Berkeley is a very successful company, and a very odd one. The latest results contain what would be, from any other company, a profit warning. Pre-tax profits in the year to the end of April were £539.7 million, up from £380 million last time, including an £85.1 million exceptional gain from the sale of a portfolio of ground rents.
This year, though, they will be little-changed, including a similar exceptional gain of £50 million. This is below market estimates and would be a disappointment, except that Berkeley forecasts that it will make £2 billion over the next three years, which suggests an average of £750 million in each of the next two.
Berkeley is probably the most London-centric housebuilder, with sites in some of the