The Berkeley Group (BKG) Trading Update summary

Trading performance and outlook

• Trading remained stable from May to August 2024, with pre-tax earnings guidance of £525 million for the year ending April 2025, 90% already secured via exchanged sales contracts.

• Pre-tax profits are expected to be weighted towards the first half, with operating margin slightly above the long-term range of 17.5% to 19.5% for this period.

• Net cash at 31 October 2024 is projected to be around £450 million, down from £532 million at 30 April 2024, after shareholder returns of £229 million in the first half.

• A proposed special dividend of £184 million is subject to shareholder approval at the AGM.

Strategic and market developments

• Supports proposed changes to the planning system and the government's goal to deliver 1.5 million new homes during this Parliament.

• Emphasizes the need for a refreshed partnership approach to unlock stalled developments and is committed to contributing to national housing needs.

• Will evaluate the impact of the new government's ambitious plan and update the market with interim results in December.