RNS Number:9953R
Barratt Developments PLC
13 November 2003


Barratt Developments PLC will be holding its Annual General Meeting at 2.30pm
today. At the meeting Charles Toner, Group Chairman, will make the following
statement:-



I am pleased to have this opportunity today to comment on our results for the
financial year ending 30th June last and also to update you on current trading
conditions and our prospects for the current financial year.

Our excellent results to 30th June produced another highly successful year. We
again delivered a record pre-tax profit at #288.7m with a record turnover in
excess of #2bn and earnings per share increased by 31%. This extended to eleven
years our track record of uninterrupted and consistent growth. During this time
we have increased earnings per share by an average of over 20% a year.

We continued to benefit from our geographic spread and by selling to all market
sectors, increasing our UK unit completions by 9% and our average selling price
by 13.6% to #158,600. Our excellent sales performance also boosted forward sales
at 1st July to a record #800m, up 29%, placing the Group in a very strong
position for the start of this financial year.

Despite a difficult planning environment, our successes in progressively
increasing our land holdings and winning planning approvals for a record 21,000
homes have been our major strengths. In the year just ended we further increased
our UK land stocks to 45,300 plots, acquiring a record 18,600 plots, 39% more
than we used. With a further 10,000 plots agreed subject to contract, the land
bank equates to 55,000 plots - over 4 years' supply.

We are industry leaders in urban regeneration and comfortably exceed Government
targets for the development of land with a former use with over 75% of our homes
nationwide now built on brownfield sites. Our land bank remains one of the
largest developable in the industry - an important factor in our continuing
success in growing the business organically. The quality of our land stocks,
focused in good locations and areas of proven demand, has also helped produce a
return on capital of 34%, one of the highest in our industry.

The quality and service we provide to our buyers was again recognised when
Barratt site manager Keith May won the top national award in the NHBC Pride in
the Job campaign. This is the third time a Barratt site manager has won the
national award. This followed 3 individual Gold Awards for Best Brownfield
Development, Best Starter Home and Best Luxury Development in the coveted annual
What House? awards, all of which vividly demonstrate the success of our diverse
product range. In addition, the Group again won more Green Leaf environment
awards than any other house-builder, bringing the total achieved to 32 in the
past 2 years. These included both the English Partnership Award and the Wildfowl
and Wetlands Trust Award for our Pierhead Lock development in London Docklands.
Top Regional environmental awards were also won for London, Scotland and the
South.

These excellent results illustrate how we have again strengthened the key
aspects of our business.

I am pleased to report that our strong sales performance has continued into the
new financial year and is fully in line with our objectives. All of our regional
markets remain active, including London and the South East. Sales reservations
since 1st July have further increased and our advance sales, now of over #1bn,
together with completions to date, secures over 70% of our full year projected
sales.

We also continue to increase our average selling price and contain selling costs
in line with expectations, which coupled with stringent controls of overheads
and construction costs gives us great confidence going forward. We remain fully
on course to achieve further sound growth in our volume, margin, profit and
earnings per share.

The economic fundamentals continue to be favourable to our industry - low
unemployment, low interest rates and the demand for new homes still outstripping
supply due to continuing delays within the planning system. We expect further
modest increases in interest rates over the coming year, which will help to
produce a more stable and sustainable market.

We are extremely well positioned to build on our unrivalled track record
underpinned by our strong forward sales, full geographic spread and product
range, increased selling outlets, our long urban regeneration experience and our
land acquisition and planning skills. These, together with the Group's marketing
skills and the strength of our management teams, give confidence that we will
meet any challenges in the market and continue the sound progress we have made
in improving earnings per share and generating shareholder value.



Charles Toner
Chairman

13th November 2003


For further information please contact:

Chris Lynch/ Terry Garrett
Weber Shandwick Square Mile                                        020 7067 0700




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