REG - Barratt Redrow PLC - Unaudited Aggregated Financial&Non-Financial Info
19/12/2024 07:00
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RNS Number : 6651Q Barratt Redrow PLC 19 December 2024
19 December 2024
Barratt Redrow plc
Unaudited aggregated financial and non-financial information
This announcement details certain unaudited aggregated financial and
non-financial information (the 'Information') for Barratt Redrow plc (the
'Group') to provide investors with additional information ahead of the Group's
interim results announcement and Capital Markets Update on 12 February 2025.
The Information comprises:
· Average outlets, private reservation rates, private home reservations, as well
as home completions and average selling price data for the half year ended 31
December 2023 and the full year ended 30 June 2024;
· income statements for the half year ended 31 December 2023 and the full year
ended 30 June 2024;
· the balance sheet and net asset positions as at 31 December 2023 and 30 June
2024; and
· half year trading information for the period ended 31 December 2023 which
constitutes the comparable trading period for Barratt Redrow plc's HY25
results, which will be announced on 12 February 2025. Redrow's comparable
post-acquisition period performance for HY24 is included from August 24 2023
to align with the post-acquisition period which will be included in the HY25
results of Barratt Redrow plc.
The Information is being provided as an illustrative framework ahead of the
HY25 results and, as a result, has not been reviewed or audited by the Group's
auditor and does not include the impact of any accounting policy alignments or
fair value adjustments (including cost accounting) in respect of the
acquisition of Redrow plc by Barratt Developments PLC. The Information is
therefore subject to final review by the Group's auditors and any relevant
adjustments will be included in the Group's half year results announcement on
12 February 2025.
In tables 1 and 2 which follow:
· HY24 refers to the period from 1 July 2023 to 31 December 2023 for the Barratt
Developments PLC group ('Barratt') and the 26-week period from 3 July 2023 to
31 December 2023 for the Redrow plc group ('Redrow').
· FY24 refers to the period from 1 July 2023 to 30 June 2024 for the Barratt
Developments PLC group and the 52-week period from 3 July 2023 to 30 June 2024
for the Redrow plc group.
Table 1: Unaudited aggregated sales outlets, private reservation rates, home
completions and average selling prices (ASPs)
HY24 FY24
Key Metrics Barratt Redrow Barratt + Redrow Barratt Redrow Barratt + Redrow
Average sales outlets (wholly owned) 358 120 478 337 116 453
Private reservation rate 0.48 0.35 0.45 0.58 0.45 0.55
Of which PRS and other multi-unit sales 0.06 0.01 0.05 0.08 0.01 0.07
Private reservations secured (homes) 4,502 1,104 5,606 10,168 2,686 12,854
Private home completions 4,780 1,310 6,090 10,666 2,834 13,500
Affordable home completions 1,201 584 1,785 2,802 1,422 4,224
Total wholly owned home completions 5,981 1,894 7,875 13,468 4,256 17,724
Private average sales price (£'000) 344.4 478.0 373.2 343.9 473.5 371.1
Affordable average sales price (£'000) 160.8 215.5 178.7 165.3 196.9 175.9
Wholly owned average sales price (£'000) 307.6 397.1 329.1 306.8 381.1 324.6
Table 2: Unaudited aggregated income statements
HY24 FY24
Income statement (£m) Barratt Redrow Barratt + Redrow Barratt Redrow Barratt + Redrow
Housebuilding revenues 1,839.5 752.1 2,591.6 4,131.6 1,621.8 5,753.4
Other revenues 11.3 3.9 15.2 36.6 14.2 50.8
Total revenues 1,850.8 756.0 2,606.8 4,168.2 1,636.0 5,804.2
Adjusted gross profit 295.9 143.0 438.9 689.0 300.0 989.0
Adjusted gross margin (%) 16.0% 18.9% 16.8% 16.5% 18.3% 17.0%
Gross profit 238.5 143.0 381.5 509.5 300.0 809.5
Gross margin (%) 12.9% 18.9% 14.6% 12.2% 18.3% 13.9%
Adjusted administrative expenses (140.9) (57.0) (197.9) (314.5) (105.0) (419.5)
Administrative expenses (140.9) (57.0) (197.9) (336.9) (113.0) (449.9)
Part exchange income 0.2 - 0.2 2.1 - 2.1
Adjusted profit from operations 155.2 86.0 241.2 376.6 195.0 571.6
Adjusted profit from operations margin (%) 8.4% 11.4% 9.3% 9.0% 11.9% 9.8%
Profit from operations 97.8 86.0 183.8 174.7 187.0 361.7
Profit from operations margins (%) 5.3% 11.4% 7.1% 4.2% 11.4% 6.2%
Finance costs (2.6) (2.0) (4.6) (6.5) (2.0) (8.5)
Adjusted share of profits from joint ventures 4.5 - 4.5 14.9 - 14.9
Share of profits from joint ventures - - - 2.3 - 2.3
Adjusted profit before tax 157.1 84.0 241.1 385.0 193.0 578.0
Profit before tax 95.2 84.0 179.2 170.5 185.0 355.5
Adjusted tax (43.6) (24.0) (67.6) (127.4) (56.3) (183.7)
Tax (26.4) (24.0) (50.4) (56.4) (54.0) (110.4)
Adjusted profit after tax 113.5 60.0 173.5 257.6 136.7 394.3
Profit after tax 68.8 60.0 128.8 114.1 131.0 245.1
Note: Data has not been adjusted to reflect the accounting policies of the
combined entity or to include fair value estimates arising as a result of the
combination. Presentation of the Income Statement reflects historic
reporting.
Table 3: Unaudited aggregated balance sheet compositions and net assets
31 December 2023 30 June 2024
Balance Sheet (£m) Barratt Redrow Barratt + Redrow Barratt Redrow Barratt + Redrow
Other intangible assets 189.7 1.0 190.7 184.5 - 184.5
Goodwill 852.9 - 852.9 852.9 - 852.9
Investments in jointly controlled entities 144.3 - 144.3 158.5 - 158.5
Property plant and equipment 58.2 20.0 78.2 57.5 20.0 77.5
Right of use assets 44.4 11.0 55.4 41.2 9.0 50.2
Deferred tax assets - 1.0 1.0 - 1.0 1.0
Trade and other receivables 3.0 - 3.0 3.4 - 3.4
Retirement benefit assets - 5.0 5.0 - 5.0 5.0
Non-current assets 1,292.5 38.0 1,330.5 1,298.0 35.0 1,333.0
Inventories:
Land 2,979.1 1,601.0 4,580.1 3,233.6 1,518.0 4,751.6
WIP 2,003.3 1,142.0 3,145.3 1,829.4 1,099.0 2,928.4
Promotional agreements 106.2 - 106.2 111.5 - 111.5
Other 100.3 - 100.3 103.7 - 103.7
Total inventories 5,188.9 2,743.0 7,931.9 5,278.2 2,617.0 7,895.2
Trade and other receivables 123.9 30.0 153.9 201.9 28.0 229.9
Current tax assets 27.3 - 27.3 31.8 - 31.8
Cash and cash equivalents 949.9 121.0 1,070.9 1,065.3 296.0 1,361.3
Current assets 1,101.1 151.0 1,252.1 1,299.0 324.0 1,623.0
Loans and borrowings (200.0) - (200.0) (200.0) - (200.0)
Land creditors (138.3) (49.0) (187.3) (165.0) (44.0) (209.0)
Trade and other payables (7.6) - (7.6) (7.0) - (7.0)
Lease liabilities (31.1) (7.0) (38.1) (29.4) (5.0) (34.4)
Deferred tax liabilities (50.4) (3.0) (53.4) (45.0) (3.0) (48.0)
Provisions - building safety related (436.6) (133.0) (569.6) (543.2) (138.0) (681.2)
Provisions - other - (7.0) (7.0) - (6.0) (6.0)
Non-current liabilities (864.0) (199.0) (1,063.0) (989.6) (196.0) (1,185.6)
Loans and borrowings (0.3) - (0.3) - - -
Land creditors (228.9) (132.0) (360.9) (307.8) (117.0) (424.8)
Trade and other payables (658.3) (521.0) (1,179.3) (747.3) (535.0) (1,282.3)
Lease liabilities (14.5) (4.0) (18.5) (13.4) (4.0) (17.4)
Current tax liabilities - (5.0) (5.0) - (6.0) (6.0)
Provisions - building safety related (209.4) (48.0) (257.4) (187.1) (35.0) (222.1)
Provisions - other (167.5) - (167.5) (190.9) - (190.9)
Current liabilities (1,278.9) (710.0) (1,988.9) (1,446.5) (697.0) (2,143.5)
Net assets 5,439.6 2,023.0 7,462.6 5,439.1 2,083.0 7,522.1
Net cash / (debt) 753.4 121.0 874.4 868.5 296.0 1,164.5
Total land creditors (367.2) (181.0) (548.2) (472.8) (161.0) (633.8)
Net surplus 386.2 (60.0) 326.2 395.7 135.0 530.7
Note: Data has not been adjusted to reflect the accounting policies of the
combined entity or to include fair value estimates arising as a result of the
combination. The separate financial statements of Barratt and Redrow presented
certain assets and liabilities of a similar nature differently in the balance
sheet. No adjustment has been made in these aggregated financial statements to
present these items together.
Table 4: Unaudited trading performance from 1 July 2023 to 31 December 2023
for Barratt and from 24 August 2023 to 31 December 2023 for Redrow.
Key Metrics Barratt Redrow Barratt + Redrow
Average sales outlets (wholly owned) 358 116 440
Private reservation rate 0.48 0.36 0.45
Of which PRS and other multi-unit sales 0.06 0.01 0.05
Private reservations secured 4,502 772 5,274
Private completions 4,780 1,095 5,875
Affordable completions 1,201 511 1,712
Wholly owned completions 5,981 1,606 7,587
JV completions 190 - 190
Total completions 6,171 1,606 7,777
Private average sales price (£'000) 344.4 479.4 369.6
Affordable average sales price (£'000) 160.8 221.8 179.0
Wholly owned average sales price (£'000) 307.6 397.5 326.6
Key financials (£m)
Housebuilding revenues 1,839.5 638.4 2,477.9
Other revenues 11.3 3.4 14.7
Total revenues 1,850.8 641.7 2,492.5
Adjusted gross profit 295.9 127.2 423.1
Gross profit 238.5 127.2 365.7
Adjusted profit from operations 155.2 93.2 248.4
Profit from operations 97.8 93.2 191.0
Finance costs (2.6) (1.5) (4.1)
Adjusted share of profits from joint ventures 4.5 - 4.5
Share of profits from joint ventures - - -
Adjusted profit before tax 157.1 91.7 248.8
Profit before tax 95.2 91.7 186.9
Adjusted tax (43.6) (26.2) (69.8)
Tax (26.4) (26.2) (52.6)
Adjusted profit after tax 113.5 65.5 179.0
Profit after tax 68.8 65.5 134.3
Note: Data has not been adjusted to reflect the accounting policies of the
combined entity or to include fair value estimates arising as a result of the
combination. Presentation of the income statement items reflects historic
reporting.
For further information, please contact:
Barratt Redrow plc:
Analyst / investor enquiries
Mike Scott, Chief Financial Officer mike.scott@barrattredrow.co.uk
John Messenger, Group Investor Relations Director john.messenger@barrattredrow.co.uk
Media enquiries
Tim Collins, Group Corporate Affairs Director 015 3027 8278
Brunswick
Jonathan Glass/ Rosie Oddy / Peter Hesse 020 7404 5959
Barratt Redrow plc LEI: 2138006R85VEOF5YNK29
The Group's next scheduled announcement will be HY25 results on 12 February
2025.
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