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Barratt profits slump on weak demand, high mortgage rates
By Frank Prenesti
Date: Wednesday 04 Sep 2024
(Sharecast News) - House builder Barratt reported a 75% plunge in annual profit, citing cost-of-living pressures, much higher mortgage rates and limited consumer confidence.
The company on Wednesday said pre-tax profit slumped to £170.5m from £705m, with completions down 18.6% to 14,000, although this was at the upper end of expectations
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