Barratt Developments has posted a significant increase in full-year profit and revenue as completions recovered to pre-pandemic levels.

In the year to 30 June, adjusted pre-tax profit grew 14.7% to a record £1.05bn off the back of a 9.5% rise in revenue to £5.27bn.

“We recognise that significant macroeconomic uncertainties remain, most notably around inflation, energy costs and interest rates, and their impacts on UK economic growth, employment, and consumer confidence and spending,” said chief executive David Thomas in a statement.

Given the existing cos-of-living crisis, the housebuilder said that it awarded all staff below senior management £1,000 in July and extended private medical insurance from senior staff to all employees in the spring.

While the company’s revenue for the year to the end of June was almost 10% higher than the previous 12 months and adjusted pre-tax profits rose 15% to £1.1bn, on a non-adjusted basis, however, Barratt’s profits dropped 21% to £642m as it set aside hundreds of millions of pounds to fix buildings caught up in the safety crisis.

The housebuilding firm reported that demand for new homes remained strong, but there were clear signs that activity levels in the housing market is slowing.