UPMARKET housebuilder Berkeley said a 25% jump in sales reservations over the winter had boosted its confidence in results for 2011 and 2012.
The group, which focuses on London and the Home Counties, expects earnings for the year to the end of April to be at the high end of forecasts – with further growth in the next financial year should trading conditions stay the same.
The update prompted broker Numis to upgrade its profits estimate for 2012 by 14% to £160m. It said earnings were on track to double between 2010 and 2014, rather than its previous forecast of a five-year time frame. Forward sales exceed £800m.
Berkeley has bought a further 1,000 plots across eight new sites, bringing total plots acquired in the year to 3,500 homes across 21 sites.