Berkeley Group shares have shot up: Here's why

Berkeley shares soar 9pc after the housebuilder ups profit guidance

Berkeley shares soar 9pc after the housebuilder ups profit guidance

The company said its pre-tax profit guidance has now been upgraded to £3.3bn from £3bn.

Interim results published this morning showed pre-tax profits had risen 36 per cent to £533.3m in the six months to the end of October, on a 14 per cent rise in revenues.

Chairman Tony Pidgley said: "We should remember, above all, that housing is not a numbers game".

He said: "While the political context for housebuilding is turbulent, where there is stability, the potential for growth and delivery remains strong".

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During the period Berkeley sold 2,117 homes (2016: 2,076) at an average selling price of £719,000 (2016: £655,000). In the two years to the end of April 2019, it said it expects profits to hit £1.5bn.

The firm also warned over the future, with Boss Rob Perrins saying: "There remains good underlying demand for property in London and the South East, but the combination of uncertain United Kingdom economic and political outlook and high property taxation continues to mean customers are more circumspect and inevitably purchasing later in the development cycle".

Berkeley Group shares were up 8.7pc to £41.82 at the time of publication.

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