Barratt Redrow delivers 17,667 homes as FY26 revenue rises 6.6%

Battatt Redrow plc (LON:BTRW) has announced its 52-week results for the period ended 28 June 2026.

Solid performance; positioned to grow

Commenting on the full year results, David Thomas, Chief Executive of Barratt Redrow plc, said:

“In a tough market, we have driven a strong operational and financial performance, delivering 17,667 homes, ahead of last year, and adjusted profit before tax in line with market expectations. Alongside the delivery of planned synergies, the successful integration of Redrow has created a more efficient and agile business. Looking ahead, whilst the wider economic backdrop remains uncertain, we are focused on maximising the strength of our three differentiated brands, maintaining our disciplined approach to costs and capital allocation, and continuing to deliver for customers, communities and, as evidenced by the capital return announced in July, we have a clear commitment to delivering for our shareholders.

“It has been an enormous privilege to lead Barratt Redrow over the past decade. I would like to thank our talented and dedicated colleagues across the business whose hard work, commitment and professionalism have helped build the successful and resilient company we are today. I wish them every success for the future.”

Financial highlights

·  Solid operational performance delivering 17,667 total home completions, 5.0% ahead of the 16,826 aggregated total home completions in FY25 and towards the top of our guidance range.

·    Adjusted operating profit, before the impact of PPA adjustments¹, at £598.1m, 0.6% ahead of the £594.4m adjusted aggregated operating profit in FY25 with a margin at 9.9% (FY25: 10.5%^A and 10.7%^R).

·   Adjusted profit before tax and the impact of PPA adjustments¹ at £572.8m, 7.1% below the £616.5m^A adjusted aggregated profit before tax in FY25 (FY25: £617.2m^R).

·   Statutory profit before tax of £363.5m (FY25: £245.3m^A and £273.7m^R) with a reduced impact from Redrow transaction and integration costs and purchase price allocation adjustments.

·     Strong balance sheet, with net cash² of £772.8m, after dividends of £242.2m and share buybacks of £100m.

·     Capital return of £400m for FY27 announced on 15 July 2026 including a share buyback of c. £386m, with 17.5m shares repurchased for a total cost of £53.5m as at 6 September 2026.

Operational highlights

·   Underlying net private reservation rate of 0.56, compared with 0.55^A for the aggregated performance in FY25. The overall net private reservation rate was 0.64, compared with 0.63, with a 0.08 contribution from PRS and other multi-unit sales (FY25: 0.08^A&R).

·   Redrow integration complete with £73m cost synergies delivered in FY26 and the Group’s £100m cost synergy³ target confirmed. Strong progress on revenue synergy sites with 12 sites opened in FY26.

·    Continued industry leadership on quality, customer satisfaction, and sustainability:

–     122 NHBC Pride in the Job awards across the combined Group, maintaining our position ahead of any other housebuilder for 22 consecutive years;

–     Rated 5-Star in the HBF customer satisfaction survey for 17 consecutive years; and

–     Recognised by CDP as a Climate A List organisation for a fourth successive year.

Current trading and outlook

·    Our net private weekly reservation rate from 29 June 2026 to 6 September 2026 was 0.62 (FY26: 0.55), including a 0.09 contribution from private rental sector and other multi-unit sales (FY26: nil).

·    Forward sales⁴ at 6 September 2026 were 11,200 homes (7 September 2025: 10,593 homes) at a value of £3,337.6m (7 September 2025: £3,220.4m) with 7,121 homes either exchanged or contracted (7 September 2025: 7,167 homes).

·    FY27 guidance for total home completions adjusted to 17,500-17,900, from previous guidance at 17,700-18,200 (both including c. 600 JV completions), reflecting continued planning delays and a consequent reduction to expected sales outlet openings with c. 405 average sales outlets now anticipated, from c. 415 previously.

Notes:

(1)  In addition to the Group using a variety of statutory performance measures, alternative performance measures (APMs) are also used. Definitions of APMs and reconciliations to the equivalent statutory measures are detailed in the Glossary and Definitions. During FY26, the Group reconsidered the presentation of legacy property provision finance charges. These are now presented as an adjusted item. This change has resulted in an increase in adjusted profit before tax in the period of £40.5m. The FY25 comparatives have been restated with an impact of £33.6m. These adjustments apply to reported and aggregated results. The Group continues to include APMs which allow for the assessment of the performance of the combined Group, before the impact of PPA adjustments. Profit measures presented as before PPA exclude the impact on the income statement of fair value adjustments recognised under IFRS 3 as a result of the acquisition of Redrow plc.

(2)  Net cash definition is included in Note 11.

(3)  Synergies: Integrating the Barratt David Wilson and Redrow housebuilding operations results in cost reductions in three main areas:

(a) Optimisation of the divisional office structure, reducing the number of divisions from 41 to 32;

(b) Consolidation of central and support functions, including Board, senior management, compliance and third-party costs; and

(c) Harmonisation of purchasing terms and additional rebates related to volume for the enlarged business, focused primarily on direct materials purchases.

(4)  Including JVs in which the Group has an interest.

(R) Reported denotes a Barratt Redrow plc reported metric based on the reported performance of Barratt Redrow plc in the comparable reporting period, with metrics for the 52 weeks to 29 June 2025 including the final assessment of the fair values of assets and liabilities recognised through the acquisition of Redrow.

(A) Aggregated denotes an aggregated metric based on the reported performance of Barratt Redrow plc in the comparable reporting period from 1 July 2024 to 29 June 2025 including the performance of the legacy Redrow plc group (“Redrow Group”) from 1 July 2024 to 21 August 2024, the period prior to acquisition, to provide comparability on operational and financial performance. Redrow Group data for the period 1 July 2024 to 21 August 2024 is based on Redrow plc’s standalone accounting policies and therefore excludes any impact of policy alignments made since the acquisition. The impact of policy alignment is not material. Aggregated adjusted measures are also presented, prepared on the same basis. The aggregated value comparatives have not been audited or reviewed by Barratt Redrow plc’s auditors. No adjustments relating to legacy property provision finance charges have been made to Redrow plc’s standalone results included in the aggregated comparative for the period 1 July 2024 to 21 August 2024.  Further information can be found in the APM section on pages 58 to 61.