LONDON (dpa-AFX) - British property developer and house-builder Berkeley Group Holdings plc (BKG.L) Friday re-affirmed its outlook for pre-tax profits of at least 1.05 billion pounds across the current and next financial years, and likely to be weighted slightly to fiscal 2024.
In its trading update for the period from May 1 to August 31, the company said its profits for the current year are expected to be split broadly evenly between the first and second half.
Berkeley said it has over 90% of fiscal 2024 revenue exchanged, supported by a strong opening forward sales position. The company anticipates cash due on forward sales to be around 2 billion pounds as of October 31, compared to 2.14 billion pounds as of April 30.
Berkeley further said it remains on track to be working capital neutral over the course of this and the next financial year.
As announced in early August, a dividend of 59.30 pence per share will be paid to shareholders on September 8.
Berkeley added that it is on track to deliver the next annual shareholder return of 282.7 million pounds or currently 2.66 pounds per share by September 30, 2024 through a combination of dividends and share buy-backs.
Berkeley is holding its Annual General Meeting today.
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