Builder Barratt Developments (LON:BDEV) said it expects first half profits to have doubled as its focus on efficiency and the use of what it calls higher margin land begins to pay dividends.
With completions flat at around 5,100 the company said it will post pre-tax earnings of around £45mln when its interim results are posted on February 27. Revenues are predicted to be £950mln, while the most eye-catching figure will likely be the fall in net debt to around £332mln from £542mln previously.
Chief executive Mark Clare told investors: “This has been a good first half performance.
“Pre-tax profit has more than doubled, net debt was significantly lower than the prior year, and we have started the second half with a strong private forward order book up by over 35%.
“In addition, we have been investing for the future, successfully securing higher margin land both in the South-East and across the rest of the country that will drive further profit growth."