LONDON (dpa-AFX) - Barratt Developments PLC (BDEV.L), a residential property development company in the UK, Wednesday reported profit before tax from continuing operations of 170.5 million pounds for the full year, significantly lower than 705.1 million pounds in the previous year, mainly due to more than 20 percent decline in revenue.
Excluding one-time items, adjusted profit before tax decreased 56.5 percent to 385 million pounds from 884.3 million pounds a year ago.
Profit from operations was 174.7 million pounds, down from 707.4 million pounds last year.
Net profit dropped to 114.1 million pounds or 11.6p per share from 530.3 million pounds or 52.6p per share a year ago.
Adjusted profit was 274.2 million pounds or 27.8p per share, lower than 670.2 million pounds or 66.5p per share last year.
Revenue for the year fell 21.7 percent to 4.168 billion pounds from 5.321 billion pounds in the previous year.
Group wholly owned home completions was 17.8 percent lower at 13,468, and the average selling price reduced by 4 percent to 306,800.
The Board has recommended a final dividend of 11.8 pence per share, lower than 23.5 pence per share last year, to be paid on November 1 to shareholders on the register on September 27.
Looking ahead, the company expects fiscal 2025 home completions to be in the range of 13,000 - 13,500, including about 600 by joint ventures.
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