House builder and FTSE 250 constituent Berkeley Group Holdings (LSE: BKG) said forward sales in the first four month of the current year were in excess of £600 million, also reporting acquisitions of new sites.
The emerging stability in the market continued in terms of transaction volumes and pricing, while cancellation rates were at normal levels, the company said in the statement.
Berkeley has been making acquisitions during the period, purchasing new sites, including the Johnson House in Belgravia, and Saad Investment Company’s shares in certain joint ventures, which became Berkeley’s subsidiaries at the end of July. The company said it intended to carry on with this strategy, having a net cash balance of £300 million, which allowed it to “take advantage of opportunities as they arise.”
The strong trading performance made the Board confident the company’s interim and full year results would be in line with expectations, also saying the company did not anticipate any land write-downs.
The report also met the market’s expectations, helping Berkeley to a small increase of just over 1% in early trade today.
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