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BUSINESS LIVE: CPI flatlines at 6.7%; Barratt warns of ‘uncertain’ outlook; Whitbread profits soar

By Live Commentary

Updated: 07:51 BST, 18 October 2023

The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Barratt Developments, Whitbread, 888, Kin and Carta, Supreme, LBG Media, Sosandar and Just Eat. Read the Wednesday 18 October Business Live blog below.

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Barratt Developments warns of ‘uncertain’ outlook

Barratt Developments has warned its trading outlook is ‘uncertain’ in the wake of a challenging mortgage market.

Britains biggest housebuilder refrained from providing any annual profit forecast and said it will focus on driving revenue through multi-unit sales to the private rental and affordable housing sectors, besides doling out incentives to customers to boost sales.

The group said: ‘Our focus during FY24 will remain driving revenue through targeted use of incentives, whilst continuing to manage build activity and control our cost base.

‘This will be supported by our highly selective approach to land buying whilst continuing to lead the industry on sustainability.

‘We continue to expect to deliver total home completions of between 13,250 and 14,250 homes in FY24, including c. 650 home completions from our JVs and c. 750 completions for the private rental sector. All other guidance from our FY23 results on 6 September 2023 also remains unchanged.’

Inflation flatlines at 6.7% in September

Consumer price inflation was unchanged at 6.7 per cent in September, higher than forecasts of 6.6 per cent and leaving the Bank of England with food for thought at its November meeting after it opted to pause interest rate hikes in September.

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