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Berkeley Group reports 26% rise in pre-tax profitsBerkeley Group has said that it has recorded a 26 per cent increase in pre-tax profits to £271 million during the year till 30 April, 2013 compared to the previous year mainly due to a recovery in the housing market in London and the south of England.

 

The company had recorded a pre-tax profit of £215 million during the previous year.

 

Berkeley Group said that its revenue rose 32 per cent to £1.38 billion, compared to £1.04 billion in 2011. Its operating profit rose 42 per cent to £280 million and an operating margin of 20 per cent.

 

The company noted that the housing market in London and the South-east boosted demand or the company.

 

"London has maintained its position as a major global city and continued to attract more people and inward investment. This position brings with it an inherent demand for accommodation which is not currently being met by supply and, with the pressure on London to house a growing population and an increased number of new households more generally, this shortfall is likely to be exacerbated as new homes are not being built quickly enough to reduce it," the company said.

 

Berkeley Group chairman Tony Pidgley has expressed delight over strong results.

 

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