Booming Berkeley has 11,000 people working on its sites

Grant Prior 7 months ago

House builder Berkeley now has more than 11,000 people working on its construction sites  as sales return to pre-pandemic levels.

The workforce number was confirmed as Berkeley unveiled a strong set of interim results for the six months to October 31 2020.

Pre-tax profits rose 26% to £290.7m as turnover increased by 36.3% on last time to £1,220.7m.

Four new sites moved into production during the period including Bermondsey Place in Southwark (1,300 homes) and The Eight Gardens in Watford (1,200 homes) while two new regeneration sites were acquired in Peckham and Woolwich covering 1,500 homes.

Berkeley also has a near-term pipeline of 7,000 homes which includes a strategic land site in Milton Keynes, a retail park in Kew and two St William regeneration sites in London.

Chief Executive Rob Perrins said: “Berkeley is in a great position to deliver on its ambitions with land holdings covering 94 sites, including 30 long-term regeneration sites, with a combined £6.9 billion of future gross profit and a near-term pipeline of a further 7,000 homes that will see Berkeley achieve its objective of growing the land holdings to £7.5 billion of future gross profit.

“These land holdings, and specifically the progress we have made in recent years in bringing our regeneration sites through planning and into production, provide Berkeley with fantastic visibility over delivery.

“Sales have recovered to pre-pandemic levels and this performance has enabled Berkeley to increase its earnings guidance for this financial year by 5%, and anticipate 5% annual profit growth for the next three years.

“The wider operating environment remains complex with a number of regulatory and other headwinds, not least the challenges in the supply chain and continued uncertainty presented by the pandemic. Berkeley therefore expects the operating environment to remain volatile.

“However, it is assured in its ability to navigate through and deliver its business plan and committed shareholder returns, against the backdrop of the deeply under-supplied London and South East markets in which it operates, its significant and differentiated land holdings, skilled and experienced operating teams and financial strength.”

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