Berkeley Group has issued its strong full year results for the year ending April 30 2021, with an increase in both revenue and profit as they remain “committed to London”.
Revenue was reported at £2,202.2 million which was a 14.7% increase compared to 2020 – the majority of this from their homes sold in London and the South East. Pre-tax profit also rose to £518.1 million, a 2.9% increase on the previous year and 2,825 homes were sold in 2021, compared to 2,723 in 2020, seeing good demand supported by the stamp duty holiday.
Berkeley previously announced that they would delay certain sales launches until Covid restrictions were lifted but are confident of London’s recovery post Covid-19. The firm “believe that Covid-19’s impact does not represent a permanent structural shift that has capacity to reverse urbanisation or detract from the attraction of a global city such as London…”.
This year they have acquired ten new sites of more than 6,650 homes and have gained planning consent on four long term regeneration schemes.
Overall, Berkeley have ended the year with net cash of £1.1 billion and cash due on forward sales of £1.7 billion.
Rob Perrins, Berkeley’s ceo, said: “Today’s strong results reflect the consistent and focused application of Berkeley’s uniquely long-term business model, the quality of the homes and places we create and our proficiency in adapting to the challenges of the pandemic, sustaining production throughout.”