BDEV falls despite surging profits

Fiona Cincotta
By :  ,  Market Analyst

Barratt Developments falls despite upbeat numbers


 

The house builder saw pre-tax profits rise 65% thanks to the pandemic housing boom and despite rising costs.

Pre-tax profits hit £812.2 million up from £491.8 million last year.

Revenue rose 40.7% to £4.8 billion and completions jumped 36.8%. However these were against favourable comparisons from last year.

Concerns over the end of the stamp duty holiday and slower winter months have dragged on the share price since April.

On the chart, 730p is a key level to close above for further upside. 710p the 200 & 50 sma offers support. A break below this level could signal a sell trade.

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Related tags: Equities

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