Barratt homes trading statement 10 July 2013 "Pre tax profit up 73%."
All is rosy for the house builders as they continue to 'pig out' and increase profits due to the benefit 'Help to Buy', the government taxpayer-funded subsidy, is giving the industry.
Barratt announced that the number of completions is forecast to be 13,663 - up 16.1% on last year.
With the average selling price up 8% to £192,000 it is not surprising Barratt are anticipating Operating Profit ("before exceptional items") to be up 32% to £252 million (10.4%) and Profit before tax up 73% on last year to £192million (9.7%) on a turnover of £2,605 million.
The 73% increase on the 2012 profit which was also up 159% on 2011 levels!
Barratt hope to be net debt free by June 2015 and recognising "this may be achieved more quickly than previously anticipated "reflecting the benefit of the Help to Buy scheme"
The 'Help to Buy' taxpayer subsidy for house builders is clearly benefiting (by their own admission) house builders (and their shareholders!) and should be subject to a windfall tax levy.
