Berkeley Group has announced a 21% dip in annual pre-tax profit for the year to the end of April, but stressed the lower figure was part of a normalisation of the listed housebuilder’s financial performance.

And the group said pre-tax profit was expected to fall by a further third this year but was well ahead of its aim to deliver £3bn in pre-tax profit in the five years to the end of the 2020/21 financial year.

Berkeley, currently developing schemes including Royal Arsenal Riverside in Greenwich, Woodberry Down in Finsbury and Kidbrooke Village, reported annual turnover of £2.96bn, up 4%, and operating profit of £768m. Pre-tax profit fell by more than a fifth to £775m.