The Berkeley Group (BKG) Trading Update summary

Trading performance and outlook

• Earnings guidance reaffirmed for at least £975 million pre-tax profit across FY25 (£525m) and FY26 (£450m).

• Sales reservations improved, with rates ahead of last year, but further growth depends on interest rate and economic stability.

• Net cash expected to be around £300 million at 30 April 2025, down from £474 million at 31 October 2024, due to accelerated shareholder returns and land creditor settlements.

Capital allocation and shareholder returns

• £71.3 million returned via share buy-backs since interim results, with 1.9 million shares repurchased at an average price of £37.92.

• Interim dividend of 33 pence per share (£33.0 million) declared for payment on 28 March 2025.

• £156.1 million residual shareholder return remains to complete the £283.5 million annual return by end of September 2025; any shortfall will be paid as a dividend.

Strategic and regulatory developments

• Progress made on planning reforms, with key amendments secured on 10 long-term regeneration sites.

• Active engagement with local authorities to finalize Section 106 agreements and clear conditions for implementation.

• Ongoing appraisal of new land opportunities.

• Concerns remain over the impact of recent regulatory changes and the upcoming Building Safety Levy on new home delivery.

• Industry-wide call for review of the Building Safety Regulator's Gateway 2 process to avoid further delivery delays.