Berkeley upbeat about profit ahead of AGM

Berkeley Group is expecting to beat profit forecasts as forward sales return to pre-pandemic levels. It added that it plans to spend a further £223m on boosting its land holdings. In an update ahead of its AGM later today, the developer said that it expected pretax profit to be at or above the £518m it reported for the year ended in April. It added that profit would be weighted more to the first half of this financial year, while forward sales would be around £1.7bn. Berkeley said that the final figure would depend on the number of completions achieved between now and 31 October. The group added that its pricing had been able to absorb the increased cost of materials. Berkeley plans to complete a £451m return of B-share capital later this month, as long as shareholders approve the plans later today. The group started the financial year with net cash of £1.1bn and continues to invest in its land holdings selectively and in bringing forward its portfolio of complex, long-term regeneration sites. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews