London-focused housebuilder Berkeley Group unveiled a strong set of financial results but admitted its profits had reached their peak amid a slowdown in the capital’s property market.
Pre-tax profits came in at £935m for the year to April 30, 15.1pc up on last year and ahead of analyst expectations, despite broadly flat revenues of £2.7bn.
But the company said this year’s results “represent a peak for Berkeley” after it splurged on new sites between 2010 and 2013. It expects profits to return to “normal levels” of around 30pc lower next year.
Tony Pidgley, chairman, warned that while the number of houses being built nationally had grown over the past year, in London they had slumped 30pc.
He...