Local Economy
Barratt, the housebuilder, expects pre-tax profits for the year to June to be around £40m compared to a loss of £33m in the previous year. Barratt’s net debt fell [about 10%] to £330m on June 30, down from £366.9m a year ago. It completed 11,171 homes during the year, down [1.8%] from 11,377 in 2009/10. Five years ago Barratt was completing 22,000 homes a year. Barratt has secured £1bn of finance to fund progress over the next four years (J 15/07). [Barratt was Newcastle-based, but has been based in the Midlands for some years –Ed.]