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Barratt profits slump on legacy repair costs
Housebuilder hails ‘excellent progress’ as revenue tops £5bn but recent trading hit by ‘macro-economic uncertainty’
The UK’s biggest housebuilder has seen a slump in pre-tax profit for the year to June after setting aside cash to repair legacy properties, despite revenue topping £5bn for the first time.
Shares in Barratt fell back as it reported pre-tax profit for the 2022 year of £642m, down 21%, and said that trading in recent weeks had been sharply down on the same period last year.
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