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Berkeley Group on track to meet full-year profit guidance

Real estate developer The Berkeley Group said on Friday it was on track to meet full-year earnings guidance after continuing to trade “vigorously” since Nov. 1.

Forward sales, representing cash due under traded private sales, are expected to be above £1.70bn at year-end, flat year-on-year, while cash net is expected to be around £900.0m, down from £846.0m, subject to the timing of certain land payments.

Berkeley said the value of underlying sell bookings remained slightly above pre-pandemic levels, while cancellations were at normal rates and sell prices were “sufficiently ahead” of its recovery plan. businesses to absorb increases in construction costs.

“Berkeley continues to focus on the investment program in place to bring its long-term brownfield portfolio into production, supporting future delivery and revenue, and supporting some 28,000 UK jobs directly and indirectly throughout the along its supply chain,” said the FTSE 100-listed company.

“The operating environment remains volatile with a number of challenges facing all businesses. For Berkeley, this is most immediately evident through continued inflationary pressure and supply chain constraints, complexity and delays of planning, the uncertainty associated with the combined efforts of industry and government to address concerns about the safety of people living in high-rise buildings and the growing implications of the tragic situation in Ukraine.”