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Berkeley Group predicts profit boost amid ‘robust’ London market

The Berkeley Group has given a positive outlook on the London and South-east market, calling conditions for these areas “robust and consistent”.

The developer’s forward sales remain above £1.8bn, and it is targeting £3.3bn of pre-tax profit between now and 30 April 2025, expecting annual profit to range from £500m to £700m during that period.

This would represent a slight decrease on its 2019 results, which saw a pre-tax profit of £775m.

In a trading statement, Berkeley Group said that demand for well-located, properly priced, quality homes still exists.

However, the firm added: “The wider market remains constrained by high transaction costs and the uncertainty in the macro political and economic environment.

“We continue to work with our supply chain to assess and address the risks associated with disruptive Brexit to the extent this is possible, including accelerating the delivery of certain materials and components.”

Shares in the company have risen 2 per cent, to 3,906p, as of midday.

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