The housebuilder Berkeley Homes reported stronger than expected profits boosted by the weak pound, which the company said was attracting foreign investors to the British property market.
Berkeley said that pre-tax profits for the year to the end of April were £110 million, down 8 per cent from £120 million a year ago. It was a smaller fall than had been expected by City analysts.
The group, founded in 1976, said that its core market in London and the Home Counties was being helped by demand from foreign buyers taking advantage of the weaker British currency to acquire homes in the capital.
Berkeley, a FTSE 250 company, had a turnover of more than £700 million last year and completed more than 1,500 units.