For the six months to 31 December 2011, Barratt’s profit from operations was £61.1m (2010: £43.5m), a 40.5% increase, with operating margin increasing to 6.4% (2010: 5.0%).
Revenues for the half-year increased by 8.6% to £952.8m (2010: £877.6m).
Profit before tax was £21.6m (2010: loss before tax of £4.6m).
The second half of the financial year has started strongly, the company said, with private sales up 22%.
Private forward sales as at 19 February 2012 were up by 24.3% to £693.2m (20 February 2011: £557.9m).
With higher margin land now coming on stream, second half gross margin and operating profit are also expected to be up on last year’s results.
Group chief executive Mark Clare said: “Over the last six months we have continued to improve the performance of the business, despite the wider economic uncertainty. We have delivered a further substantial increase in profits and recently acquired high margin land is now driving further recovery. We have again brought debt and land creditors in below expected levels. We have seen a strong start to 2012 and over the first seven weeks private reservations are running 21.8% ahead of this time last year.”
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