May 10, 2017 / 6:19 AM / 8 months ago

UK's Barratt sees profits at top of range despite flat completions

LONDON, May 10 (Reuters) - Britain’s biggest builder Barratt said on Wednesday it expected 2016/17 pre-tax profit to meet the top end of market expectations despite building barely any more homes than in the last financial year.

The firm said it anticipated profit would reach up to 733 million pounds ($950 million), the top end of analysts’ expectations in a Thomson Reuters poll and over 7 percent higher than in 2015/16.

But the builder said it would complete only around 30 more homes to reach a total of 17,350 units, despite concerted government efforts to boost housebuilding and deal with a chronic shortage which has pushed up rents and house prices.

$1 = 0.7717 pounds Reporting by Costas Pitas; editing by Kate Holton

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