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Commercial Property News
Berkeley Group say past 4 months house sales are down 50% on the average for the period
Housebuilder and construction company Berkeley Group Holdings Plc said sales since the start of May are 50% below average, but in line with expectations for the first six months and the year.
Berkeley said today it is confident of being able maintain operating margins within their historical range through a range of efficiency measures and by adding value to its sites through new planning consents.
In contrast with rival housebuilders who are reining in spending on land in the face of the current housing market downturn, Berkeley said it had improved its net cash position to £71 million at the end of August, allowing it to take advantage of land acquisition opportunities.
The group also said its shareholders had agreed to a restructuring of the final £3 per share due to be returned under a scheme of arrangement, with the target end date deferred to January 2014 from January 2011. The cash will now be returned through a series of dividend payments and a share buyback.
Berkeley said today it is confident of being able maintain operating margins within their historical range through a range of efficiency measures and by adding value to its sites through new planning consents.
In contrast with rival housebuilders who are reining in spending on land in the face of the current housing market downturn, Berkeley said it had improved its net cash position to £71 million at the end of August, allowing it to take advantage of land acquisition opportunities.
The group also said its shareholders had agreed to a restructuring of the final £3 per share due to be returned under a scheme of arrangement, with the target end date deferred to January 2014 from January 2011. The cash will now be returned through a series of dividend payments and a share buyback.
Tue, 16th Sep 2008