BRITAIN’S biggest housebuilder saw its shares lift as it a reported record full-year performance in a confident forecast that appeared unfazed by Brexit.

Barratt Developments upped its earnings outlook after its new homes completions reached an 11-year high, it said.

The firm delivered 17,111 homes - including 1,700 in Scotland - in the year to June 30, up 2.6 per cent on the previous year, ahead of publication of its annual results in September.

The Leicestershire-based firm said efforts to boost its margins are set to see pre-tax profits beat market forecasts, at around £910 million, which would mark an 8.9% rise on the previous year and a record high for the group.

READ MORE: 3,400 new homes by Barratt in pipeline this year

It also said it delivered a strong performance from joint ventures at around £35m against £18.6m.

The group’s full-year trading update showed a fall in the average private selling price, down 5% to around £312,000 due to changes in the mix of homes sold, which it said was partly offset by some underlying house price inflation.

David Thomas, Barratt chief executive, said: “It has been another very good year for the group both operationally and financially.

“We have delivered our highest number of completions for 11 years, made further improvements to our margin and as the only major housebuilder to be awarded a 5 Star rating for customer satisfaction for 10 years in a row, we continue to lead the industry in quality and customer service.

“We begin the new financial year with a strong forward order book and cash position, continued focus on the delivery of operational improvements across our business, and an ongoing commitment to deliver the highest quality homes across the country.”

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The group, which has developments across Scotland including in Glasgow, Lanarkshire, Edinburgh, Lothians, Aberdeen and Aberdeenshire, shouldered aside any worries over Brexit uncertainty hampering the new-build market.

It said: “Whilst there remains some economic and political uncertainty, the group is in a strong position.”

It said in its trading update to the London Stock Exchange: “As Britain’s largest housebuilder we remain committed to playing our part in addressing the housing shortage. We continue to increase volumes whilst maintaining our industry-leading quality.

“In line with expectations, we saw 2.6% growth in our wholly owned completions to 17,111 homes and delivered 745 home completions through our joint ventures making our total completions, including joint ventures 17,856 homes – against 17,579 - for the year.

“To continue to improve our operating efficiency, we have made further refinements to our new housing ranges without affecting our quality or design standards.

“In addition, we recently acquired Oregon Timber Frame Limited, one of our key suppliers of timber frames, to complement our existing business operations.”

READ MORE: Housebuilding giant buys Scots timber frame firm

The company acquired the frame firm in a move that was said to show confidence in the prospects for the housebuilding market.

The purchase of the Selkirk-based Oregon for an undisclosed sum is expected to give Barratt greater control over its supply chain.

It added that the land market “remains attractive and we continue to secure operational land opportunities that exceed our minimum hurdle rates”.

“The group approved £859.8m, against £933.9m the previous year, of operational land for purchase in the year, which we expect to equate to 18,448 plots, against 20,951 last year, in line with our volume growth aspirations.”

The cheer comes as the group said it had boosted its profit margin “significantly” over the past five years, with an operating margin of around 18.9% expected from the year, up from 17.7% previously.

Total forward sales stood at £2.6 billion as of June 30 - or 11,419 homes, up from £2.2bn the previous year.

Shares were up 1.28%, or 7.4p, to 583.8p at one stage on the news.