Tag: BKG

Berkeley Group Holdings plc (LON:BKG) has announced its Trading Update covering the period from 1 November 2024 to 28 February 2025.

“Berkeley set out its 10-year growth strategy – Berkeley 2035 – with its interim results in December; a strategy focused on long-term value creation through a flexible capital allocation framework which balances near-term volatility in the operating environment with the ability to capitalise on emerging investment opportunities.  Today, Berkeley reaffirms its earnings guidance to deliver at least £975 million of pre-tax profit across FY25 (£525 million) and FY26 (£450 million).

Enquiries are at a consistently good level, and we have seen the modest improvement in sales reservations that we noted at the time of the interim results continue through this trading period with sales rates ahead of those achieved last year.  For this improvement to continue and sales rates to return closer to the levels of three years ago, there needs to be greater confidence in the trajectory of interest rate reductions and wider economic stability. 

Berkeley has maintained its strong financial position, with net cash anticipated to be around £300 million at 30 April 2025 (31 October 2024: £474 million), reflecting an acceleration of shareholder returns since the half-year through share buy-backs and the anticipated settlement of some £180 million of land creditors in the second half of the year.  The actual out-turn will be determined by the pace of further share buy-backs, any new land investment and the phasing of legal completions around the year-end. 

We remain hugely encouraged by the change in mind-set over planning, brought about by the Government’s planning reforms and housing delivery ambitions which we fully support. In the period, Berkeley has made good progress, securing important amendments on 10 of our long-term regeneration sites. We are now working with our local authority partners to finalise the Section 106 agreements and clear conditions on a number of these so they can be implemented. We are also actively appraising a number of opportunities in the land market.

Nonetheless, Berkeley remains concerned by the impact of the extent and pace of regulatory changes of recent years, as we now await details of the new Building Safety Levy. Taken together, these incremental changes place significant pressure on the delivery of new homes. 

We are also working hard in preparing the Building Safety cases required under the pre-start on site Gateway 2 approval process implemented by the new Building Safety Regulator. Alongside the rest of the industry, including the G15 group of Housing Associations, we believe a review of this process is necessary to ensure it meets its objectives without incurring further delays to delivery, and thereby supports the Government’s housing ambitions.

Since its interims results, Berkeley has returned £71.3 million via share buy-backs (1.9 million shares at an average price of £37.92).  An interim dividend of 33 pence per share (£33.0 million) has been declared for payment on 28 March 2025.  Taking this and the share buy-backs in the first half into account, there is currently £156.1 million residual shareholder return (to complete the £283.5 million annual return) due by the end of September 2025.  To the extent this amount is not delivered as share buy-backs, it will be returned in September as a dividend.”

Berkeley Group Holdings plc (“LON:BKG) has announced its unaudited interim results for the six months ended 31 October 2024. 

Rob Perrins, Chief Executive, said:

“Berkeley has delivered £275 million of pre-tax profit for the six months, with net cash at £474 million. Despite ongoing geopolitical and macroeconomic volatility, we remain on track to achieve our pre-tax profit guidance of £525 million for the full year and at least £450 million for FY26. We are also on target to complete the final annual £283 million payment under the current Shareholder Returns programme by 30 September 2025.

There is good underlying demand for our homes, but transaction volumes remain around a third lower than FY23. Whilst we have seen a slight uptick in recent weeks, a meaningful recovery will require a sustained improvement in consumer confidence and stability in the wider macroeconomic environment.

As previously announced, pre-tax return on equity will dip below Berkeley’s long-term target of 15% at the above levels of profitability, due to the impact of the operating environment and market conditions of recent years on our industry and the wider economy.

We therefore welcome Government’s mission for growth and its brownfield-led housing agenda to resolve the issues in the planning system and deliver 1.5 million new homes over the next five years.  Indeed, the strength and tone of Government’s housing commitments have already galvanised the planning system.

We are now working closely with all levels of government to ensure that this positive momentum quickly translates into economically viable planning consents to unlock greater investment and delivery on the ground, but this will take time.    We also remain alive to the very significant changes to Building Regulations and the establishment of a new industry regulator.  This necessary change brings uncertainty as it beds-in and with it the risk of delays and additional costs.

Illustrating the scale of the opportunity, but also the challenge, housing starts in London fell to just 8,450 in the twelve months to 30 June 2024, according to the most recent quarterly statistics issued by MHCLG. This compares to Government’s newly identified annual target of 80,000 for the capital.

Berkeley wants to play its full part in addressing this shortfall and helping Government meet its ambitions and believes that we are close to the point of inflection when both the operating environment and market conditions are supportive of investment. In light of this, we are today announcing a new 10-year strategy – Berkeley 2035 – which takes into account both the volatility that persists in the operating environment and emerging opportunities.

Berkeley 2035 provides a framework within which Berkeley can utilise its entrepreneurial property expertise to: (i) increase return on capital in the core business through optimising existing sites, bringing pipeline sites into delivery and investing in new land; (ii) establish our own market-leading Build to Rent (“BTR”) platform and significantly grow its value; and (iii) make returns to shareholders, through share buy-backs or dividends; a strategy that will grow the long-term value of the Company, while retaining financial strength. The opportunity to introduce third party funding to the BTR platform provides the financial capacity and flexibility to increase investment or shareholder returns further.

Berkeley has identified £7 billion of its free cash flow to deploy over the next ten years in a combination of: (i) land investment; (ii) construction of its BTR platform; and (iii) returns to shareholders. This is before introducing any external funding to the BTR platform and anticipates the initial allocation set out below:

	£’billion
Land investment (broadly replacement)	2.5
Existing BTR commitment	1.2
Minimum level of shareholder returns	2.0
Flexible allocation	1.3
	7.0

This agile framework for capital allocation combines necessary near-term resilience with the ability to flex a greater allocation to new land, the BTR platform or shareholder returns as the operating environment evolves. We are targeting to maintain operating margins in the historic range of 17.5% to 19.5% over this period, maintain the future gross margin in our land holdings above £6.0 billion, grow the value of our BTR platform and grow net asset value per share.  Adopting this strategy at this point in the cycle will result in Berkeley investing more in the near-term to drive higher profits and returns to shareholders in the long-term, and meeting our long-term 15% pre-tax return on equity target.

Our teams have made fantastic progress throughout the period as we breathe new life into neglected urban sites and create some of the most exciting mixed-use neighbourhoods in the country.  St William’s stunning Regent’s View development in Bethnal Green exemplifies our approach and I am hugely proud that this innovative gasworks regeneration project has been named the world’s best Future Residential Project at the World Architecture Festival.

I wish to thank the entire team across Berkeley for their hard work, commitment and sheer ingenuity.  They deliver hugely positive outcomes for all of our stakeholders and remain the bedrock of our continued success.”

Summary of FINANCIAL POSITION, Earnings AND Shareholder Returns

		As at		As at		Change
Financial Position		31-Oct-24		30-Apr-24		absolute
Net cash		£474m		£532m		-£58m
Net asset value per share		£34.47		£33.63		+£0.84
Cash due on forward sales (1)		£1,510m		£1,701m		-£191m
Land holdings – future gross margin		£6,723m		£6,929m		-£206m
Pipeline sites / (plots (approx.)		13 (13,500)		13 (13,500)		– (-)
		HY to		HY to		Change
Earnings		31-Oct-24		31-Oct-23		%
Operating margin		20.2%		19.5%		+0.7%
Profit before tax		£275.1m		£298.0m		-7.7%
Basic earnings per share		186.8p		198.3p		-5.8%
Pre-tax return on equity		15.6%		17.7%		-2.1%
		HY to		HY to
Shareholder Returns		31-Oct-24		31-Oct-23
Share buy-backs undertaken		£23.3m		£64.5m
Dividends paid		£218.7m		£63.1m
Shareholder returns		£242.0m		£127.6m
Share buy-backs – volume		0.5m		1.7m
Average price paid for share buy-backs		£46.33		£39.01
Dividends per share		£2.07		£0.59
(1) Cash due on private exchanged forward sales completing within the next three years
See Note 9 of the Condensed Consolidated Financial Information for a reconciliation of alternative performance measures

·     Sales during the period have been largely consistent with FY24 run rates, with a slight improvement in recent weeks, and we are on target to achieve our FY25 and FY26 pre-tax profit guidance.

·     Sales prices are resilient and build costs are stable with negligible inflation albeit we are alert to wider macroeconomic risk.

·      Operating efficiency maintained with operating costs in line with last year.  

·    Net cash is £474 million, following shareholder returns of £242 million in the period, with £1.2 billion of borrowing capacity providing total liquidity of £1.7 billion.

·      Net asset value per share has increased to £34.47 and reflects historic cost.

·      Unrivalled land holdings with £6.7 billion of future gross margin – with strong planning momentum during the period.

CAPITAL ALLOCATION

·    New 10-year strategy, Berkeley 2035, announced to provide resilience and flexibility for Berkeley to allocate capital between land investment, growing its BTR platform and shareholder returns, as the operating environment evolves.

·    On track to make the final £283 million annual shareholder return under the current Shareholder Returns programme by 30 September 2025, including a 33 pence per share interim dividend to the paid in March 2025.

DELIVERING FOR ALL STAKEHOLDERS

·      2,103 homes delivered, plus 177 in joint ventures (2023: 1,785, plus 204) – 92% of which are on brownfield land.

·   Over £300 million of subsidies provided to deliver affordable housing and committed to wider community and infrastructure benefits in the period.

·   Berkeley is delivering some 10% of London’s new private and affordable homes – supporting an average of approximately 26,000 UK jobs per annum directly and indirectly through its supply chain over the last five years.

·      Industry leading Net Promoter Score (+78.2) and customer satisfaction ratings maintained.

·    A recognised leader in the industry for nature, committing to biodiversity net gain seven years before it became mandatory in February 2024.  In total, 57 developments are now committed which together will create more than 600 acres of new or measurably improved natural habitats.

·    Awarded a place on CDP’s “A List” for climate transparency and performance and Supplier Engagement Award.  More than 50 embodied carbon studies completed as we progress our Climate Action programme.

·   Gold membership of The 5% Club, with 9% of direct employees in ‘earn and learn’ positions as graduates, apprentices or sponsored students within the period. 

Investor and Analyst Presentation:

A pre-recorded presentation by the Directors of Berkeley Group on the results will be made available on the Company’s website at 11:00 today – https://www.berkeleygroup.co.uk/investors/results-and-announcements.

Berkeley Group Holdings plc (LON:BKG) has announced its audited results for the year ended 30 April 2024. 

Strong performance in continued challenging operating conditions and

ready to increase investment once the conditions for growth are re-established

£283 million Annual Shareholder return to be completed by 33 pence per share ordinary dividend in July and 174 pence per share special dividend to be paid in September and accompanied by a share consolidation

 FY25 guidance increased by 5% to £525 million

87% of homes delivered by Berkeley in FY24 were on brownfield land with some £370 million investment in socio-economic benefits

Berkeley is establishing its own Build to Rent platform, alongside its core trading business, adopting a strategic approach to maximising returns from its long-term regeneration sites

Rob Perrins, Chief Executive, said:

“Berkeley has delivered pre-tax profits of £557 million in line with the guidance provided at the start of the year and increased its net cash position to over £500 million. This is a strong performance in a challenging and volatile operating environment, demonstrating the resilience of Berkeley’s business model with its focus on the country’s most undersupplied markets.

We continue to see good levels of enquiry for well-located homes built to a high standard of design and quality but recognise that the current lack of urgency in the market is likely to remain until the long-anticipated reduction in interest rates commences. Berkeley continues to benefit from a strong order book and has already secured 80% of its sales for next year, underpinning today’s 5% increase in guidance for FY25’s pre-tax profit to £525 million, with guidance for FY26 re-affirmed at £450 million.

In the year, we have delivered 3,500 new private and affordable homes, of which 87% are on regenerated brownfield land, and provided over £370 million in subsidies to deliver affordable housing and commitments to wider community and infrastructure benefits.

Recognising the strong occupational and institutional investment demand for high quality, well-managed rental homes in London and the South East, Berkeley is establishing its own Build to Rent (“BTR”) platform to maximise returns in today’s market conditions. 

Berkeley has identified some 4,000 homes across 17 of its sustainable and well-connected brownfield regeneration sites as an initial portfolio for this platform.

Developed over the next ten years, and broadly representing a 10% increase in delivery, the portfolio will be financed by a combination of internally generated funds (over and above annual scheduled shareholder returns), debt secured against rental properties once income generating, and the introduction of third-party capital at the appropriate time, thereby fully supporting Berkeley’s long-term corporate 15% pre-tax ROE target.

Berkeley’s passion and purpose is to build quality homes, strengthen communities and make a positive difference to people’s lives.  We stand out as the only large-scale UK homebuilder focussed on brownfield regeneration, which is a vital driver for growth and a powerful force for good in our towns and cities. 

We are heartened by the strong political consensus behind increasing the delivery of new homes across the country and the recognition that regenerating brownfield land is the most sustainable and popular way to deliver this vital goal. The next step is to ensure that brownfield sites can come forward at real scale and pace.

For this to happen, planning policy and public funding needs to prioritise the provision of affordable homes over the other significant financial demands placed upon the development industry through the planning, taxation and regulatory regimes. The industry has absorbed many regulatory changes over recent years and, while all well-intended, when taken together they have stifled investment, housing delivery and growth. In terms of corporation tax alone, the industry’s rate has increased by 10% (from 19% to 29%) over the last two years, including the 4% RPDT.

We are supportive of the initiatives being discussed to provide customers with greater access to higher loan to value mortgages and to reduce stamp duty. We believe that all surcharges on stamp duty should be removed as, ultimately, these constrain supply.

I would like to thank all of Berkeley’s people for their hard work, resilience and steadfast focus on our customers and communities to achieve the best possible outcomes for all stakeholders in this exceptionally challenging environment.”

SUMMARY OF FINANCIAL POSITION, EARNINGS AND SHAREHOLDER RETURNS

		As at		As at		Change
Financial Position		30-Apr-24		30-Apr-23		absolute
Net cash		£532m		£410m		+£122m
Net asset value per share (1)		£33.63		£31.01		+£2.62
Cash due on forward sales (1)		£1,701m		£2,136m		-£435m
Land holdings – future gross margin (1)		£6,929m		£7,629m		-£700m
Pipeline sites / (plots (approx.))		13 (13,500)		14 (14,000)		-1 (-500)
		FY to		FY to		Change
Earnings		30-Apr-24		30-Apr-23		%
Operating margin		19.5%		20.3%		N/a
Profit before tax		£557.3m		£604.0m		-7.7%
Earnings per share – basic		373.9p		426.8p		-12.4%
Pre-tax return on equity (1)		16.2%		18.7%		N/a
		FY to		FY to
Shareholder Returns		30-Apr-24		30-Apr-23
Share buy-backs undertaken		£72.3m		£155.4m
Dividends paid		£98.1m		£98.5m
Shareholder returns		£170.4m		£253.9m
Share buy-backs – volume		1.8m		4.0m
Average price paid for share buy-backs		£39.62		£38.25
Dividends per share		£0.92		£0.91
(1)  See Note 8 of the Condensed Consolidated Financial Information for a reconciliation of alternative performance measures

·     The value of net reservations has been consistent through the year at levels around one third lower than the prior year, reflecting the ongoing elevated political and macro volatility.

·      Sales pricing is firm and above business plan levels, with build cost inflation across most trades at negligible levels.

·      Operating margin is stable at 19.5%, with net operating costs reduced by £14 million to £165 million.

·      Net cash increased to £532 million, with £1.2 billion of borrowing capacity providing total liquidity of £1.7 billion.

·      Net asset value per share has increased to £33.63 and reflects historic cost.

·    Pre-tax earnings guidance met for FY24 and increased by 5% for FY25 to £525 million, with FY26 unchanged. Berkeley Group is therefore targeting to deliver at least £975 million of pre-tax profit in the next two years combined.

·      On target to deliver £283 million (£2.67 per share) of Shareholder Returns by 30 September 2024.

·     Unrivalled land holdings with £6.9 billion of future gross margin – two sites added in the period, including one transfer from the pipeline.

CAPITAL ALLOCATION

·    Underpinned by balance sheet strength, our capital allocation policy provides the flexibility to pursue attractive opportunities as market conditions evolve, as demonstrated by intention to establish our own BTR platform.

·      No change to previously announced annual scheduled shareholder returns programme.

·      We remain ready to invest in new opportunities once the conditions for growth are re-established.

DELIVERING FOR ALL STAKEHOLDERS

·   3,521 homes delivered, plus 406 in joint ventures (2023: 4,043, plus 594), 87% of which are on regenerated brownfield land.

·     Approximately £370 million of subsidies provided to deliver affordable housing and committed to wider community and infrastructure benefits in the year.

·   Berkeley is delivering some 10% of London’s new private and affordable homes – supporting an average of approximately 26,000 UK jobs per annum directly and indirectly through its supply chain over the last five years.

·      Industry leading Net Promoter Score (+80.2) and customer satisfaction ratings maintained.

·     Since 2017/18 all new planning applications have committed to biodiversity net gain ahead of it becoming mandatory in February 2024.  In total 56 developments are now committed, which together will create more than 580 acres of new or measurably improved natural habitats.

·   Awarded a place on CDP’s “A List” for climate transparency and performance. 48 embodied carbon studies completed as we progress our Climate Action programme. Awarded CDP’s Supplier Engagement Award for our work with our supply chain to reduce carbon impacts.

·   Gold membership of The 5% Club, with 9.5% of direct employees in ‘earn and learn’ positions as graduates, apprentices or sponsored students within the year. 

Investor and Analyst Presentation:

A pre-recorded presentation by the Directors of Berkeley Group on the results will be made available on the Company’s website at 11:00 today – https://www.berkeleygroup.co.uk/investors/results-and-announcements.

Berkeley Group Holdings plc (LON:BKG) has announced that an interim dividend of 33.00 pence per share will be paid on 29 March 2024 to shareholders on the Company’s register of members at close of business on 8 March 2024. The ex-dividend date is 7 March 2024.

Under the ongoing shareholder returns programme, the scheduled return for the twelve months to 30 September 2024 is currently £283,172,570.  The Qualifying Return can be made through either dividends or share buy-backs, subject to a dividend underpin of 66.00 pence per share.

The table below sets out the status of the Qualifying Return following today’s interim dividend announcement: 

Qualifying Return	£283,172,570
Qualifying Return already satisfied through share buy-backs	£21,442,179
Qualifying Return to be satisfied as dividend to be paid on 29 March 2024	£34,994,034
Shares eligible for dividend to be paid on 29 March 2024 *	106,042,527
Dividend per share now being declared	33.00 pence
Qualifying Return still to be satisfied	£226,736,357

* Excluding shares held in Treasury and by the Employee Benefit Trust

To the extent the remaining Qualifying Return is not delivered by the residual dividend underpin of 66 pence per share per annum or share buy-backs, the balance will be returned in September 2024 and will be accompanied by a share consolidation, unless the balance is deemed de minimis for these purposes.  The Qualifying Return will be increased appropriately if any new shares are issued either from treasury or as newly listed shares.  

With 106,042,527 shares currently eligible for distributions, the Qualifying Return equates to £2.67 per share. 

Berkeley Group Holdings plc is a British property developer and house-builder based in Cobham, England.

Berkeley Group Holdings plc (LON:BKG) has announced its unaudited interim results for the six months ended 31 October 2023. 

Rob Perrins, Chief Executive, said:

“Berkeley has demonstrated the resilience of its uniquely long-term business model with today’s strong results and is extending its guidance a further year to cover the period to 30 April 2026.  Over the current and the next two financial years, Berkeley is targeting the delivery of at least £1.5 billion of pre-tax profit and the maintenance of net cash above £400 million.

Berkeley is a purpose-driven business, building quality homes, strengthening communities and making a positive difference to people’s lives through our development activities, underpinned by our industry-leading Vision 2030 strategy.  Berkeley stands out as the only large-scale UK homebuilder focussed on brownfield regeneration, which is a vital driver for economic growth and a powerful force for good in our towns and cities.  

In the six months, we have delivered 1,785 new private and affordable homes, of which 87% are on brownfield land, and provided over £250 million in subsidies to deliver affordable housing and commitments to wider community and infrastructure benefits, more than 100% of the post-tax profit generated in the period.

Despite urban regeneration being a clear national priority, it has become increasingly difficult to progress this form of development as changes to planning, tax and regulatory regimes have created an increasingly uncertain, unpredictable and burdensome environment.  This is driving investment away from urban areas, restricting growth and preventing homes and other tangible benefits being delivered. It will lead to lower productivity, fewer jobs being created and net zero being harder to achieve, as the efficient re-use of land in urban settings to deliver, well-connected, nature-rich new communities, near existing infrastructure is the most sustainable form of development.

In today’s environment, Berkeley will intensify its disciplined approach to operating cost control and work in progress investment, while continually looking to identify the best development solution on each of its sites for the benefit of all its stakeholders. We are ready and able to deploy capital into new opportunities once the market and regulatory cycles inflect and returns can be earned commensurate with the level of upfront investment and operational risk we undertake.

While the need is clear, the challenges to new development are complex, but we are encouraged by the level of engagement that Berkeley and other urban regeneration specialists are now receiving to address the specific barriers to brownfield development.  We also fully support the Mayor’s ambition for good and fair outcomes for Londoners, including high levels of affordable housing. This requires an increase in density, higher levels of grant funding and a reduction in other tariffs, such as the Community Infrastructure Levy, if it is to translate into a sustainable increase in delivery. 

I would like to thank all Berkeley’s people for their contribution to these results and their unerring focus on the customer and the fantastic places we create in this exceptionally challenging operating environment in which Berkeley’s core values of attention to detail, creativity and resilience really come to the fore.”

SUMMARY OF FINANCIAL POSITION, EARNINGS AND SHAREHOLDER RETURNS

		As at		As at		Change
Financial Position		31-Oct-23		30-Apr-23		absolute
Net cash		£422m		£410m		+£12m
Net asset value per share		£32.19		£31.01		+£1.18
Cash due on forward sales (1)		£1,964m		£2,136m		-£172m
Land holdings – future gross margin		£7,245m		£7,629m		-£384m
Pipeline sites / (plots (approx.))		13 (13,500)		14 (14,000)		-1 (-500)
		HY to		HY to		Change
Earnings		31-Oct-23		31-Oct-22		%
Operating margin		19.5%		19.5%		–
Profit before tax		£298.0m		£284.8m		+4.6%
Earnings per share – basic		198.3p		200.4p		-1.0%
Pre-tax return on equity		17.7%		18.0%		-0.3%
		HY to		HY to
Shareholder Returns		31-Oct-23		31-Oct-22
Share buy-backs undertaken		£64.5m		£110.5m
Dividends paid		£63.1m		£23.3m
Shareholder returns		£127.6m		£133.8m
Share buy-backs – volume		1.7m		2.9m
Average price paid for share buy-backs		£39.01		£37.61
Dividends per share		£0.59		£0.21
(1) Cash due on private exchanged forward sales completing within the next three years
See Note 8 of the Condensed Consolidated Financial Information for a reconciliation of alternative performance measures

·    The value of net reservations during the period is one third lower than the comparative financial year, reflecting the sharp increase in interest rates and the ongoing elevated political and macro volatility.

·      Sales pricing is firm and above business plan levels, with build cost inflation across most trades at negligible levels.

·      Operating margin stable at 19.5%, with net operating costs reduced by £10 million to £79.7 million.

·      Net cash increased to £422 million, with £1.2 billion of borrowing capacity providing total liquidity of £1.6 billion.

·      Net asset value per share has increased to £32.19 and reflects historic cost.

·      Earnings guidance extended by a year to cover the three years ending 30 April 2026, over which period Berkeley is targeting to deliver at least £1.5 billion of pre-tax profit (previously £1.05 billion in two years to 30 April 2025). 

·      On target to deliver next £283 million (£2.67 per share) of Shareholder Returns by 30 September 2024.

·     Unrivalled land holdings with £7.2 billion of future gross margin – two sites added in the period, including one transfer from the pipeline.

CAPITAL ALLOCATION

·    Agile and ready to switch capital allocation emphasis to new investment should the conditions for growth present themselves.

·    If Berkeley does not recommence deployment of capital into new investment opportunities by 30 April 2027, we anticipate returning around 100% of the profit after tax earned over this period to shareholders, while maintaining financial strength and ensuring we can deliver our cross-cycle 15% pre-tax ROE target.

DELIVERING FOR ALL STAKEHOLDERS

·      1,785 homes delivered, plus 204 in joint ventures (2022: 2,080, plus 251) – 87% of which are on brownfield land.

·    Approximately £254 million of subsidies provided to deliver affordable housing and committed to wider community and infrastructure benefits in the six month period.

·   Berkeley is delivering some 10% of London’s new private and affordable homes – supporting an average of approximately 27,000 UK jobs per annum directly and indirectly through its supply chain over the last five years.

·      Industry leading Net Promoter Score (+79.9) and customer satisfaction ratings maintained.

·     Since 2017/18 all new planning applications have committed to biodiversity net gain, in total 54 developments which together will create more than 550 acres of new or measurably improved natural habitats.

·    23 embodied carbon studies completed and more than 20 underway as we progress our Climate Action programme.

·      Rated “A-” by CDP for climate action and transparency and AAA rated in the MSCI global ESG index. 

·   Gold membership of The 5% Club maintained, with 9% of direct employees in ‘earn and learn’ positions as graduates, apprentices or sponsored students within the six month period. 

Investor and Analyst Presentation:

A pre-recorded presentation by the Directors of Berkeley on the results will be made available on the Company’s website at 11:00 today – https://www.berkeleygroup.co.uk/investors/results-and-announcements.