Barratt Redrow PLC

Latest Results (12.05.2026):

Barratt Redrow PLC — first half of FY26 (HY26; 26 weeks to 28 December 2025): the group reported a resilient operational and financial performance while completing the Redrow integration. Completions rose modestly year-on-year, adjusted operating profit before PPA was broadly flat, adjusted pre-tax profit before PPA declined versus the prior aggregated period, and statutory profit before tax benefitted from reduced transaction/integration and PPA impacts.

Completions and sales momentum

Total home completions were 7,444, up 4.7% versus the aggregated 7,107 in the comparable period. Underlying net private reservation rate was 0.55 (aggregated HY25: 0.54). Net private weekly reservation rate from 29 Dec 2025 to 1 Feb 2026 was 0.59 (2025: 0.60). Forward sales at 1 Feb 2026: 11,168 homes (£3,407.8m), with 7,277 homes exchanged or contracted.

Profitability — adjusted and statutory

Adjusted operating profit before PPA adjustments was £210.2m (down 0.3% vs £210.8m aggregated HY25) with a margin of 8.0% (HY25: 8.9%A / 9.3%R). Adjusted profit before tax before PPA adjustments was £199.9m, down 13.6% versus £231.4mA. Statutory profit before tax was £156.2m (HY25: £113.4mR / £85.0mA), reflecting lower Redrow-related transaction/integration and PPA charges in the period.

Balance sheet and capital returns

Net cash was reported at £173.9m after dividends and share buybacks, indicating a strong balance sheet position while executing capital returns.

Redrow integration and synergies

Integration progressing well: delivering cost synergies in line with the Group’s £100m target and making strong progress on revenue synergy sites (planning progress noted).

Accounting presentation changes

The Group reclassified legacy building safety provision finance charges as an adjusted item, increasing HY26 adjusted profit before tax by £19.6m (HY25 comparatives restated by £18.4m). The Group continues to present adjusted measures excluding PPA adjustments for comparability.

Guidance and outlook

FY26 expected total completions of 17,200–17,800 (including ~600 JV completions), with full-year adjusted profit before tax (ex-PPA) expected to be within the company-compiled consensus range of £558m–£617m. The FY26 out-turn is stated to remain dependent on Spring selling season activity.

Non-financial performance

Maintained industry leadership on quality and sustainability: 115 NHBC Pride in the Job awards, HBF ‘5 Stars’ rating for 16 consecutive years, and CDP Climate A List recognition for the fourth successive year.