Berkeley shares soar 9pc after the housebuilder ups profit guidance.

Berkeley Group development - © 2017 Bloomberg Finance LP

Shares in Berkeley Group soared more than 9pc this morning after the London-focused housebuilder upped its long-term profit guidance, despite warnings its financial performance would peak this year.

The FTSE 100 firm said it expects to generate £3.3bn in pre-tax profits between 2016 and 2021, up from previous estimates of £3bn.

Profits soared 36pc to £533m in the six months to October, while revenues climbed 14pc to £1.6bn.

Chairman and founder Tony Pidgley said the results were testament to the Berkeley’s “disciplined execution”.

He said: “While the political context for housebuilding is turbulent, where there is stability, the potential for growth and delivery remains strong.”

By Jack Torrance.

Full story at Yahoo News.