The Berkeley Group Holdings, a residential-led property developer, is well placed to double its profits before tax around £220 million by 30 April 2013, two years earlier than originally planned and to enhance the value of its land bank to £3 billion by April 2015. This puts in place a solid foundation to return £13 per share in cash to shareholders by September 2021 with the first dividend of £4.34 per share scheduled to be paid by September 2015.

The group's demand for Berkeley's residential property in London and the South East has been resilient since the beginning of the year, maintaining the current level of demand calls for a stable regulatory and taxation environment that affords customers the confidence to acquire new homes in the UK.

The property developer continued to selectively invest in land and in the period has acquired or agreed terms on a further 7 sites for aggregate consideration of some £80 million. In view of this further investment in land and the planning successes set out, it is anticipated that the gross margin potential in the group's land bank will exceed £2.5 billion at the year end, being at the higher end of the guidance provided at the half year.

With respect to the current financial year ending 30 April, 2012, the board reiterates its guidance provided on 2 December, 2011 that the group aims to achieve a pre-tax return on equity for the full year in line with the H1 performance of 20.8 per cent.

FTSE London