20 June 2025
If you are covering Berkeley Group’s full year results, please find comments below from Oli Creasey, head of property research at Quilter Cheviot:
“Berkeley’s full year results can be read positively or negatively, depending on how you approach them. The group reported a profit of £529m, marginally ahead of previous guidance, but still around 5% lower than last year. Guidance for full year 2026 remains at £450m, implying a further 15% decline. This outlook isn’t new; the company continues to execute its ten-year growth strategy, which calls for investor patience. A key pillar of this plan is Berkeley’s shift into Build-To-Rent – an initiative that’s still a few years from generating significant rental income.
“The net cash position follows a similar pattern – down year-on-year but modestly ahead of expectations. Given the return of capital to shareholders via a special dividend and share buyback, the decline is unsurprising. A £337m net cash position remains robust by industry standards.
“Berkeley differentiates itself from other UK housebuilders through its unique geographic focus, product mix, and long-term strategy. While investors may note peers like Persimmon delivering profit growth (up 10% last year), Berkeley is on a different trajectory – and direct comparisons may not be constructive.”
