REG - Barratt Redrow PLC - AGM Trading Update

Barratt RedrowAnnouncement

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RNS Number : 1929G  Barratt Redrow PLC  05 November 2025

 

5 November 2025

 

Barratt Redrow plc

AGM Trading Update

 

Barratt Redrow plc (the 'Group') is today issuing a trading update for the
17-week period from 30 June 2025 to 26 October 2025 (the 'period'). All
comparatives are to the 17-week period from 1 July 2024 to 27 October 2024
unless otherwise stated. Barratt Redrow plc's 52-week FY26 reporting period
will end on 28 June 2026.

 

David Thomas, Chief Executive commented:

"We have delivered a resilient performance over the period despite challenging
market conditions and increased uncertainty ahead of the November Budget. In
the long term, the fundamentals of UK housing demand are unchanged, and
Barratt Redrow is uniquely well positioned with three strong consumer brands,
a high quality land bank, and the financial strength to invest through the
cycle.

We remain focused on operational excellence as we target sustainable growth
over the medium term to reach 22,000 home completions per year. In the
meantime, it is essential that government policy continues to prioritise
planning reform, removes barriers to investment and, crucially, supports
homebuyers, especially first-time buyers, if the sector is to accelerate
volumes to help meet the country's housing needs."

Trading performance(1)

The net private reservation rate per week in the period was 0.57(2) (FY25:
0.59), however there was no contribution from sales to the private rental
sector and other multi-unit sales (FY25: 0.04). Over this period the Group
generated 228 net private reservations, including JVs, per week (FY25: 255)
operating from an average of 402 sales outlets (including JVs) (FY25: 433).
(Appendix I a).

The forward order book (including JVs) at 26 October 2025 totalled 10,669
homes (27 October 2024: 10,706 homes) at a value of £3,281.4m (27 October
2024: £3,206.0m). (Appendix 1 b).

Total home completions in the period were 3,665, 7.9% ahead of the comparable
period total of 3,396 homes. (Appendix 1 c).

Based on unchanged guidance for FY26, at 26 October 2025 the Group was
60%(3)  forward sold with respect to FY26 private home completions (FY25:
62%(4) forward sold), of which 64% are either completed or exchanged (FY25:
65%).

 

Redrow - cost and revenue synergies update

We remain on track to deliver £100m of cost synergies with confirmed
synergies now at £80m, an increase of £11m from the £69m confirmed at 29
June 2025. An incremental £45m of cost synergies will be delivered in FY26.

Our head office integration is progressing well, with restructuring of teams
completed and overhead costs being rationalised. The transition of Redrow onto
Barratt systems, which began in April 2025 will be completed during FY26. Our
procurement programme is successfully harmonising buying terms and ensuring
the purchasing scale of Barratt Redrow is optimised.

With respect to revenue synergies, we have now submitted 26 planning
applications for incremental sales outlets (16 at 29 June 2025) and secured
approval on 13 outlets (5 at 29 June 2025). With good progress to date, we
remain confident in delivering 45 incremental sales outlet openings by the end
of FY28.

 

Land

Our total owned and controlled land bank, at 29 June 2025, stood at c. 100,000
plots and equated to 6.2 years of supply, based on FY25 completions. This
included c. 87,700 owned plots with a further c.12,300 plots contracted or
controlled. We hold a high quality, geographically diversified and
commercially positioned land bank with 68% of the owned land bank plots
carrying detailed planning consent.

In addition, through our strategic land positions, at 29 June 2025, Barratt
Redrow held c.145,000 strategic plots, further complemented by Gladman's
promotional land portfolio of c. 114,000 plots.

We expect land acquisition activity to broadly equate to replacement levels
over the coming two to three years with a growing proportion of the current
land bank being secured from our strategic land positions, reflecting the
momentum established over the last 18 months targeting strategic land
conversion.

 

Outlook

Based on the solid reservation activity we have experienced since the start of
the new financial year, our FY26 guidance for total home completions remains
unchanged at between 17,200 and 17,800 homes with around 40% of completions
anticipated to be delivered in the first half reflecting the typical
seasonality of our completions.  Our FY26 performance remains dependent on
normal seasonal trading patterns for the remainder of the financial year and
the impact of the upcoming Budget on demand.

Whilst we remain encouraged by the Government's focus on housebuilding and its
reforms to the planning system, accelerating delivery will also require action
to support demand, which will ultimately drive housebuilding activity and
create the homes, jobs and economic growth the country needs. It is vital that
Government policy is focused on creating a positive, stable and predictable
environment for institutional and private homebuyers, as well as homebuilders
and our supply chain partners.

We remain focused on the key operational drivers of increasing revenue,
controlling costs, maintaining land investment discipline and leading the
industry on customer service, build quality and sustainability. We are
continuing to execute the integration of Redrow at pace, delivering
successfully against our cost and revenue synergy targets. With our three
leading brands and our focus on operational excellence combined with a strong
land bank, strong balance sheet and a solid forward sales position, we believe
we are well positioned as we move through FY26.

 

Annual General Meeting

The Group will be holding its AGM at 11.00am today at the offices of
Linklaters LLP, One Silk Street, London, EC2Y 8HQ. There will also be a live
webcast of the AGM and the ability to submit questions during the meeting.
Full details on how to access the webcast can be found in the Notice of AGM.

 

Year end and reporting dates

Reflecting the Group's move to a 52-week reporting cycle, interim results, for
the 26 weeks to 28 December 2025, will be released on Wednesday 11 February
2026 and FY26 results, for the 52 weeks to 28 June 2026, will be released on
Wednesday 16 September 2026.

--------------------------------------------------------------------------------------------------------------------------

Certain statements in this announcement may be forward looking statements. By
their nature, forward looking statements involve a number of risks,
uncertainties or assumptions that could cause actual results to differ
materially from those expressed or implied by those statements. Forward
looking statements regarding past trends or activities should not be taken as
a representation that such trends or activities will continue in the future.
Accordingly, undue reliance should not be placed on forward-looking
statements. Unless otherwise required by applicable law, regulation or
accounting standards, the Group does not undertake to update or revise any
forward-looking statements, whether as a result of new information, future
developments or otherwise.

 

Notes:

 (1)    To help improve the comparability of the Group's reservation and home
        completion performance since the acquisition of Redrow plc on 21 August 2024,
        comparative numbers are presented on an aggregated basis, which includes the
        reservation and home completion performance of the legacy Redrow plc group
        (the "Redrow Group") over the period from 1 July 2024 to 21 August 2024 prior
        to acquisition.
 (2)    Unless otherwise stated, all numbers quoted exclude Joint Ventures (JVs)
        throughout this statement.
 (3)    Barratt Redrow's private forward sold position with respect to FY26 private
        home completions is based on the mid-point of Barratt Redrow's FY26 wholly
        owned completion guidance at 16,900 (17,500 total completions less 600 JVs)
        and assumes a 20% affordable home completion mix in FY26.
 (4)    Our private forward sold position with respect to the prior year is based on
        actual wholly owned private home completions reported for the year.

For further information, please contact:

Barratt Redrow plc:

Analyst / investor enquiries

 Mike Scott, Chief Financial Officer                                           07881 327 748
 John Messenger, Group Investor Relations Director                             07867 201 763

Media enquiries

 Tim Collins, Group Corporate Affairs Director              020 7299 4874

Brunswick

 Rosie Oddy / Peter Hesse  020 7404 5959

 

Barratt Redrow plc LEI: 2138006R85VEOF5YNK29

 

The Group's next scheduled release of financial information will be the
announcement of our interim results for the 26 weeks to 28 December 2025 on
Wednesday 11 February 2026.

 

Appendix I

 

                                   FY26                       FY25
 Barratt Redrow plc:               30 June - 26 October 2025  1 July - 27 October 2024  Change
 a. Net Private Reservation Rate   0.57                       0.59                      (3.4%)
 - of which PRS and Other MUS      -                          0.04                      n/m
 - excluding PRS and Other MUS     0.57                       0.55                      3.6%

 Average active sales outlets (A)  402                        433                       (7.2%)

   Note A: Including JVs

 

 Barratt Redrow plc:  26 October 2025     27 October 2024     Variance (%)
 b. Forward sales     £m        Homes     £m        Homes     £m       Homes
 Private              2,169.1   5,451     2,299.2   5,845     (5.7%)   (6.7%)
 Affordable           922.2     4,680     752.8     4,472     22.5%    4.7%
 Wholly Owned         3,091.3   10,131    3,052.0   10,317    1.3%     (1.8%)

 JV                   190.1     538       154.0     389       23.4%    38.3%

 Total                3,281.4   10,669    3,206.0   10,706    2.4%     (0.3%)

 

 Barratt Redrow plc:                Current Year      Prior Year        Variance (%)
 c. Forward sales roll              Private  Total    Private  Total    Private  Total
 29 June 2025 / 30 June 2024        4,781    9,835    4,505    9,426    6.1%     4.3%
 Reservations                       3,810    4,499    4,225    4,676    (9.8%)   (3.8%)
 Completions                        (3,140)  (3,665)  (2,885)  (3,396)  8.8%     7.9%
 26 October 2025 / 27 October 2024  5,451    10,669   5,845    10,706   (6.7%)   (0.3%)

 

 

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