Berkeley to deliver profit target two years early

Aaron Morby 11 years ago
Share

London and south east house builder Berkeley has shrugged off fears of a cooling housing market and said it will double profits by 2013 – two years ahead of schedule.

Since setting out its five year growth plan in May last year, trading has been ahead of management expectations.

Berkeley said it has achieved planning consent at seven significant sites since May, including landmark scheme at Battersea, Kew, North Bersted and Gillingham.

Chairman Tony Pidgley will tell shareholders at the firm’s agm today that Berkeley is now on course to achieve the profit target set in the five year plan in 2010 at least 2 years earlier than originally anticipated, to the extent that market conditions prevail.

The new sites will act as a springboard for growth that will help the developer double profits by 2013, and grow the future gross margin in the land bank from £2bn to some £3bn.

Latest news

Sellar unveils £1.5bn Liverpool Street station scheme

£450m station upgrade will be included in hotel and office at no extra cost to tax payers
16 hours ago

London flyover needs £50m structural repairs

Safety checks force 7.5t weight restriction on 200m long Brent Cross flyover
20 mins ago

HS2 milestone as first London tunnel drive starts

First of six London TBMs launched for one of most complex tunnel drives
8 hours ago

Mace wins London’s “greenest” office tower

Construction to start in January on London’s most sustainable office tower
20 hours ago

Drop in domestic demand drags down Marshalls profit

Building Products division flying high but spending slows on domestic projects
38 mins ago

Construction buyers report return to growth

But optimism levels for future prospects drop to two-year low
21 hours ago

Lee Marley Brickwork revenue soars to record £57m

Cost inflation erodes major brickwork contractor's margin
23 hours ago

Tilbury Douglas £55m Catterick health campus job approved

Demolition underway for site start next Spring
23 hours ago

Soaring costs see £10m Devon road project put on hold

Tiverton junction on A361 for 500-home scheme halted
2 days ago

SDC lands latest £26m Cambridge lab building

BioMed Realty to develop third building at Babraham Research Campus
24 hours ago

University of Cumbria Barrow campus approved

Construction work for the educational facility is set to begin next year
23 hours ago

More than 27,000 people now working on HS2 construction

Latest employment figures as project enters main building phase
23 hours ago

Manchester arts centre running £100m over original budget

Extra cash call as inflation pushes The Factory project cost to £211m
2 days ago

Firms on alert for £1bn refit and refurb framework

Pagabo calls up firms for second generation refurbishment deal
2 days ago

Balfour targets next generation floating wind farms

Balfour teams up with Aker to build concrete gravity base floating wind turbines
2 days ago

Esh Group returns to profit after reducing risks

Major restructuring programme paying dividends at North of England contractor
2 days ago

Caddick acquires assets from failed facade specialist

Deal to save Speedpanel operation from Speedclad ensures continuity on projects
3 days ago

Fusion21 names winners for £250m repairs framework

Full list of 46 winning companies
2 days ago

RSK buys Scottish M&E specialist WGM Engineering

£45m turnover Glasgow contractor employs 365 mechanical, electrical, and civil engineering staff
3 days ago

Cladding and roofing specialist falls £9m into red

Lindner Prater runs into loss after remedial works needed on a major job
3 days ago

Ellmer propels growth at Byrne Group

Concrete specialist Byrne impacted by project start delays
3 days ago

Kobelco suspends some plant sales over engine scandal

Manufacturer stops selling some excavators and crawler cranes over emissions fear
3 days ago

Watkin Jones sounds profit warning

Higher borrowing costs for buyers starting to hit sale prices and margins
3 days ago

First nuclear fusion plant to be built in Nottinghamshire

£2bn-plus fusion energy plant to be built at West Burton coal power station site.
3 days ago

Peel sets up suburban build-to-rent developer

New Letta arm aims to build 1,000 private rental homes in the North West
3 days ago

Wates Pre-Construction Director joins rival Real

Matt Smith joins ambitious contractor and developer
4 days ago

L&G modular homes amassed loss deepens to £174m

Modular arm suffers sixth successive loss but books first revenue of £12m
4 days ago

Chancellor does U-turn on top rate tax cut

Plan to abolish 45p top rate a "distraction" from Growth Plan
4 days ago

O’Connor Utilities buys fibre optic installer

Leeds-based telecoms contractor InICT employs over 110 staff
4 days ago

Thompsons claims UK biggest blow down at Redcar

100,000t steelmaking plant demolished using 1.6 tonnes of explosive
4 days ago

Contractor services