28th Feb 2007 07:02
Barratt Developments PLC28 February 2007 28 February 2007 BARRATT DEVELOPMENTS PLC Results for the half year ended 31 December 2006 Highlights: •Turnover £1,194.4m (2005: £1,172.0m) up by 2%. •Pre-tax profit increased by 10% from £163.9m to £180.2m. •Basic earnings per share were up 9% to 52.6p (2005: 48.2p). •Interim dividend 11.38p (2005: 10.34p) up by 10%. •ROACE of 26.9% (2005: 30.1%). •Completions rose to 7,206 (2005: 7,003) up by 3%. •Average selling price of £165,000 (2005: £162,900)(1), up by 1.3%. •Housebuild operating margin increased to 16.3% (2005: 14.8%). •Land stocks strengthened to 70,500 plots - 4.8 years supply. •Net borrowings of £226.7m (2005: £3.3m net cash). •Forward sales of £1,030m at 31 December 2006 (2005: £700m) Charles Toner, Chairman of Barratt Developments commented: 'We have delivered a strong performance in the first half of our financial yearwith a 10% increase in pre-tax profits. This was driven by further growth incompletions, an improved mix between private and social housing and increasedaverage selling prices. This, combined with our continued focus on costefficiency, has helped to improve margins. We have strengthened our landbank and have achieved a record forward salesposition up 47% in a housing market where demand continues to outstrip supply.' Mark Clare, Group Chief Executive of Barratt Developments commented: 'Our strong performance in the first six months gives us a platform for futuregrowth which will be enhanced by the proposed acquisition of Wilson Bowden.Together the businesses will have an improved land position and a strengthenedpresence across the market from social housing to higher priced properties andfrom urban regeneration to commercial development. Our priority now is to complete the acquisition of Wilson Bowden and integratethe businesses, whilst continuing to deliver the cost efficiencies and growththat will underpin further improvements in performance.' For further information please contact:Barratt Developments PLCMark Clare, Group Chief Executive On the day: 020 7067 0700Mark Pain, Group Finance Director Thereafter: 0191 227 2000 Weber Shandwick FinancialTerry 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. Note 1: The average selling price for social housing completions for the six months to 31 December 2005 has been adjusted to exclude the revenue receivedin the period in respect of stage payments for the land element of units whichwere not physically completed, to be consistent with the treatment in the six months to 31 December 2006. This had a negligible profit impact in the six months to 31 December 2005 and no profit impact for the year ended 30 June 2006. Chairman's Statement I am pleased to report another strong trading performance for the six monthsended 31 December 2006. Pre-tax profits increased to £180.2m, up 10% on the first half of 2005 at£163.9m. Basic earnings per share increased to 52.6p, up 9% from the 48.2pdelivered in 2005. As a result of this strong first half performance, and as already indicated on 5February 2007, an interim dividend of 11.38p per share will be paid on 25 May2007, to shareholders on the register on 30 March 2007. This interim dividendwill be 4.6 times covered and represents an increase of 10% over last year's10.34p per share payment. This performance, together with increased investment in land in the first half,positions us to achieve growth going forward. Whatever the uncertainties areover the likely strength of the market for the rest of this year, we willcontinue to focus on our operational performance and on driving improvedoverhead efficiencies through increased scale and strict control of build coststo support our margins. This is a good foundation upon which to build and we have a strong managementteam in place led by Mark Clare our new Chief Executive who joined us in October2006. He is ably supported by a highly skilled team operating across GreatBritain which has demonstrated its ability to succeed in a competitive marketplace. Mark succeeds David Pretty who has retired after 27 years with the Group,including 16 years as a Board Member and four years as Chief Executive. GeoffHester has also retired from the Board and will leave the Group at the end ofJune. This follows the integration of the KingsOak business into the Barrattdivisional structure. Geoff made a substantial contribution to the growth of theGroup over the last ten years, seven of them as a Board Member. We wish themboth a long and happy retirement. Looking ahead we are well placed to continue our growth. The housing market issound and the underlying business is strong. We hope to capitalise on thisposition as we look to complete the acquisition and integration of WilsonBowden. This will bring new capabilities to the Group which, when combined withour track record of growth and operational efficiency, will create a formidableplayer in the housing market committed to increasing shareholder value. Finally, I would like to thank all our people right across the business fortheir continuing efforts that have, once again, delivered outstanding results. Charles TonerChairman Chief Executive's Review Operations Our housebuilding turnover was £1,190.8m (2005: £1,166.8m) up by 2%. Total completions increased by 2.9% to 7,206 (2005: 7,003) at an average sellingprice of £165,000, (2005: £162,900(2)). The average selling price was constrainedby the highly competitive market and changes to the product mix. Private completions were 4.0% higher at 5,791 (2005: 5,569), at an increasedaverage selling price of £184,200, up 1.2%. Social housing completions decreasedby 1.3% to 1,415, at an average selling price of £86,600, down 2% (2005: £88,400(2)) again as a result of mix changes. Housebuild operating margins increased to 16.3% up from 14.8% during the sameperiod in 2005. This margin improvement resulted from a combination of a numberof higher margin sites coming through to completion in the six months toDecember 2006 as well as continued focus on overhead efficiencies and strictcontrol of building costs. Pre-tax profit increased by 10% from £163.9m to £180.2m. As previously indicated, our return on capital employed, which for the sixmonths ended 31 December 2006 was 26.9%, is likely to reduce to between 20% to25% going forward. This is as a result of increased land investment and otherwork in progress to underpin future growth and the need to establish the rightbalance between ROACE and margin to deliver higher value going forward. Our KingsOak divisions have been integrated into the Barratt Regional operatingstructure and this has enabled us to reduce costs and make better use of ourland bank and management across both brands. We have opened a new KingsOakdivision in Yorkshire focusing on the higher end of the housing market. Sales We have delivered a solid sales performance in the first half with good salesrates and robust visitor levels. All areas and regions sold at a satisfactoryrate during the first six months. Looking forward, total reservations are now 25% better than a year ago withforward sales at 31 December 2006 of approximately £1,030m (2005: £700m). Thishas now increased to £1,368m which, together with completions to date, secures83% of the full year's expected volumes. Land In the six months to December 2006, we have continued to strengthen our landposition. Our land bank has increased 11.9% to c.70,500 plots (December 2005:c.63,000), including 8,000 plots (December 2005: 7,000 plots) agreed subject tocontract. This equates to 4.8 years' supply at 2005/6 volumes (December 2005:4.3 years). The continued investment in land and work in progress has resultedin the business running higher average gearing levels. We spent £462m on land in the first half compared to £431m in the six months tothe end of December 2005, an increase of £31m (7%). We currently expect to spendapproximately £1billion on land over the full year compared to £841m in 2006. Despite inherent ongoing difficulties in the planning system, we achieved anincreased level of planning approvals in the first half of 10,516 plots, up 7%over last year. 96% of land required for 2007/8 is now owned or contracted, andover 79% for 2008/9. Note 2: The average selling price for social housing completions for the six months to 31 December 2005 has been adjusted to exclude the revenue receivedin the period in respect of stage payments for the land element of units which were not physically completed, to be consistent with the treatment in the sixmonths to 31 December 2006. This had a negligible profit impact in the sixmonths to 31 December 2005 and no profit impact for the year ended 30 June 2006. Financing At the half year borrowings were £226.7 million and average gearing was 17% inthe period. As previously stated gearing is likely to increase towards anaverage of 25% as a result of rising land investment and work in progress,before taking account of the impact of the acquisition of Wilson Bowden. Housing Market The housing market in the first half was highly competitive but stable, withgood buyer confidence being sustained despite the increase in interest rates.The fundamentals of the market remain sound with demand continuing to outstripsupply. These market conditions have underpinned a robust sales performance in the firsttwo months of 2007 despite a further interest rate increase. With the springselling period still to come, it remains too early to be certain of futuretrends, but given the fundamentals of the market our expectation remains that wewill perform satisfactorily. Group Strategy During the six months to December 2006, we took the opportunity to assess ourmarket position and future outlook. We have identified significant strengths interms of our geographic and product diversity, our position in urbanregeneration and brownfield developments and social housing partnerships. Thisis supported by a strong operational performance culture across the Group whichhas delivered strong organic growth. We believe that these capabilities makeBarratt one of the most successful housebuilders in the UK, accounting,approximately, for a 9% share of a highly fragmented national market. Given the significant undersupply situation that exists in the sector we expectthe total market size to grow. Continuing consolidation also seems inevitableand going forward, we believe that the most robust companies in the sector willhave the most success. We firmly believe that rapid organic growth, one of our historic strengths, isthe way to deliver maximum value to shareholders. To deliver our ambition for the company we have identified a number of key areasfor management's attention to facilitate growth: •Increase our investment in people •Focus on cost control and efficiency improvement •Accelerate land investment, particularly strategic land •Participate more fully in the upper end of the housing market •Focus on leveraging larger, especially mixed-use, development opportunities We have already made progress in each of these areas over the last few monthsand we believe our ability to deliver will be substantially increased once wehave completed the proposed acquisition of Wilson Bowden. Core Strengths During the six months to December we continued to reinforce our core strengths. - Geographic and Product Diversity Our wide geographic spread and extensive product range continues to be animportant strength that insulates the Group from over-dependence on any onegeographic area or market sector. At the end of December we had some 450 sitesunder construction across England, Scotland and Wales. We have progressed several large-scale multi-tenure projects. For example,agreement has been reached with Barnet Council and Metropolitan HousingPartnership, for the regeneration of the West Hendon Estate, which will providearound 2,000 new homes and community facilities. In Leeds we commenced a major regeneration project to create 325 homes on aformer industrial site. Affordable first-time buyer homes from £90,000 areplanned and 50 have been allocated to the Government's First-Time Buyers'Initiative. Homes for rent, shared ownership and sale are being provided in a majormixed-use scheme in the London Borough of Croydon. Around 800 new homes areplanned along with community and commercial facilities including workshops and amedical centre. Our iPad product targeted at first time buyers is expanding rapidly. We have nowcompleted over 40 iPads on two sites and at the end of 2006 had 125 underconstruction on seven further sites. We have 15 additional sites for 687 soon tostart and a further 44 sites for 1,725 in the pipeline. - Urban Regeneration We continue to be a leader of the regeneration of Britain's cities and urbanareas across England, Scotland and Wales. Over 80% of our homes were built onBrownfield sites. Our urban regeneration activities are not solely undertaken within London andthe South East. In Swansea for example, a new project will provide over 560 newhomes on a former factory site. This development will create a thriving newcommunity and retail centre close to the city's rugby and football stadium. InLeicester we are creating a sustainable new community of up to 1,000 new homesplus shops and community amenities. This project achieved the best overall scorein The Commission for Architecture and the Built Environment's (CABE) recentaudit of housing design quality in the Midlands. One of the largest programmes we've undertaken in recent years is in SouthLanarkshire, West Scotland. Here, Barratt and AMEC Developments are workingtogether, alongside a PFI project being promoted by AMEC to renew schools.Barratt has secured 9 sites to build almost 1,400 new homes which will reinforceour position as a leading housebuilder in Scotland. - Social Housing Our social partnerships continue to contribute to the success of the Group. Weare one of the industry's leading providers of affordable housing, whether it isfor low cost homes for sale, rent, shared ownership or special needs. This keysector has growth potential and, with our strengths and experience, we are wellpositioned to participate. We have been awarded funding to provide more than 300 new homes around thecountry as part of the Government's First-Time Buyers' Initiative designed tohelp people get onto the property ladder. We have received around £30 million tosupport the initiative at 9 developments located in Brighton, Bristol, Ely,Gravesend, Leeds, Liverpool, Romford, Southampton and Watford. During the period, we built 1,415 homes for our housing association partners, atan average selling price of £86,600. This included 60 affordable homes inHatfield for rent and shared ownership through Aldwyck Housing Association. Afurther 96 affordable homes will be provided in the second phase for CircleAnglia Housing Association, whilst in Edinburgh, close to Princes Street, we aretransforming two large warehouses into 242 homes, including 36 affordable homes. Customer Care and Quality We are committed to enhancing the level of customer service across theorganisation and independently compiled buyer surveys show continuedimprovement. Applying the same rating system as used in the House BuildersFederation/MORI surveys to our own scores, we believe that 61% of our divisionsare now at 4 star level or above. We are targeting further improvements and areembedding our Customer Charter and Code of Practice for all staff, suppliers andsubcontractors. This will continue to be an important area of management focusover the next year. We are continuing to invest in general skills training and over a third of ourwork force has now achieved the Construction Skills Certification Schemestandard. We remain on track to have a fully carded and qualified workforce by2010. Our Apprentice scheme, which currently has over 500 participants, is oneof the largest in the industry as we continue to work to address the nationalconstruction skills shortage. We have also stepped up our investment in ourgraduate recruitment programme to add additional talented people who will formpart of the future management of the company. Our approach continues to be recognised in a series of external awards. In 2006we were named What House? Housebuilder of the Year. Additionally we wererecently named 2006 Homebuilder of the Year by Your New Home magazine. Theseawards are a testament to the efforts, ideas and talents of our people. Outlook We have benefited from a strong first half to the year with pre-tax profits up10%, a strengthened land bank and forward sales at record levels. Whilst the fundamentals of the housing market remain sound, there is uncertaintyover further changes to interest rates and the effect these may have on housingdemand. That said, the market is stable with good visitor levels and interest beingshown going into the key Spring selling season. There is no doubt that over the next six months our focus must be on achievingcost reduction targets whilst completing the proposed acquisition of WilsonBowden. Meanwhile work is continuing to ensure we can rapidly integrate thesetwo businesses as soon as we are able to proceed. Mark ClareGroup Chief Executive For further information please contact:Barratt Developments PLC Mark Clare, Group Chief Executive On the day: 0207 067 0700Mark Pain, Group Finance Director Thereafter: 0191 227 2000 Weber Shandwick FinancialTerry 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 10.30 am 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, Rotterdam House, 116 Quayside, Newcastle upon Tyne NE1 3DA Consolidated Income Statementfor the half year ended 31 December 2006 (Unaudited) Half year ended Year ended 31 December 31 December 30 June 2006 2005 2006 Note £m £m £m-------------------------------------------------------------------------------Continuing operations Revenue 1,194.4 1,172.0 2,431.4 Cost of sales (957.6) (953.9) (1,940.6)-------------------------------------------------------------------------------Gross profit 236.8 218.1 490.8Net operating expenses (44.6) (46.9) (81.2)-------------------------------------------------------------------------------Profit from operations 192.2 171.2 409.6Finance income 0.3 0.4 2.0Finance costs (12.3) (7.7) (20.2)-------------------------------------------------------------------------------Profit before tax 3 180.2 163.9 391.4Tax expense (54.1) (49.1) (116.4)-------------------------------------------------------------------------------Profit for the period from continuingoperations all attributed to equity shareholders 126.1 114.8 275.0=============================================================================== DividendsPayments to shareholders - £m 4 49.7 42.8 67.5 Proposed/paid dividends per ordinaryshareInterim 4 11.38p 10.34p 10.34pFinal 4 - - 20.69p Earnings per share - continuing basisBasic 5 52.6p 48.2p 115.3pDiluted 5 51.6p 47.5p 113.3p Consolidated Statement of Recognised Income and Expense £m £m £m-------------------------------------------------------------------------------Profit for the period 126.1 114.8 275.0Revaluation of available for sale assets 1.8 - (4.5)Tax on revaluation of available for sale assets (0.5) - 1.3-------------------------------------------------------------------------------Total recognised income for the periodall attributed to equity shareholders 127.4 114.8 271.8=============================================================================== Consolidated Balance Sheetat 31 December 2006 (Unaudited) 31 December 31 December 30 June 2006 2005 2006 Note £m £m £m-------------------------------------------------------------------------------AssetsNon-current assets Property, plant and equipment 12.8 10.8 12.1Available for sale assets 31.2 - 31.3Trade and other receivables 2.4 5.8 3.5Deferred tax 39.2 40.0 40.4------------------------------------------------------------------------------- 85.6 56.6 87.3------------------------------------------------------------------------------- Current assetsInventories 2,964.4 2,574.8 2,644.4Trade and other receivables 36.0 63.0 39.5Cash and cash equivalents 68.6 113.4 43.3------------------------------------------------------------------------------- 3,069.0 2,751.2 2,727.2------------------------------------------------------------------------------- -------------------------------------------------------------------------------Total assets 3,154.6 2,807.8 2,814.5------------------------------------------------------------------------------- LiabilitiesCurrent liabilitiesLoans and borrowings 292.6 106.9 5.9Trade and other payables 959.8 1,027.7 988.3Current tax liabilities 59.8 56.4 65.7------------------------------------------------------------------------------- 1,312.2 1,191.0 1,059.9------------------------------------------------------------------------------- Non-current liabilitiesLoans and borrowings 2.7 3.2 2.5Trade and other payables 130.4 118.8 124.3Retirement benefit obligations 84.3 89.5 87.9------------------------------------------------------------------------------- 217.4 211.5 214.7------------------------------------------------------------------------------- -------------------------------------------------------------------------------Total liabilities 1,529.6 1,402.5 1,274.6------------------------------------------------------------------------------- -------------------------------------------------------------------------------Net assets 1,625.0 1,405.3 1,539.9------------------------------------------------------------------------------- EquityShare capital 24.4 24.3 24.3Share premium 204.7 201.4 202.3Retained earnings 1,395.9 1,179.6 1,313.3-------------------------------------------------------------------------------Total equity 7 1,625.0 1,405.3 1,539.9=============================================================================== Consolidated Cash Flow Statementfor the half year ended 31 December 2006 (Unaudited) Half year ended Year ended 31 December 31 December 30 June 2006 2005 2006 Note £m £m £m-------------------------------------------------------------------------------Net cash outflow from operatingactivities 6 (215.6) (236.7) (182.1) Cash flows from investing activitiesPurchases of property, plant andequipment (4.4) (0.6) (3.3)Proceeds from sale of property, plantand equipment 1.6 0.2 2.0Interest received 0.3 0.4 2.0-------------------------------------------------------------------------------Net cash (outflow)/inflow from investingactivities (2.5) - 0.7------------------------------------------------------------------------------- Cash flows from financing activitiesProceeds from issue of share capital 2.5 3.6 4.5Disposal of own shares 3.7 2.3 2.4Dividends paid 4 (49.7) (42.8) (67.5)Loan drawdowns 286.9 101.9 0.2-------------------------------------------------------------------------------Net cash inflow/(outflow) from financingactivities 243.4 65.0 (60.4)------------------------------------------------------------------------------- -------------------------------------------------------------------------------Net increase/(decrease) in cash and cashequivalents 25.3 (171.7) (241.8)------------------------------------------------------------------------------- -------------------------------------------------------------------------------Cash and cash equivalents at beginningof period 43.3 285.1 285.1------------------------------------------------------------------------------- -------------------------------------------------------------------------------Cash and cash equivalents at end ofperiod 68.6 113.4 43.3-------------------------------------------------------------------------------Reconciliation of net cash flow to net (debt)/cash ------------------------------------------------------------------------------- Net increase/(decrease) in cash and cashequivalents 25.3 (171.7) (241.8)Cash inflow from increase in debt (286.9) (101.9) (0.2)-------------------------------------------------------------------------------Movement in net debt in the period (261.6) (273.6) (242.0)Opening net cash 34.9 276.9 276.9-------------------------------------------------------------------------------Closing net (debt)/cash (226.7) 3.3 34.9=============================================================================== Net (debt)/cashCash and cash equivalents 68.6 113.4 43.3Loans and borrowings (295.3) (110.1) (8.4)-------------------------------------------------------------------------------Net (debt)/cash (226.7) 3.3 34.9=============================================================================== All cash flows are from continuing operations. Notes to the Financial Statements (Unaudited) 1. Basis of Accounting-------------------------------------------------------------------------------This financial information comprises the consolidated interim balance sheets asof 31 December 2006 and 31 December 2005 and related consolidated interimstatements of income, recognised income and expense and cash flows for the sixmonths then ended (hereinafter referred to as 'financial information'). The results for the first half of the financial year have not been audited. Thefinancial information has been prepared in accordance with the Listing Rules ofthe Financial Services Authority. The financial information does not constitute statutory accounts within themeaning of the Companies Act 1985. A copy of the statutory accounts for the yearended 30 June 2006, prepared under IFRS, on which the auditors gave anunqualified opinion which did not contain a statement made under either s237(2)or s237(3) of the Companies Act 1985, has been filed with the Registrar ofCompanies. 2. Accounting Policies-------------------------------------------------------------------------------The interim financial statements have been prepared using accounting policiesand methods of computation consistent with those applied in the preparation ofthe Group's Annual Report and Accounts for the year ended 30 June 2006. 3. Taxation------------------------------------------------------------------------------- Half year ended Year ended 31 December 31 December 30 June 2006 2005 2006 £m £m £m-------------------------------------------------------------------------------Current taxation (53.4) (51.5) (117.9) Deferred taxation (0.7) 2.4 1.5------------------------------------------------------------------------------- (54.1) (49.1) (116.4)------------------------------------------------------------------------------- Corporation tax for the interim period is charged at 30% (half year ended to 31December 2005: 30%), representing the best estimate of the corporation tax rate. 4. Dividends------------------------------------------------------------------------------- Half year ended Year ended 31 December 31 December 30 June 2006 2005 2006 £m £m £m-------------------------------------------------------------------------------Final dividend 49.7 42.8 42.8Interim dividend - - 24.7------------------------------------------------------------------------------- 49.7 42.8 67.5------------------------------------------------------------------------------- -------------------------------------------------------------------Proposed interim dividend for the half year ended 31 December 2006 of 11.38p (2005: 10.34p) per share 27.4 24.7------------------------------------------------------------------- The proposed interim dividend has not been included as a liability as at 31December 2006. DIVIDEND PAYMENT DATESFinal paid 29 November 2006 18 November 2005Interim proposed/paid 25 May 2007 26 May 2006 5. Earnings Per Share-------------------------------------------------------------------------------Basic earnings per share is calculated by dividing the earnings attributable toordinary shareholders of £126.1m (half year to 31 December 2005: £114.8m andyear ended 30 June 2006: £275.0m) by the weighted average number of ordinaryshares in issue, excluding those held by the Employee Benefit Trust which aretreated as cancelled, which were 239.8m (half year to 31 December 2005: 238.0mand year ended 30 June 2006: 238.5m). For diluted earnings per share, the weighted average number of ordinary sharesin issue is adjusted to assume conversion of all potentially dilutive ordinaryshares from the start of the accounting period, giving a figure of 244.3m (halfyear to 31 December 2005: 241.7m and year ended 30 June 2006: 242.8m). 6. Note to the Cash Flow Statement------------------------------------------------------------------------------- Half year ended Year ended 31 December 31 December 30 June 2006 2005 2006 £m £m £m-------------------------------------------------------------------------------Cash flows from operating activitiesProfit from continuing operations 126.1 114.8 275.0Depreciation and non cash items (1.8) 3.5 (10.9)Taxation 54.1 49.1 116.4Finance income (0.3) (0.4) (2.0)Finance costs 12.3 7.7 20.2Movements in working capitalIncrease in inventories (320.0) (195.8) (253.3)Decrease/(increase) in trade and otherreceivables 4.6 (34.5) (8.7)Decrease in trade and other payables (22.4) (122.7) (163.9)Decrease/(increase) in available forsale assets 0.1 - (31.3)Interest paid (9.0) (2.6) (10.7)Tax paid (59.3) (55.8) (112.9)-------------------------------------------------------------------------------Net cash outflow from operatingactivities (215.6) (236.7) (182.1)------------------------------------------------------------------------------- 7. Reconciliation of Movements in Consolidated Equity------------------------------------------------------------------------------- Half year ended Year ended 31 December 31 December 30 June 2006 2005 2006 £m £m £m-------------------------------------------------------------------------------Profit for the period 126.1 114.8 275.0Disposal of own shares 3.7 2.3 2.4Dividends (49.7) (42.8) (67.5)Issue of share capital 2.5 3.6 4.5Equity share options issued 1.2 1.8 3.1Revaluation of available for saleassets 1.8 - (4.5)Tax on revaluation of available forsale assets (0.5) - 1.3-------------------------------------------------------------------------------Net increase in equity 85.1 79.7 214.3Opening equity 1,539.9 1,325.6 1,325.6-------------------------------------------------------------------------------Closing equity 1,625.0 1,405.3 1,539.9------------------------------------------------------------------------------- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Barratt Developments