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Berkeley to hit profit targets two years early 08 September 2011

Berkeley has announced that it is on track to hit profit target two years earlier than expected.

The group said last year that it was targeting to double pre-tax profit within five years and increase the margin in its land bank.

But Berkeley chairman Tony Pidgley told the AGM: “The board believes that it is now positioned to achieve the profit target set in the five-year plan at least two years earlier than originally anticipated.”

Berkeley said that trading had been ahead of expectations since May 2010, and it had achieved a significant number of planning consents.

Forward sales stood at over £850m at the end of August, compared with £813.5m at the end of April.

The company revealed it has also bought a further seven sites in the three months to the end of August.

 

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