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Peel Hunt: Barratt Developments (Hold) - Top-end results on the way




Peel Hunt


10 Jul 2014





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Barratt Developments (Hold) Top-end results on the way The group’s IMS has pointed to full-year results being at the top end of market expectations, with PBT of £390m, more than double last year’s £192m. The growth has come from a richer mix, more volumes, higher margins and lower interest costs. More of the same is expected in the current financial year. Our forecasts for next year will edge ahead as a result of this update, even though volume expectations are slightly tempered. While we believe other housebuilders offer slightly better value than Barratt, we still see decent upside in the shares post the sell-off in the last few months. Clyde.Lewis@peelhunt.com

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