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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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UK’s Berkeley maintains outlook despite 35% reservation slump

Hoardings display a logo of Berkeley Group outside a development in London, Britain, March 4, 2023. ... Hoardings display a logo of Berkeley Group outside a development in London, Britain, March 4, 2023. REUTERS/Henry Nicholls/File Photo
Hoardings display a logo of Berkeley Group outside a development in London, Britain, March 4, 2023. ... Hoardings display a logo of Berkeley Group outside a development in London, Britain, March 4, 2023. REUTERS/Henry Nicholls/File Photo

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Berkeley continues to have an upbeat view despite a 35% drop in bookings. On Friday, Berkeley Group Holdings (BKGH.L), a British high-end homebuilder, said it is maintaining its profit projection but is joining other companies in the industry in stressing a bleak trade climate. This is due to the increased borrowing rates and larger macroeconomic worries.

In recent months, the housing market in Britain has been experiencing difficulties due to a decline in demand. This decline occurred against the background of the Bank of England’s persistent series of interest-rate increases intended to curb inflation.
The FTSE 100 (.FTSE) builder revealed that underlying private sales reservations dropped by 35% in the first four months of its current fiscal year, which began on May 1. This year’s fiscal year began on May 1.

The pre-tax profit projection for the fiscal years 2024 and 2025 from Berkeley was restated as 1.05 billion pounds, equivalent to $1.31 billion.

The company has said that it anticipates forward sales, a statistic used in the construction sector to evaluate the demand for homes, to be close to 2 billion pounds by October 31, down from 2.14 billion pounds on April 30.


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