Pre-tax profits increased by 158 per cent to £110 million for the full-year to 30 June.
Group revenues jumped 14 per cent to £2.3 billion as Barratt completed 12,637 houses compared with just over 11,000 the year before.
Group operating profit rose 41 per cent to around £191 million (2011:£135 mln).
Demand in the housing market has remained high thanks to a lack of new homes in the UK and a government drive to help the market move forward, with schemes including New Buy.
“This year has seen a rapidly improving performance across the group and shows that our strategy is delivering, with profits up more than 150 per cent and an almost halving of our net debt,” said chief executive Mark Clare.
The “significant” improvement in operating margin to around 8.2 per cent from 6.6 per cent in 2011 reflected a focus on operational efficiency and bringing more recently acquired higher margin land into production.
Barratt reduced net debt to around £170 million, significantly lower than forecast, the company said.
The average selling price increased in the period to £180,000, with “greater robustness” shown in London and the South East.
Private sales were up 35 per cent to £378 million over the 12 months.
After climbing early, the share price slipped 0.9 per cent to 136 pence.