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Berkeley refreshes strategy, reiterates FY26 PBT guidance
(Sharecast News) - Property developer Berkeley Group laid out a refreshed strategy on Wednesday as it looks to navigate what it called a "prolonged challenging market backdrop" marked by higher costs, tighter regulation and ongoing economic uncertainty. Berkeley will focus on extracting value from its existing land bank of more than 50,000 homes and will pause standalone land acquisitions, limiting new sites to joint‑venture structures.
The FTSE 100-listed firm also plans to cut operating costs by 25% to £150m and reduce land creditors from £900m to £470m.
Berkeley said it expects to deliver £450m in pre‑tax profits in FY26, in line with guidance put in place two years ago, and around £300m in net cash.
Looking ahead, it expects to generate more than £1.4bn in pre‑tax profits over the next four years and said shareholder returns would continue to be supported by buybacks, with shares currently trading below net asset value per share. It also said it was targeting a return on capital employed in its core business of "at least 15%" as soon as possible, and between 11% and 15% in the intervening years.
As of 0815 BST, Berkeley shares were down 8.15% at 3,156p.
Reporting by Iain Gilbert at Sharecast.com
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