12.8 37.4Investments accounted for using the equity method 26.2 - 20.9Available for sale financial assets 44.7 31.2 37.3Trade and other receivables 0.8 2.4 5.0Deferred tax 2.0 45.0 2.5Derivative financial instruments - swaps 2.0 - 12.3________________________________________________________________________________ 1,033.0 91.4 1,039.1________________________________________________________________________________Current assetsInventories 11 5,171.9 2,930.5 4,739.9Trade and other receivables 130.1 36.0 141.7Cash and cash equivalents 12 8.7 68.6 182.1________________________________________________________________________________ 5,310.7 3,035.1 5,063.7________________________________________________________________________________Total assets 4 6,343.7 3,126.5 6,102.8________________________________________________________________________________ LiabilitiesNon-current liabilitiesLoans and borrowings 12 (1,734.6) (2.7) (1,456.6)Trade and other payables (151.7) (115.7) (100.6)Retirement benefit obligations 13 (75.2) (84.3) (78.3)Derivative financial instruments - swaps (44.1) - -________________________________________________________________________________ (2,005.6) (202.7) (1,635.5)________________________________________________________________________________Current liabilitiesLoans and borrowings 12 (12.6) (292.6) (26.7)Trade and other payables (1,367.0) (959.8) (1,484.4)Current tax liabilities (49.5) (59.8) (58.2)________________________________________________________________________________ (1,429.1) (1,312.2) (1,569.3)________________________________________________________________________________Total liabilities 4 (3,434.7) (1,514.9) (3,204.8)________________________________________________________________________________Net assets 2,909.0 1,611.6 2,898.0________________________________________________________________________________ EquityShare capital 14 34.7 24.4 34.7Share premium 206.6 204.7 206.1Merger reserve 1,109.0 - 1,107.7Hedging reserve (31.4) - 7.8Retained earnings 1,590.1 1,382.5 1,541.7________________________________________________________________________________Total equity 15 2,909.0 1,611.6 2,898.0________________________________________________________________________________ The notes on pages 9 to 19 form an integral part of the condensed consolidatedhalf yearly financial statements. \* The results for the half year ended 31 December 2006 and year ended 30 June2007 have been restated as explained in note 3. Condensed consolidated cash flow statementfor the half year ended 31 December 2007 (unaudited) Half year ended Half year ended Year ended 31 December 31 December 30 June 2007 2006 2007 Note £m £m £m________________________________________________________________________________Net cash outflow fromoperating activities 16 (354.9) (215.6) (12.3) Cash flows from investingactivitiesPurchase of property, plant and equipment (3.7) (4.4) (7.9)Proceeds from sale of property, plant and equipment 5.7 1.6 3.3Acquisition of subsidiary net of cash acquired 1.1 - (811.6)Acquisition of investments accounted for using the equitymethod (6.9) - (14.2)Interest received 4.7 0.3 3.5________________________________________________________________________________Net cash inflow/(outflow) frominvesting activities 0.9 (2.5) (826.9)________________________________________________________________________________ Cash flow from financingactivitiesProceeds from issue of share capital 0.5 2.5 3.9Disposal of own shares - 3.7 10.6Dividends paid (83.8) (49.7) (77.1)Loan drawdowns 263.9 286.9 1,040.6________________________________________________________________________________Net cash inflow from financing activities 180.6 243.4 978.0________________________________________________________________________________Net (decrease)/increase in cash and cash equivalents (173.4) 25.3 138.8________________________________________________________________________________ Cash and cash equivalents at the beginning of period 182.1 43.3 43.3________________________________________________________________________________ Cash and cash equivalents at the end of period 8.7 68.6 182.1________________________________________________________________________________ Notes to the condensed consolidated half yearly financial statements(unaudited) 1. Basis of preparationThe financial information for the year ended 30 June 2007 does not constitutestatutory accounts as defined in s240 of the Companies Act 1985. A copy of thestatutory accounts for the year ended 30 June 2007, prepared under IFRS, onwhich the auditors gave an unqualified opinion which did not contain a statementmade under either s237(2) or s237(3) of the Companies Act 1985, has been filedwith the Registrar of Companies. 2. Accounting policiesThe condensed consolidated set of half yearly financial statements has beenprepared using accounting policies consistent with International FinancialReporting Standards (IFRS) as endorsed by the European Union (EU) and inaccordance with IAS34 'Interim Financial Reporting' as endorsed by the EU. The condensed consolidated half yearly financial statements have been preparedusing accounting policies and methods of computation consistent with thoseapplied in the preparation of the Group's Annual Report for the year ended 30June 2007 with the exception of the adjustment made to the calculation ofdiscounting of long-term payables under IAS39 'Financial Instruments:Recognition and Measurement' as explained in note 3. Changes in accounting policiesIn the current financial year, the Group will adopt IFRS7 'FinancialInstruments: Disclosures' for the first time. As IFRS7 is a disclosure standard,there is no impact of this change in accounting policy on the half yearlyfinancial report. Full details of the change will be disclosed in the Group'sAnnual Report for the year ended 30 June 2008. In the current financial year, the Group will also adopt the amendment to IAS1'Presentation of Financial Statements Capital Disclosures' for the first time.As the amendment to IAS1 relates to disclosures, there is no impact of thischange in accounting policy on the half yearly financial report. Full details ofthe change will be disclosed in the Group's Annual Report for the year ended 30June 2008. 3. Prior year adjustmentIAS2 'Inventories' and IAS39 'Financial Instruments: Recognition andMeasurement' require that the Group's land purchases on deferred terms should berecorded at the discounted present value at the date of purchase. The value ofthe discount is expensed through finance costs in the income statement over theperiod of the deferral, with the associated land payable being increased to thesettlement value over the period of deferral. The land value carried ininventories is reduced by the value of the discount and this therefore reducesland cost of sales in the income statement over the duration of the site. The Group adopted the above policy upon transition to IFRS at 1 July 2004. Thecalculation methodology adopted at transition, and subsequently applied, did notdiscount any deferred term land payable at inception for the first twelve monthsthat it was due to remain outstanding. The Group has reviewed this calculationmethodology in the current half year and considers that it is more appropriateto discount any deferred term land payable for the entire period of deferral. The Group has therefore recalculated the adjustment made for deferred term landpayables and, due to the fact that the impact of the change is considered by theDirectors to be material, it has adjusted the results presented at 30 June 2007and 31 December 2006 by means of a prior year adjustment. The effect of this calculation change is summarised below: Half year ended Year ended 31 December 30 June At 1 July 2006 2007 2006 £m £m £m ________________________________________________________________________________Income statementCost of sales 3.0 6.1 -Finance costs (6.6) (9.1) -________________________________________________________________________________Decrease in profit before tax (3.6) (3.0) -Tax 1.1 0.9 -________________________________________________________________________________Decrease in profit for the period (2.5) (2.1) -________________________________________________________________________________ Balance sheetDeferred tax asset 5.8 2.5 4.7________________________________________________________________________________Non-current assets 5.8 2.5 4.7________________________________________________________________________________Inventories (33.9) (29.7) (34.8)________________________________________________________________________________Current assets (33.9) (29.7) (34.8)________________________________________________________________________________Trade and other payables 14.7 11.1 19.2Deferred tax liabilities - 3.1 -________________________________________________________________________________Non-current liabilities 14.7 14.2 19.2________________________________________________________________________________Net assets (13.4) (13.0) (10.9)________________________________________________________________________________ EquityRetained profits at the start of the period (10.9) (10.9) (10.9)Retained profit movement in theperiod (2.5) (2.1) -________________________________________________________________________________Equity (13.4) (13.0) (10.9)________________________________________________________________________________ Earnings per shareBasic (1.1p) (0.8p) -Diluted (1.0p) (0.8p) -________________________________________________________________________________ 4. Segmental analysisThe Group consists of two separate segments for management reporting and controlpurposes, being housebuilding and commercial development. The Group presents itsprimary segment information on the basis of these operating segments. As theGroup operates in a single geographic market, the United Kingdom, no secondarysegmentation is provided. Half year ended Half year ended Year ended 31 December 31 December 30 June 2007 2006 2007Residential (restated*) (restated*)completions Units Units Units Units Units Units________________________________________________________________________________Housebuilding 9,056 7,206 17,168Commercial development - - -________________________________________________________________________________ 9,056 7,206 17,168________________________________________________________________________________ Revenue £m £m £m £m £m £m________________________________________________________________________________Housebuilding 1,610.3 1,194.4 3,001.4Commercial development 42.5 - 44.7________________________________________________________________________________ 1,652.8 1,194.4 3,046.1________________________________________________________________________________ Result £m £m £m £m £m £m________________________________________________________________________________Profit from operations beforerestructuring costsHousebuilding 270.3 196.6 506.8Commercial development 4.6 - 6.5________________________________________________________________________________ 274.9 196.6 513.3________________________________________________________________________________Restructuring costsHousebuilding (7.2) - (25.6)Commercial development - - (0.6)________________________________________________________________________________ (7.2) - (26.2)________________________________________________________________________________Profit from operationsHousebuilding 263.1 196.6 481.2Commercial development 4.6 - 5.9________________________________________________________________________________ 267.7 196.6 487.1________________________________________________________________________________Share of post tax loss from joint venturesHousebuilding (1.3) - (0.9)Commercial development (0.3) - (0.1)________________________________________________________________________________ (1.6) - (1.0)________________________________________________________________________________Profit from operations including share of post tax loss from jointventuresHousebuilding 261.8 196.6 480.3Commercial development 4.3 - 5.8________________________________________________________________________________ 266.1 196.6 486.1________________________________________________________________________________Finance income 5.6 0.3 3.5Finance costs (77.1) (20.3) (64.8)________________________________________________________________________________Profit before tax 194.6 176.6 424.8Tax (60.8) (53.0) (126.5)________________________________________________________________________________Profit for the period from continuing operations 133.8 123.6 298.3________________________________________________________________________________ \* The results for the half year ended 31 December 2006 and year ended 30 June2007 have been restated as explained in note 3. 4. Segmental analysis (continued) 31 December 31 December 30 June 2007 2006 2007 (restated*) (restated*)Balance sheet £m £m £m £m £m £m__________________________________________________________________________________Segment assetsHousebuilding 5,974.7 3,012.9 5,624.9Commercial development 395.0 - 314.6__________________________________________________________________________________ 6,369.7 3,012.9 5,939.5__________________________________________________________________________________Elimination ofintercompany balances (36.7) - (21.3)__________________________________________________________________________________ 6,333.0 3,012.9 5,918.2__________________________________________________________________________________Deferred tax assets 2.0 45.0 2.5Cash and cash equivalents 8.7 68.6 182.1__________________________________________________________________________________Consolidated total assets 6,343.7 3,126.5 6,102.8__________________________________________________________________________________ SegmentliabilitiesHousebuilding (1,475.0) (1,159.8) (1,565.1)Commercial development (199.7) - (119.5) __________________________________________________________________________________ (1,674.7) (1,159.8) (1,684.6)__________________________________________________________________________________Elimination ofintercompany balances 36.7 - 21.3__________________________________________________________________________________ (1,638.0) (1,159.8) (1,663.3)__________________________________________________________________________________Current tax liabilities (49.5) (59.8) (58.2)Loans and borrowings (1,747.2) (295.3) (1,483.3)__________________________________________________________________________________Consolidated total liabilities (3,434.7) (1,514.9) (3,204.8)__________________________________________________________________________________ 31 December 31 December 30 June 2007 2006 2007Other information £m £m £m £m £m £m__________________________________________________________________________________Capital additionsHousebuilding 3.5 4.4 7.9Commercial development 0.2 - -__________________________________________________________________________________ 3.7 4.4 7.9__________________________________________________________________________________Amortisation ofintangible assetsHousebuilding - - -Commercial development 0.5 - -__________________________________________________________________________________ 0.5 - -__________________________________________________________________________________DepreciationHousebuilding 3.9 3.2 4.8Commercial development 0.2 - 0.1__________________________________________________________________________________ 4.1 3.2 4.9__________________________________________________________________________________ \* The results for the half year ended 31 December 2006 and year ended 30 June2007 have been restated as explained in note 3. 5. Restructuring costsFollowing the acquisition of Wilson Bowden on 26 April 2007, the Group hasincurred £7.2m of costs in the half year in relation to reorganising andrestructuring the business, including redundancy costs. This, with the £26.2mincurred in the year ended 30 June 2007, brings the total restructuring costs todate to £33.4m. Where existing employees could not be retained within the Group, redundancycosts of £3.5m have been incurred in the half year, in addition to the £12.2mincurred in the year ended 30 June 2007. 6. Net finance costs Half year ended Half year ended Year ended 31 December 31 December 30 June 2007 2006 2007 (restated*) (restated*) £m £m £m________________________________________________________________________________Finance income on short-termbank deposits (1.4) (0.3) (3.5)Imputed interest on availablefor sale financial assets (0.9) - -Interest received on swaps (1.5) - -Other interest received (1.8) - -________________________________________________________________________________Finance income (5.6) (0.3) (3.5)________________________________________________________________________________Interest on bank overdraftsand loans 67.3 9.0 43.5Imputed interest on deferredterm land payables 8.9 9.9 18.4Finance costs related toemployee benefits 0.9 1.4 2.9________________________________________________________________________________Finance costs 77.1 20.3 64.8________________________________________________________________________________Net finance costs 71.5 20.0 61.3________________________________________________________________________________ Finance costs related to employee benefits of £1.4m have been reclassified fromoperating expenses to finance costs in the prior half year. \* The results for the half year ended 31 December 2006 and year ended 30 June2007 have been restated as explained in note 3. 7. TaxCorporation tax for the half year is charged at 31.2% (half year ended 31December 2006: 30.0%, year ended 30 June 2007: 29.8%), representing the bestestimate of the average annual effective corporation tax rate expected for thefull year, applied to profit before tax at the half year. At 30 June 2007, the Group recognized a deferred tax asset of £5.8m in relationto the anticipated tax relief available on the future exercise of options underthe Group's Share Option and Long-Term Performance Plans. As a result of thefall in the Company's share price since that date, the anticipated tax relief onfuture exercises is now lower and accordingly the attributable deferred taxasset recognized as at 31 December 2007 is £0.1m. This has resulted in a chargeto the income statement of £3.3m, the balance being charged to reserves. 8. Dividends Half year ended Half year ended Year ended 31 December 31 December 30 June 2007 2006 2007 £m £m £m________________________________________________________________________________ Dividends paidFinal dividend for the year ended 30 June 2007 of 24.30p per share(2006: 20.69p) 83.8 49.7 49.7Interim dividend for the half year ended 31 December 2006 of 11.38p per share (2005: 10.34p) - - 27.4________________________________________________________________________________ 83.8 49.7 77.1________________________________________________________________________________ Dividends proposedInterim dividend for the half year ended 31 December 2007 of 12.23p per share (2006: 11.38p) 42.2 27.4___________________________________________________________________ The proposed dividend has not been included as a liability at 31 December 2007. The proposed dividend will have no tax implications for the Group. Dividend payment datesFinal paid 28 November 2007 29 November 2006Interim proposed/paid 23 May 2008 25 May 2007 9. Earnings per shareBasic earnings per share is calculated by dividing the profit for the half yearattributable to ordinary shareholders of £133.8m (2006: £123.6m (restated*)) bythe weighted average number of ordinary shares in issue during the half year,excluding those held by the Employee Benefit Trust which were treated ascancelled, giving a figure of 344.9m (2006: 239.8m). Diluted earnings per share is calculated by dividing the profit for the halfyear attributable to ordinary shareholders of £133.8m (2006: £123.6m (restated*)) by the weighted average number of ordinary shares in issue, adjusted toassume conversion of all potentially dilutive ordinary shares from the start ofthe year, giving a figure of 346.6m (2006: 244.3m). The earnings per share from continuing operations were as follows: Half year ended Half year ended Year ended 31 December 31 December 30 June 2007 2006 2007 (restated*) (restated*) pence pence pence________________________________________________________________________________Basic earnings per share 38.8 51.5 115.4________________________________________________________________________________Adjusted basic earnings per share 40.2 51.5 123.0________________________________________________________________________________Diluted earnings per share 38.6 50.6 113.5________________________________________________________________________________Adjusted diluted earnings per share 40.0 50.6 121.0________________________________________________________________________________ The calculations of basic, diluted, adjusted basic and adjusted diluted earningsper share are based upon the following data: Half year ended Half year ended Year ended 31 December 2007 31 December 2006 30 June 2007 (restated*) (restated*) pence pence pence per per per basic basic basic £m share £m share £m share________________________________________________________________________________________Earnings for basic anddiluted earnings pershare 133.8 38.8 123.6 51.5 298.3 115.4Add restructuringcosts 7.2 2.1 - - 26.2 10.1Less tax effect ofabove item (2.2) (0.7) - - (6.5) (2.5)________________________________________________________________________________________Earnings for adjusted basic and adjusteddiluted earnings pershare 138.8 40.2 123.6 51.5 318.0 123.0________________________________________________________________________________________ Earnings are adjusted, removing restructuring costs and related tax, to reflectthe Group's underlying profits. \* The results for the half year ended 31 December 2006 and year ended 30 June2007 have been restated as explained in note 3. 10. Property, plant and equipment 31 December 31 December 30 June 2007 2006 2007 £m £m £m______________________________________________________________________________ Opening net book value 37.4 12.1 12.1Acquired with subsidiary - - 23.1Additions 3.7 4.4 7.9Disposals (2.9) (0.5) (0.8)Depreciation (4.1) (3.2) (4.9)______________________________________________________________________________Closing net book value 34.1 12.8 37.4______________________________________________________________________________ 11. Inventories 31 December 31 December 30 June 2007 2006 2007 (restated*) (restated*) £m £m £m_______________________________________________________________________________Land held for development 3,350.0 2,044.1 3,266.9Construction work in progress 1,703.3 841.9 1,368.5Part exchange properties 110.7 37.5 97.9Other inventories 7.9 7.0 6.6_______________________________________________________________________________ 5,171.9 2,930.5 4,739.9_______________________________________________________________________________ \* The results for the half year ended 31 December 2006 and year ended 30 June2007 have been restated as explained in note 3. 12. Loans and borrowingsDrawn debt and net debt at the period end is shown below: 31 December 31 December 30 June 2007 2006 2007 £m £m £m______________________________________________________________________________Cash and cash equivalents 8.7 68.6 182.1______________________________________________________________________________ Non-current borrowingsBank loans (1,453.1) (2.7) (1,273.2)Loan notes (101.4) - (101.6)Private placement notes (180.1) - (81.8)______________________________________________________________________________Total non-current borrowings (1,734.6) (2.7) (1,456.6)______________________________________________________________________________Current borrowingsBank overdrafts (12.6) (8.6) (26.7)Bank loans - (284.0) -______________________________________________________________________________Total current borrowings (12.6) (292.6) (26.7)______________________________________________________________________________Total borrowings (1,747.2) (295.3) (1,483.3)____________________________________________________________________________________________________________________________________________________________ Net debt (1,738.5) (226.7) (1,301.2)______________________________________________________________________________ Net debt is defined as cash and cash equivalents, bank overdrafts and interestbearing borrowings. Cash and cash equivalents comprise cash at bank and other short-term highlyliquid investments with a maturity of three months or less. Movement in net debt is analysed as follows: Half year ended Half year ended Year ended 31 December 31 December 30 June 2007 2006 2007 £m £m £m_______________________________________________________________________________Net (decrease)/increase incash and cash equivalents (173.4) 25.3 138.8Drawdown of borrowings (263.9) (286.9) (1,040.6)Loan notes issued onacquisition of subsidiary - - (101.6)Borrowings acquired withsubsidiary - - (332.7)_______________________________________________________________________________Movement in net debt in theperiod (437.3) (261.6) (1,336.1)Opening net (debt)/cash (1,301.2) 34.9 34.9_______________________________________________________________________________ Closing net debt (1,738.5) (226.7) (1,301.2)_______________________________________________________________________________ On 23 August 2007, the Group issued $200.0m of US Dollar denominated privateplacement notes with a maturity of ten years. The notes were swapped intoSterling to avoid foreign exchange exposure. 13. Defined benefit pension schemesThe amounts recognised in the income statement were as follows: Half year ended Half year ended Year ended 31 December 31 December 30 June 2007 2006 2007 £m £m £m_______________________________________________________________________________Current service cost 2.5 3.6 5.5_______________________________________________________________________________Total pension cost recognisedin operating expenses in theconsolidated income statement 2.5 3.6 5.5_______________________________________________________________________________Interest cost 6.7 6.0 11.9Expected return on scheme assets (5.8) (4.6) (9.0)_______________________________________________________________________________Total pension cost recognisedin finance costs in theconsolidated income statement 0.9 1.4 2.9_______________________________________________________________________________Total pension cost recognisedin the consolidated incomestatement 3.4 5.0 8.4_______________________________________________________________________________ The amount included in the balance sheet arising from the Group's obligations inrespect of its defined benefit pension scheme was as follows: 31 December 31 December 30 June 2007 2006 2007 £m £m £m_______________________________________________________________________________Net liability recognised in thebalance sheet 75.2 84.3 78.3_______________________________________________________________________________ Cash flow movements in scheme assets were as follows: Half year ended Half year ended Year ended 31 December 31 December 30 June 2007 2006 2007 £m £m £m_______________________________________________________________________________Employer contributions 6.5 8.7 18.0Member contributions 0.9 1.0 1.8Benefits paid from scheme (2.3) (6.3) (9.4)Premiums paid (0.1) (0.3) (0.2)_______________________________________________________________________________ 14. Share capital 31 December 31 December 30 June 2007 2006 2007 Number Number Number_____________________________________________________________________________ Authorised ordinary shares of 10peach 439,460,000 300,000,000 402,850,000_____________________________________________________________________________ Allotted and issued ordinary sharesof 10p each - fully paid 346,717,019 243,660,785 346,511,877_____________________________________________________________________________ £m £m £m_____________________________________________________________________________ Authorised ordinary shares of 10peach 43.9 30.0 40.3_____________________________________________________________________________ Allotted and issued ordinary sharesof 10p each - fully paid 34.7 24.4 34.7_____________________________________________________________________________ The authorised share capital of the Company was increased from 402,850,000 to439,460,000 on 27 November 2007. During the six months, 1,617,727 options over the Company's shares were grantedunder the Company's Long-Term Performance Plan. As a result of the exercise ofthe Company's Share Option and Long-Term Performance Plans 84,630 shares wereissued. In addition, 120,512 shares were issued to members of the Wilson Bowdenplc 2003 Savings Related Share Option Scheme in accordance with the Scheme ofArrangement by which the acquisition was effective. 15. Reconciliation of movements in consolidated equity 31 December 31 December 30 June 2007 2006 2007 (restated*) (restated*) £m £m £m_____________________________________________________________________________ Profit for the period 133.8 123.6 298.3Revaluation of available for salefinancial assets (2.7) 1.8 (0.7)Losses on hedged swap arrangements (56.4) - -Gains on hedged swap arrangements 2.0 - 12.3Tax credited/(charged) to reserves 16.0 (0.5) 0.8_____________________________________________________________________________Total income recognised for theperiod attributable to equityshareholders 92.7 124.9 310.7Disposal of own shares - 3.7 10.6Dividends (83.8) (49.7) (77.1)Issue of share capital 1.8 2.5 1,122.0Share issue costs - - (0.1)Share-based payments 2.7 1.2 4.4Tax on share-based payments chargedto reserves (2.4) - -Amounts transferred to the incomestatement - - (1.5)_____________________________________________________________________________Net increase in equity 11.0 82.6 1,369.0Opening equity 2,898.0 1,529.0 1,529.0_____________________________________________________________________________Closing equity 2,909.0 1,611.6 2,898.0_____________________________________________________________________________ \* The results for the half year ended 31 December 2006 and year ended 30 June2007 have been restated as explained in note 3. 16. Cash flows from operating activities Half year ended Half year ended Year ended 31 December 31 December 30 June 2007 2006 2007 (restated*) (restated*) £m £m £m_______________________________________________________________________________Profit for the period fromcontinuing operations 133.8 123.6 298.3Tax 60.8 53.0 126.5Finance income (5.6) (0.3) (3.5)Finance costs 77.1 20.3 64.8Share of post tax loss fromjoint ventures 1.6 - 1.0_______________________________________________________________________________Profit from operations 267.7 196.6 487.1_______________________________________________________________________________ Gains on swap arrangementstransferred to incomestatement - - (1.5)Amortisation of intangibleassets 0.5 - -Depreciation 4.1 3.2 4.9Share-based payments 2.7 1.2 4.4Imputed interest on deferredterm land payables (8.9) (9.9) (18.4)Imputed interest on availablefor sale financial assets 0.9 - -Finance costs related toemployee benefits (0.9) (1.4) (2.9)Revaluation of available forsale financial assets (2.7) 1.8 (0.7)Profit on disposal ofproperty, plant and equipment (2.8) (1.1) (2.5)_______________________________________________________________________________Total non-cash items (7.1) (6.2) (16.7)_______________________________________________________________________________ Increase in inventories (432.0) (320.9) (267.4)Decrease/(increase) in tradeand other receivables 15.8 4.6 (10.1)Decrease in trade and otherpayables (81.5) (21.5) (56.1)(Increase)/decrease inavailable for sale financialassets (7.4) 0.1 2.7_______________________________________________________________________________Total movements in workingcapital (505.1) (337.7) (330.9)_______________________________________________________________________________ Interest paid (55.0) (9.0) (31.3)Tax paid (55.4) (59.3) (120.5)_______________________________________________________________________________Net cash outflow fromoperating activities (354.9) (215.6) (12.3)_______________________________________________________________________________ \* The results for the half year ended 31 December 2006 and year ended 30 June2007 have been restated as explained in note 3. 17. Contingent liabilitiesThe Company has guaranteed certain bank borrowings of its subsidiaryundertakings, amounting to £3.3m at 31 December 2007 (2006: £8.6m). Thisguarantee relates to a loss making subsidiary. The liability of the Group, whichis equal to the net liabilities of the subsidiary has been provided within theconsolidated financial statements. The Group has entered into counter indemnities in the normal course of businessin respect of performance bonds. Certain subsidiary undertakings havecommitments for the purchase of trading stock entered into in the normal courseof business. 18. SeasonalityThe Group, in common with the rest of the housebuilding industry, is subject tothe two main spring and autumn house selling seasons. As these seasons fall inseparate half years the Group's results are not usually subject to significantseasonal variations. Principal risks and uncertaintiesThe Directors consider that the principal risks and uncertainties which couldhave a material impact on the Group's performance in the remaining six months ofthe financial year are the same as described on page 21 of the 2007 AnnualReport. These include, but are not limited to: • Residential property market • Response to changes in the macroeconomic climate including buyer confidence and interest rates • Provision of high quality product to maintain brand quality and minimise remedial costs • Land • Securing sufficient land of appropriate size and quality to provide profitable growth • Government regulation • Length of time taken to obtain required planning and technical consents • Consequences of changes in tax legislation • Construction • Failure to identify and achieve key construction milestones • Management reporting fails to identify cost overruns leaving insufficient time to take remedial action • Innovative design and construction techniques are not employed • Health and Safety • Consideration of the impact of construction schemes upon the environment and social surroundings • People • Ability of the Group to attract and retain the best people • Ensuring that the Group has a sufficiently skilled and experienced workforce • Adequate succession planning to ensure that experience and knowledge of key management is retained within the business • Defined benefit pension scheme to which the Group may be required to increase contributions to fund an increase in costs of future benefits and/or any future shortfall. The way that the Group mitigates the above risks is explained on page 21 of the2007 Annual Report. Responsibility statementThe Directors confirm that this condensed consolidated set of half yearlyfinancial statements has been prepared in accordance with IAS34 and that theinterim management report herein includes a fair review of the informationrequired by DTR 4.2.7R (indication of important events during the first sixmonths and description of principal risks and uncertainties for the remainingsix months of the year) and DTR 4.2.8R (disclosure of related party transactionsand changes therein). The Directors of Barratt Developments PLC during the half year were:C G Toner, ChairmanM S Clare, Group Chief ExecutiveM A Pain, Group Finance DirectorS J Boyes, Group Board Executive DirectorC Fenton, Group Board Executive DirectorR J Davies, Non-Executive DirectorR MacEachrane, Non-Executive DirectorM Pescod, Senior Independent DirectorW Shannon, Non-Executive Director These condensed consolidated half yearly financial statements were approved bythe Board on 26 February 2008. M S ClareGroup Chief Executive M A PainGroup Finance Director Independent review report to Barratt Developments PLC We have been engaged by the Company to review the condensed set of financialstatements in the half-yearly financial report for the six months ended 31December 2007 which comprises the income statement, the balance sheet, thestatement of recognised income and expense, the cash flow statement and relatednotes 1 to 18. We have read the other information contained in the half-yearlyfinancial report and considered whether it contains any apparent misstatementsor material inconsistencies with the information in the condensed set offinancial statements. This report is made solely to the Company in accordance with InternationalStandard on Review Engagements 2410 issued by the Auditing Practices Board. Ourwork has been undertaken so that we might state to the Company those matters weare required to state to them in an independent review report and for no otherpurpose. To the fullest extent permitted by law, we do not accept or assumeresponsibility to anyone other than the Company, for our review work, for thisreport, or for the conclusions we have formed. Directors' responsibilitiesThe half-yearly financial report is the responsibility of, and has been approvedby, the Directors. The Directors are responsible for preparing the half-yearlyfinancial report in accordance with the Disclosure and Transparency Rules of theUnited Kingdoms' Financial Services Authority. As disclosed in note 1, the annual financial statements of the Group areprepared in accordance with IFRSs as adopted by the European Union. Thecondensed set of financial statements included in this half-yearly financialreport has been prepared in accordance with International Accounting Standard34, 'Interim Financial Reporting', as adopted by the European Union. Our responsibilityOur responsibility is to express to the Company a conclusion on the condensedset of financial statements in the half-yearly financial report based on ourreview. Scope of reviewWe conducted our review in accordance with International Standard on ReviewEngagements (UK and Ireland) 2410, 'Review of Interim Financial InformationPerformed by the Independent Auditor of the Entity' issued by the AuditingPractices Board for use in the United Kingdom. A review of interim financialinformation consists of making inquiries, primarily of persons responsible forfinancial and accounting matters, and applying analytical and other reviewprocedures. A review is substantially less in scope than an audit conducted inaccordance with International Standards on Auditing (UK and Ireland) andconsequently does not enable us to obtain assurance that we would become awareof all significant matters that might be identified in an audit. Accordingly, wedo not express an audit opinion. ConclusionBased on our review, nothing has come to our attention that causes us to believethat the condensed set of financial statements in the half-yearly financialreport for the six months ended 31 December 2007 is not prepared, in allmaterial respects, in accordance with International Accounting Standard 34 asadopted by the European Union and the Disclosure and Transparency Rules of theUnited Kingdom's Financial Services Authority. Deloitte & Touche LLPChartered Accountants26 February 2008London, United Kingdom Registered officeBarratt Developments PLC, Barratt House, Cartwright Way, Forest Business Park,Bardon Hill,Coalville, Leicestershire, LE67 1UF.Tel: 01530 278 278Fax: 01530 278 279www.barrattdevelopments.co.uk Corporate officeBarratt Developments PLC, Kent House, 1st Floor, 14-17 Market Place, London, W1W8AJTel: 020 7299 4894Fax: 020 7299 4851 Company informationRegistered in England and Wales. Company number 604574 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Barratt Developments