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In a trading update ahead of its AGM housebuilder Berkeley confirmed it was on track to meet its profit guidance and deliver a pre-tax profit for the year at or above the £518 million reported for the year ended 30 April 2021.
This in line guidance came amid resilient market conditions with building materials cost inflation offset by sales pricing 'above business plan levels'.
With a B-share capital return of £451 million due to be completed later this month, subject to shareholder approval, Berkeley continues to anticipate that a large part of the second half of the surplus capital return (a further £228 million) due by March 2023 will be allocated to land expenditure.
Following the B-share payment, the next scheduled shareholder return is the £141 million in respect of the six months to 30 September 2022. Given the resilient performance since the year-end, Berkeley said its intention is to make the return through either dividends or share buy-backs in the intervening period