Berkeley Group Holdings PLC on Wednesday reported a higher annual profit, citing its stable operating model in an uncertain period.

The Surrey-based housebuilder said pretax profit for the financial year that ended April 30 rose 6.4% to £551.5 million from £518.1 million, with revenue rising 6.6% to £2.35 billion from £2.20 billion.

‘These strong results reflect the stability of our uniquely long-term operating model throughout an exceptionally volatile period,’ said Chief Executive Rob Perrins.

Berkeley has seen a ‘stable’ start to the new financial year, it said, with enquiries, visitor numbers and reservations in line with the end of the 2022 financial year.

‘Berkeley has invested £4 billion in its development activities over the last two years. This level of investment and the continued drive to innovate requires a stable and fair regulatory environment that is supportive of responsible businesses,’ Perrins said.

Despite uncertainties that have emerged from Covid-19, inflation, Brexit, and the conflict in Ukraine, Berkeley sees itself in a good place to ‘play a leading role in the UK in respect of its environmental, social and governance responsibilities and has made considerable strides in this regard over the last year’.

It added: ‘Notwithstanding the current volatility and cyclical nature of the housing market, Berkeley is in a great position to deliver on its ambitions and those of our stakeholders and wider society,’ the firm said in its outlook.

Berkeley said its next scheduled shareholder return, worth £141 million and with respect to the six months ending September 30 this year, will be made as a dividend that will be announced on August 11. The dividend amount will take into account any further share buybacks made in the meantime, it said. Berkeley noted that its ongoing annual return of £282 million equates to £2.54 per share.

Berkeley shares were 1.6% lower at 3,735.00 pence each in London on Wednesday morning.

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