December 8, 2017 / 7:06 AM / a year ago

BRIEF-UK builder Berkeley's half-year profits rise 36 pct ​

Dec 8 (Reuters) - Berkeley Group Holdings Plc:

* ‍. 2,117 HOMES DELIVERED - INCLUDES MORE THAN 10% OF LONDON’S NEW PRIVATE AND AFFORDABLE HOMES​

* ‍£300 MILLION OF SUBSIDIES PROVIDED TO DELIVER AFFORDABLE HOUSING AND COMMITTED TO WIDER COMMUNITY AND INFRASTRUCTURE BENEFITS IN PERIOD​

* ‍£533.3 MILLION OF PRE-TAX PROFIT, UP 35.8% FROM £392.7 MILLION​

* ‍TODAY’S STRONG RESULTS REFLECT BERKELEY’S DISCIPLINED EXECUTION OF ITS UNIQUE OPERATING MODEL WHICH PLACES PRODUCT QUALITY AND FINANCIAL STRENGTH AT ITS HEART, ALLOWING FOR INVESTMENT AT RIGHT TIME IN CYCLE.​

* ‍WHILE POLITICAL CONTEXT FOR HOUSEBUILDING IS TURBULENT, WHERE THERE IS STABILITY, POTENTIAL FOR GROWTH AND DELIVERY REMAINS STRONG.​

* ‍BERKELEY ITSELF REMAINS WELL PLACED TO DELIVER OUR CURRENT PLAN, CREATING EXCEPTIONAL VALUE FOR OUR CUSTOMERS, SHAREHOLDERS AND SOCIETY.​

* ‍IT IS CRUCIAL THAT NEW HOUSING POLICIES SUPPORT LONDON MARKET, NOT LEAST BECAUSE CAPITAL IS SO IMPORTANT TO PROSPERITY THROUGHOUT REST OF COUNTRY​

* ‍WE WELCOME FOCUS ON HOUSING IN LAST MONTH’S BUDGET; PARTICULARLY HELP FOR SMALL DEVELOPERS AND MEASURES TO GET MORE LAND INTO DEVELOPMENT.​

* ‍£1.5 BILLION PRE-TAX PROFIT TO BE DELIVERED IN TWO YEARS ENDING 30 APRIL 2019​

* ‍FIVE YEAR PRE-TAX PROFIT GUIDANCE STARTING 1 MAY 2016 UPDATED TO £3.3 BILLION FROM £3.0 BILLION​

* ‍2017/18 FULL YEAR RESULTS WILL REPRESENT A PEAK FOR BERKELEY, BEFORE RETURNING TO MORE NORMAL RETURNS IN 2018/19. OUR GUIDANCE OF £1.5 BILLION OF PRE-TAX PROFIT FOR THESE TWO YEARS WILL BE APPROXIMATELY 60% WEIGHTED TOWARDS CURRENT YEAR.​ Source text for Eikon: Further company coverage: (London newsroom)

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