Berkeley Group Holdings has confirmed that it is on target to meet its financial guidance for fiscal years 2024 and 2025, despite a decline in underlying private reservations in the early part of fiscal year 2024.
The FTSE 100 company has reasserted its commitment to achieving a combined pretax profit of at least £1.05 billion ($1.31 billion) over the next two fiscal years, with a slight focus on the year ending April 30, 2024.
With a strong opening forward sales position, Berkeley Group Holdings has already completed over 90% of its fiscal year 2024 revenue through exchanges. Furthermore, it expects to receive approximately £2.0 billion in cash for forward sales by the halfway point of the year, a decrease from £2.14 billion compared to the previous year.
Despite enquiries remaining steady during the first four months of the fiscal year, the value of underlying private sales reservations has dropped by approximately 35% compared to the previous year. The company states that this decline is a result of increased macroeconomic and political uncertainty.
However, pricing remains robust and exceeds business plan projections due to limited housing supply, while cancellation rates remain stable.
Berkeley Group Holdings has ensured that build cost inflation is minimal across its portfolio, working closely with its supply chain to guarantee timely delivery of projects.
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