June 21, 2017 / 6:15 AM / a month ago

UK builder Berkeley posts 50 pct profit rise but warns of uncertainty ahead

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LONDON, June 21 (Reuters) - London-focussed housebuilder Berkeley posted a better-than-expected 53 percent rise in profit on Wednesday, but warned that tax rises on top-end properties had muted new construction and Brexit could harm the sector in the months ahead.

Berkeley, which reported pretax profit of 812 million pounds ($1 billion) in the 12 months to the end of April, warned that Britain's exit from the European Union could lead to a prolonged period of uncertainty.

"Brexit and wider global macro instability impact both confidence and sentiment and will result in constrained investment levels," the firm said.

"This leads to greater uncertainty around the timing of delivery of homes from our land bank." ($1 = 0.7919 pounds) (Reporting by Costas Pitas, Editing by Paul Sandle)

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