HOUSEBUILDER Barratt Developments has unveiled record interim profits following a significant leap in the number of house completions.

The Newcastle firm said it improved all its key financial figures as the housing market remained robust during the six months to December 31.

Interim pre-tax profits surged by 25 per cent to £63.1m, while group turnover rose to £629m from £516m in the same period a year earlier.

Frank Eaton, chairman, was pleased with the number of sales completions - up seven per cent at 4,990 - which he said was against an industry-wide fall of three per cent as rivals struggle to cope with weather difficulties.

And he believed the company's policy of organic growth, launched eight years ago, was still reaping rewards.

Mr Eaton added: "We have consistently increased our volumes and more than doubled the size of our business."

The company believed the future of the UK housing market was "sufficiently strong", with a recent interest rate cut fuelling demand for home ownership.

Sales since January have remained buoyant, the company added.

It said its experience in developing brownfield sites meant the company was also well placed to deal with the planning system's emphasis on urban regeneration.

Looking ahead to the second half of the year, Mr Eaton said: "Our current forward sales of £450m and a quality land bank, means we are extremely well placed to continue our sound progress."

In Barratt's US operation, profits rose by 67 per cent to £2m.