BUSINESS LIVE: Berkeley costs ease; Anglo American eyes positive outlook; Grafton hikes share buyback
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The FTSE 100 opens at 8am. Among the companies with reports and trading updates today are Berkeley Group, Anglo American, Grafton and Flutter. Read the Business Live blog from Friday December 8 below.
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Berkeley costs convenience
Berkeley Group became the latest housebuilder to highlight tough trading conditions on Friday as high mortgage costs continue to hamper demand. However, the company says that previously rampant cost inflation has now subsided significantly.
The FTSE 100 builder posted a pre-tax profit of around 5 per cent to £298 million for the six months ended October 31.
Berkeley told investors: “Sales prices are firm and above business plan levels, with construction cost inflation at negligible levels for most transactions.”
Boss Rob Perrins said: 'In the current environment, Berkeley will intensify its disciplined approach to operational cost management and investment in work in progress, whilst continually seeking the best development solution at each of its sites for the benefit of all its stakeholders.
“We are ready and able to deploy capital to new opportunities as market and regulatory cycles change and returns can be earned commensurate with the level of initial investments and operational risk we take.”
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