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Housebuilder Barratt's profits up to £120m

BARRATT Developments has said its interim pre-tax profits more than doubled to £120.4 million.

Revenue in the six months to December 31 grew by 33% from £951.1m to more than £1.26 billion.

The UK Government-backed Help to Buy scheme was used in 29% of the 6196 housing completions the company managed in the period.

Mark Clare, chief executive, predicted annual profits at the top end of expectations and said: "Our momentum has continued into 2014 with sales rates well above last year and forward sales of £1.7bn."

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