Berkeley maintains £1.4 billion four-year profit plan

Berkeley ($BKG) maintained its four-year plan to deliver £1.4 billion of pre-tax profit, describing market conditions as stable but buyers as cautious. The company said enquiries continue, while the timing of transactions remains an important influence on reported performance.

Berkeley has spent approximately £60 million on share repurchases in the first four months of its financial year and expects half-year net cash of around £250 million. It continues to limit new development phases and has paused investment in additional land under its existing strategy. The statement is a reaffirmation rather than a fresh profit upgrade. It pairs continued capital returns with a restrained approach to deployment of cash, rather than signaling an immediate acceleration in new housing production.

Sources:

• Berkeley Group — trading statement, RNS / Investegate