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Berkeley to halt home production increases amid tough London property market

Berkeley Group said it was unable to increase home production further, given tough trading conditions in the London and South East UK property markets.

The company said it was also being more selective about its investments, amid economic uncertainty, high transaction costs and a 'challenging planning environment'.

To be sure, Berkley said trading conditions were sufficient for it to maintain its medium-term profit targets.

The group reaffirmed its guidance to deliver at least £3.3bn of pre-tax profits for the five year period from 1 May 2016 to 30 April 2021, with £1.5bn pre-tax profit to be delivered in the two years ending 30 April 2019, weighted approximately 60% towards the current financial year.

Net cash at the year-end would be above the half year position of £632.8m.

The company also announced that the next six-monthly return of £139.2m to shareholders will be made by 30 September 2018, with the amount to be paid as dividend to be announced in August 2018. Story provided by