Barrett Developments (LSE: BDEV) FTSE 100The biggest winners on Wednesday morning behind the AGM day trading update. Shares of Housebuilder rose 4% in early trading, the day the index opened lower.
The current financial year started in July and the company has described its performance as so strong and sustainable.
Supply chain problems? Not for Barrett. Chief Executive David Thomas says:We continue to work closely with our suppliers and subcontractors, and the challenging supply chain environment has not resulted in any significant disruption to our build program.. ”
He noted that despite the end of the stamp duty holiday and the decline in the help-to-reservation, the year got off to an encouraging start.
Barrett says it is on track to acquire between 17,000 and 17,250 fully-owned homes this year. And we should see about 750 finishes from the joint venture.
Barratt sales are growing
Total forward sales on October 10 were slightly ahead of the equivalent point a year ago, at just 1.7%. Although it is against stamp duty leave. And we are looking at 18.7% growth in forward sales compared to 2019.
But it’s not all sweet and light. During a period of renewed inflation, cost pressures continue to hit the building industry. For the full year, Barrett said it expects build costs to increase between 4% and 5%.
Barrett’s share price could win that day. But after a few months of weakness the stock remained at its peak in April 2021. Still, the stock has risen 21% in the last 12 months, slightly ahead of Futsy’s 18%.
The post Barrett Share Price Leads to FTSE 100 Selling appeared first on The Motley Fool UK.
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