REG - Barratt Redrow PLC - Barratt Redrow HY26 Interim Results
11/02/2026 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260211:nRSK4986Sa&default-theme=true
RNS Number : 4986S Barratt Redrow PLC 11 February 2026
11 February 2026
BARRATT REDROW plc
26-week results for the period ended 28 December 2025
Resilient performance; focused on disciplined execution as Redrow integration completes
Commenting on the interim results, David Thomas, Chief Executive of Barratt
Redrow plc, said:
"During the first half we delivered a resilient performance in a subdued
market while making strong progress integrating Redrow. As that integration
nears completion, our focus is on disciplined execution. We are embedding our
proven operating model across the enlarged group, delivering operational
excellence, strengthening efficiency, and positioning Barratt Redrow to
deliver volume growth, margin progression, and capital returns through the
cycle.
"With a strong land bank, solid forward sales and synergy delivery in line
with our targets, we are well positioned to deliver sustainable medium-term
growth. However, while progress made on planning reform is encouraging, a
stable and supportive demand environment is essential to enable increased
delivery at scale across the sector."
Financial highlights
· Resilient operational performance delivering 7,444 total home completions,
4.7% ahead of the 7,107 aggregated total home completions in the comparable
period.
· Adjusted operating profit, before the impact of PPA adjustments(1), at
£210.2m, 0.3% below the £210.8m adjusted aggregated operating profit in the
comparable period and margin at 8.0% (HY25: 8.9%(A) and 9.3%(R)).
· Adjusted profit before tax and the impact of PPA adjustments(1) at £199.9m,
13.6% below the £231.4m(A) adjusted aggregated profit before tax in the
comparable period.
· Statutory profit before tax of £156.2m (HY25: £113.4m(R) and £85.0m(A))
with a reduced impact from Redrow transaction and integration costs and
purchase price allocation adjustments.
· Redrow integration progressing well, delivering in line with the Group's
£100m cost synergy(2) target and strong progress on revenue synergy sites
through planning.
· Strong balance sheet, with net cash of £173.9m, after dividends and share
buybacks.
Operational highlights
· Underlying net private reservation rate of 0.55, compared with 0.54(A) for the
aggregated performance in the comparable period. The overall net private
reservation rate of 0.57, compared with 0.59, reflecting fewer private rental
sector and other multi-unit reservations in the period.
· Continued industry leadership on quality, customer satisfaction, and
sustainability:
- 115 NHBC Pride in the Job Awards across the combined Group, maintaining our
position ahead of any other housebuilder for 21 consecutive years;
- Rated '5 Stars' by our customers in the HBF customer satisfaction survey for
16 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 December 2025 to 1 February
2026 was 0.59 (2025: 0.60), with no contribution from private rental sector
and other multi-unit sales in either period.
· Forward sales(3) at 1 February 2026 were 11,168 homes (2 February 2025: 10,903
homes) at a value of £3,407.8m (2 February 2025: £3,350.3m) with 7,277 homes
of these total forward sales either exchanged or contracted (2 February 2025:
7,702 homes).
· The FY26 out-turn remains dependent on sales activity through the Spring
selling season. Based on our forward sold position and solid reservation
activity, we expect to deliver total home completions of 17,200-17,800 in
FY26, including c. 600 JV completions, in line with previous guidance.
· Full year adjusted profit before tax and the impact of PPA adjustments, but
after the reclassification of legacy building safety provision finance charges
as adjusted items, is expected to be within the current range of consensus
estimates(4).
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 HY26, the Group has 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 £19.6m. The HY25 comparatives
have been restated with an impact of £18.4m, of which £17.1m relates to
previously reported legacy property imputed interest finance costs and £1.3m
relates to an additional PPA adjustment reflecting completion of the fair
value position with respect to Redrow plc. 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. Measures before PPA adjustments are presented as if the
assets and liabilities recognised, as a result of the acquisition of Redrow
plc, had been initially measured at their carrying values in the underlying
Redrow financial records, rather than at their fair values in accordance with
IFRS. Net cash definition is included in Note 12.
(2) Synergies: Integrating the Barratt David Wilson and Redrow housebuilding
operations results in cost reductions in three main areas:
(1) Optimisation of the divisional office structure, reducing the number of
divisions from 41 to 32;
(2) Consolidation of central and support functions, including Board, senior
management, compliance and third-party costs; and
(3) Harmonisation of purchasing terms and additional rebates related to volume
for the enlarged business, focused primarily on direct materials purchases.
(R) Reported denotes a Barratt Redrow plc reported metric based on the
reported performance of the Barratt Redrow plc in the comparable reporting
period, with metrics for the 26 weeks to 29 December 2024 restated for the
final assessment of the fair values of assets and liabilities recognised
through the acquisition of Redrow, as detailed above.
(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 December 2024 including the performance of the legacy Redrow plc group
("Redrow Group") 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.
(3) Including JVs in which the Group has an interest.
(4) The company compiled consensus range for FY26 adjusted profit before tax
on 10 February 2026 was £558m to £617m excluding the impact of purchase
price allocation adjustments. This range does not reflect the Group's
reclassification of legacy property provision non-cash finance charges as an
adjusted item finance charge.
Note on forward looking statements:
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.
There will be a results meeting at UBS, 5 Broadgate, London, EC2M 2AT at
8.30am today.
The results presentation will also be webcast live with the Q&A. Please
register and access the webcast using the following link:
https://investorbrand.brunswickgroup.com/Barratt-Redrow-plc-HY26-Results/en
(https://investorbrand.brunswickgroup.com/Barratt-Redrow-plc-HY26-Results/en)
An archived version of the results webcast will also be available on our
website later this afternoon and further copies of this announcement can be
downloaded from the Barratt Redrow plc corporate website at
www.barrattredrow.co.uk (http://www.barrattredrow.co.uk) or by request from
the Company Secretary's office at: Barratt Redrow plc, Barratt Redrow House,
Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire,
LE67 1UF.
For further information, please contact:
Analyst / investor enquiries 07867 201 763
John Messenger, Group Investor Relations Director
Media enquiries 01530 278 278
Tim Collins, Group Corporate Affairs Director
Brunswick 020 7404 5959
Rosie Oddy / Peter Hesse
Barratt Redrow plc LEI: 2138006R85VEOF5YNK29
The Group's next scheduled announcement will be a trading update on Wednesday
15 April 2026Chief Executive's Statement
Chief Executive's Statement
Overview
We have delivered a resilient operating performance for the 26 weeks to 28
December 2025, supported by the hard work and commitment of our employees,
sub-contractors and supply chain partners in what remains a subdued trading
environment for the housebuilding industry.
Whilst subdued, the trading backdrop was stable during the period with a less
volatile mortgage lending environment supporting customer demand. However,
consumer confidence remained low, economic and political uncertainty was high,
and affordability challenges remained an issue for many customers, in
particular first-time buyers. The scheduling of the Budget on 26 November,
which was later than usual, created an extended period of significant
uncertainty for homebuyers, but we benefited as customers decided to complete
ahead of Christmas once Budget uncertainty was removed.
Highlights
· Total home completions were 7,444, an increase of 4.7% on the 7,107
completions delivered by Barratt Redrow on an aggregated basis in HY25.
· We delivered adjusted gross profit before the impact off PPA adjustments of
£394.8m (HY25: £405.3m(A) and £386.6m(R)) with the adjusted gross margin
before PPA impacts at 15.0% (HY25: 17.0%). The reduction in gross margin
reflected the impacts of the incremental use of sales incentives and build
cost inflation, notwithstanding the operational gearing benefit of increased
home completions in the period.
· Statutory gross profit, including an adjusted item gain of £13.4m and a
reduction for PPA adjustments of £13.5m, was £394.7m (HY25: £354.9m(A) and
£336.2m(R)).
· Adjusted operating profit before the impact of PPA adjustments was £210.2m
(HY25: £210.8m(A) and £211.8m(R)) with the operating margin at 8.0% (HY25:
8.9%(A) and 9.3%(R)). Reduced administrative expenses, in combination with
increased completions, limited operating margin erosion relative to that
experienced on gross margin.
· We delivered adjusted profit before tax before the impact of PPA adjustments
of £199.9m (HY25: £231.4m(A) and £232.1m(R)). Adjusted profit before tax
has also been restated to exclude the imputed interest related to legacy
building safety provisions. This restatement resulted in the reclassification
of imputed interest of £19.6m in HY26 and £18.4m in HY25 as adjusted item
charges.
· Statutory profit before tax was £156.2m (HY25: £113.4m(R) and £85.0m(A)).
Statutory profit before tax included total adjusted item charges of £30.1m
(HY25: restated £68.3m(R) and £96.0m(A)) and a reduction at operating profit
for PPA adjustments of £13.6m (HY25: restated £50.4m(R&A)).
· Statutory ROCE improved by 10 bps to 8.2% (HY25: 8.1%(R)).
· Adjusted earnings per share before a reduction for PPA adjustments was 10.0
pence, 21.9% lower than the restated 12.8 pence reported in HY25.
· Basic earnings per share increased by 28.6% to 7.2 pence (HY25: restated 5.6
pence(R)).
· Proposed interim dividend of 5.0 pence per share (HY25: 5.5 pence per share).
· Our balance sheet remains strong with period-end net cash of £173.9m (HY25:
£458.9m) after dividend payments of £171.8m (HY25: £170.5m), share buyback
activity of £50.4m and significant seasonal investment in construction work
in progress supporting both FY26 completion growth and our targeted growth in
sales outlets.
In the next table we detail our key financial performance measures for HY26,
as well as the restated comparables for performance in HY25 aggregated to
include Redrow plc from 1 July 2024 to aid year on year comparability. For
completeness we also include the reported restated performance in HY25 which
included Redrow plc from 22 August 2024.
Barratt Redrow plc(1) HY26 HY25 aggregated(A) Change (%) HY25 reported(R)
£m (unless otherwise stated)
Total completions (homes) 7,444 7,107 4.7% 6,846
Revenue 2,632.1 2,381.9 10.5% 2,280.8
Adjusted gross profit before the impact of PPA adjustments 394.8 405.3 (2.6%) 386.6
Adjusted gross profit margin before the impact of PPA adjustments (%) 15.0% 17.0% (200) bps 17.0%
Statutory gross profit 394.7 354.9 11.2% 336.2
Adjusted operating profit before the impact of PPA adjustments 210.2 210.8 (0.3%) 211.8
Adjusted operating profit margin before the impact of PPA adjustments (%) 8.0% 8.9% (90) bps 9.3%
Adjusted profit before tax and the impact of PPA adjustments 199.9 231.4 (13.6%) 232.1
Statutory profit before tax 156.2 85.0 83.8% 113.4
Adjusted earnings per share before the impact of PPA adjustments (pence) 10.0 12.8
Basic earnings per share (pence) 7.2 5.6
Interim dividend per share (pence) 5.0 5.5
Net cash 173.9 458.9
ROCE (%) before the impact of PPA adjustments 9.1% 9.1%
ROCE (%) 8.2% 8.1%
Tangible assets per share (pence) 433 434
Note:
In HY26, the Group has reclassified legacy property provision finance costs of
£19.6m as adjusted items. These were unadjusted in prior periods. The Group
believes that users of the financial statements will gain better transparency
on the full financial impact of the Group's legacy property liabilities if
they are visible and classified as adjusted items, in particular given the
scale of provision imputed interest finance costs. The explanation and impact
of adjusted items on the Group's principal statutory financial measures is
shown through note 4 of the condensed interim financial statements (pg. 26)
and the definitions of alternative performance measures (APMs) and
reconciliation to IFRS (pg. 41). Adjusted measures in this document remove the
impact of legacy property provision imputed interest finance costs for both
HY26 and from prior period comparative measures.
Our customers
We continue to help support our customers in accessing attractive mortgage
products, working closely with lenders to ensure that the products they offer
new home buyers are competitive and appropriate.
For first time buyers we continue to offer a variety of schemes to help buyers
onto the housing ladder which include our Deposit Boost, Key Worker Deposit
Contribution and Armed Forces Contribution schemes as well as the Rezide
Equity Loan Scheme launched in the period.
For existing homeowners looking to buy a new Barratt Redrow home, we now offer
part-exchange across all three brands. In the current affordability
environment, and amid concerns around property chains, this has proved
particularly appealing, with 23% (HY25: 14%(A)) of private reservations in the
period using our part exchange offer.
Our industry leadership in quality and customer service is fundamental to our
success. Both Barratt and Redrow have been awarded the maximum 5 Star rating
by our customers in the HBF customer satisfaction survey. The Group has
achieved this for the last 16 years. Our site and sales teams remain focused
on delivering for our customers at every stage of their journey, supported by
comprehensive training programmes delivered throughout the year.
We constantly strive to improve the design and layouts of our homes to meet
customers' desires and expectations, while improving water and energy
efficiency to unlock lower lifetime housing costs for our purchasers. In FY25,
over 99% of our home completions were EPC rated 'B' or above, a level of
energy efficiency shared by just 3.5%(5) of the existing housing stock. We
continue to work with lenders to encourage more attractive "green mortgage
lending", reflecting the lower running costs, higher reliability and limited
maintenance expenditure required for many years with the purchase of new build
homes.
Our people
Our second combined Barratt Redrow employee engagement pulse survey, completed
in October 2025, delivered a strong engagement score of 77.0 (April 2025:
74.9). Against a backdrop of significant change, this was a particularly
positive result and was accompanied by increased employee participation, with
70% of employees completing the survey, up from 67%.
We continue to operate as an accredited real Living Wage Employer and we
promote the payment of the real Living Wage within our UK supply chain through
our standard sub-contractor terms and conditions.
With the industry facing a longstanding skills shortage it is ever more
important to attract and retain the best people. We continue to run numerous
award-winning schemes including those for graduates, apprentices and degree
apprentices, and former Armed Forces personnel. At 28 December 2025 we had 492
employees on our development programmes.
Keeping people safe
Barratt Redrow is committed to achieving the highest industry health and
safety standards to provide a safe working environment for all of our
employees and subcontractors. In the 12 months to 28 December 2025 Barratt
Redrow operations' injury incidence rate ("IIR") showed a strong improvement,
reducing to 240 (2024: Barratt 292, Redrow 326) per 100,000 workers. We have a
continual focus improving our site-based processes and procedures,
challenging unsafe behaviours across our sites and production facilities and
looking at how we can minimise injuries and accidents with the added
opportunities to share experience and best practice between Barratt and Redrow
colleagues.
Land approvals and strategic land submissions
After significant land approval activity in the second half of FY25, we
approved new land acquisitions totalling 1,545 plots (HY25: 7,727(R) plots)
across 15 sites (HY25: 45 sites(R)) at a cost of £119.2m (HY25: £471.8m(R))
in the period.
Our strategic land teams submitted 56 planning applications in the period
encompassing 16,985 plots. At 28 December 2025 we had a total of 103 planning
applications, equating to more than 27,500 plots, submitted and awaiting local
planning authority consideration across our strategic land bank.
Sales outlet evolution
In the period, in line with our expectations for the year, we operated from an
average of 405 active sales outlets, including JVs, a decrease of 6.0% on the
aggregated average of 431 outlets in the comparable period. In the half we
launched 65 new sales outlets, including JVs, (HY25: 42(R)) and at 28 December
2025 we were operating from 409 active sales outlets including JVs (29
December 2024: 426).
We continue to anticipate average sales outlets will be broadly flat through
FY26 in line with our guidance. Looking to FY27, the combination of organic
outlet growth and the opening of Redrow synergy sales outlets, is expected to
create an average sales outlet position of between 425 and 435 active sales
outlets, including JVs.
Our build performance
Through calendar year 2025, Barratt Redrow once again maintained an industry
leading position amongst the major housebuilders, with the Group registering
Reportable Items (RIs) per NHBC inspection(6) at 0.14 (2024: Barratt 0.12,
Redrow 0.24).
Our build quality and site standards continue to be recognised through the
NHBC Pride in the Job Awards for site management, where site managers across
the Barratt and Redrow operations secured 115 awards in the most recent
judging period, more than any other housebuilder for the 21 consecutive years.
The adoption of MMC, primarily through our increased use of timber frame
construction, is increasing build speed and mitigating the risks around labour
cost movements on our sites, as well as reducing embodied carbon and waste.
Across the Barratt Redrow operations, we completed 34.7% of our homes (HY25:
30.4%(R), 31.5%(A)) using MMC and 30.6% of our home completions utilised
timber frame construction (HY25: 27.6%(R), 26.6%%(A)).
We anticipate that construction activity will increase modestly during the
second half of FY26 due to the increased level of home completions anticipated
from the balance of FY26, as well as ongoing investment in developments to
deliver the sales outlet expansion planned for FY27 and FY28.
Responsible development
Building safety
During the period no issues were identified which required an increase in the
building safety provision, with the total expected cost of remediation
remaining within the Group's estimates. The building safety provision totalled
£828.9m at 28 December 2025 (29 June 2025: £886.4m). Provision spend in the
period was £73.4m which was partially offset by imputed interest of £15.9m.
We continue to make progress through the buildings covered under the Building
Safety Self Remediation Terms across the Barratt Redrow legacy property
portfolio. During the 26-week period, through inspections, testing and contact
from building owners regarding potential issues, we added three buildings
potentially requiring remedial works to our active portfolio. We also added
six buildings on existing active developments to align external reporting. As
a result, we recognised nine building additions (HY25: 14(R) buildings) and
seven buildings were completed or assessed as needing no remediation (HY25:
12(R) buildings). There were 280 buildings in our active portfolio at 28
December 2025 (29 June 2025: 278 buildings) with 194 buildings of these
buildings at tender or site mobilisation, or in the process of being
remediated (29 June 2025: 192 buildings).
Around 95% of the Barratt Redrow active portfolio has been assessed under the
Fire Risk Assessment of External Walls and will have an appropriate PAS 9980
assessment in place.
The Group signed the Scottish Government's Safer Building Accord, on 31 May
2023 and the Housing (Cladding Remediation) (Scotland) Act, passed on 21 June
2024. The building safety provision is recorded on the basis that the standard
of remediation required in Scotland is consistent with England and Wales. This
will be determined when the final contract with the Scottish Government is
signed and the industry is continuing to work with the Scottish Government to
finalise the required standard of remediation in Scotland.
Reinforced concrete frames
Our remediation activities with respect to reinforced concrete frame design
and construction continued during the period in line with plans and with the
total expected cost of remediation remaining within the Group's estimates.
The provision with respect to reinforced concrete frames totalled £186.7m at
28 December 2025 (29 June 2025: £187.4m). Provision spend in the period was
limited at £4.4m with most of this spend offset by imputed interest of
£3.7m. Significant remediation spend is set to follow in FY27 and FY28 once
detailed non-linear analysis and building modelling is completed.
The portfolio of reinforced concrete frame buildings totalled 165 at 28
December 2025 (29 June 2025: 165). Of this total portfolio, 76 have been
identified as not requiring remediation (29 June 2025: 75), 17 have had
remediation works completed (29 June 2025: 17), 21 are currently under review
(29 June 2025: 22) and 51 have had remediation issues identified and are at
various stages in the remediation process (29 June 2025: 51).
CMA investigation concluded
On 9 July 2025, the UK Competition and Markets Authority ("CMA") announced
that Barratt Redrow, along with six other UK housebuilders, had offered
voluntary commitments to the CMA as part of its ongoing investigation into the
housebuilding sector. Following a period of public consultation, on 30 October
2025 the CMA accepted the voluntary commitments and closed its investigation.
The CMA did not make any finding that Barratt Redrow had infringed UK
competition law and the commitments offered by Barratt Redrow do not
constitute an admission of any wrongdoing. Under the terms of the
commitments, Barratt Redrow has, made a payment of £29.0m to the Government,
upon which Barratt Redrow has agreed to waive tax deductibility. This payment
is part of the total combined £100m payment from the seven housebuilders,
will be disbursed to affordable housing programmes across the United Kingdom.
Redrow Pension scheme buyout
The acquisition of Redrow plc included the Redrow Staff Pension Scheme which,
in part, comprised a defined benefit pension plan. The Trustees of the Scheme
entered into a bulk annuity buy-in contract with the insurer, Standard Life,
on 27 January 2023. The buy-in did not change the obligations of Redrow
Limited (formerly Redrow plc) in relation to the Scheme but reduced the future
funding risk.
On 6 October 2025 the insurer assumed responsibility for the previously
bought-in benefits of the Scheme members through a buy-out. This transaction
has resulted in the discharge of all Scheme liabilities from the Group and
surplus net assets of £3.2m remain in the scheme.
Charitable giving
In FY25, we donated £6.7m (FY24 £6.4m) to charitable causes through the
Barratt Redrow Foundation and employee fundraising.
During the first half of FY26, the Foundation donated more than £2m to good
causes and has approved £2.6m in multi-year future commitments to charity
partners.
The Barratt Redrow Foundation also celebrated its fifth anniversary in January
2026 and, celebrating this milestone, commissioned a short film "5 Lives for 5
Years" which brings to life the real stories of young people whose lives have
been transformed through the work of our charity partners. This film can be
viewed Celebrating 5 Years of the Barratt Redrow Foundation
(https://www.youtube.com/watch?v=HN3pOz0tRYI) .
The Foundation's charitable giving programmes are accessible to all Barratt
Redrow colleagues creating a wide range of fundraising activities and
volunteering opportunities to colleagues throughout the Group's operations.
Board changes
On 5 November 2025 as planned, Jock Lennox, stepped down as a Non-Executive
Director and as the Group's Senior Independent Director. Jock joined the Board
on 1 July 2016 and became the Senior Independent Director on 4 May 2021. The
Board and everyone at Barratt Redrow wish Jock well for the future.
From 5 November 2025 Jasi Halai took over from Jock as Chair of the Audit and
Risk Committee and Nicky Dulieu became the Group's Senior Independent
Director.
On 13 November 2025, by mutual agreement, Mike Scott stepped down as Chief
Financial Officer ('CFO') and as an Executive Director. Mike was available for
transitional support until 31 January 2026. The Board would like to thank Mike
for his contribution since joining the Group in December 2021 and wish him
well for the future. A search and selection process is currently underway with
respect to the appointment of a CFO.
Reporting dates
We have a Trading Update scheduled on 15 April 2026. Our FY26 52-week results
will be reported to 28 June 2026 with a trading update planned for Wednesday
15 July 2026 and the full results released on Wednesday 16 September 2026.
Our financial performance
Reservation performance
Our net private reservation rate was 3.4% lower at 0.57 compared to 0.59(A) on
a like-for-like aggregated performance basis for Barratt and Redrow in the
comparable period. However, our underlying private net reservation rate,
excluding private rental sector and other multi-unit sales, was slightly ahead
at 0.55 compared to 0.54.
26 weeks ended Barratt and Redrow aggregated(A)(,1) Change Barratt Redrow reported 26 weeks ended 29 December 2024(2)
28 December 2025
26 weeks ended %
29 December 2024
Average net private reservations per active outlet per week
Wholly owned 0.57 0.59 (3.4%) 0.60
- Of which underlying private 0.55 0.54 1.9% 0.54
- Of which PRS and other MUS 0.02 0.05 (60.0%) 0.06
JV 0.89 0.80 11.3% 0.80
Total 0.58 0.60 (3.3%) 0.61
Average active sales outlets
Wholly owned 396 421 (5.9%) 387
JV 9 10 (10.0%) 10
Total 405 431 (6.0%) 397
Private forward sales roll (homes)
29/30 June 4,781 4,505 6.1% 3,386
Redrow acquired order book 1,358
Reservations 5,842 6,496 (10.1%) 6,061
Completions (5,877) (5,705) 3.0% (5,509)
28/29 December 4,746 5,296 (10.4%) 5,296
(1) Barratt and Redrow included from 1 July 2024
(2) Barratt and Redrow included from 22 August 2024
In the 26-week period, we operated from an average of 405 active sales
outlets, including JVs, a decrease of 6.0% on the aggregated average of 431
outlets in the comparable period but in line with our guidance at the start of
the year. We launched 65 new sales outlets in the period, including JVs,
(HY25: 42) and at 28 December 2025 we were operating from 409 active sales
outlets including JVs (29 December 2024: 426).
Forward order book 28 December 2025 29 December 2024 Change %
£m Homes £m Homes £m Homes
Private 1,895.6 4,746 2,131.3 5,296 (11.1%) (10.4%)
Affordable 974.5 4,975 735.9 4,384 32.4% 13.5%
Wholly owned 2,870.1 9,721 2,867.2 9,680 0.1% 0.4%
JV 254.7 719 151.2 396 68.5% 81.6%
Total 3,124.8 10,440 3,018.4 10,076 3.5% 3.6%
The total value of the order book, including JVs, as at 28 December 2025
increased by 3.5% to £3,124.8m and total forward sales, including JVs, as at
28 December 2025 increased by 3.6% to 10,440 homes (29 December 2024: 10,076
homes). Reflecting the reduction in average sales outlets and the 3.4%
reduction in the reported weekly reservation rate, as well as the increased
delivery of private home completions in the period, the private order book
reduced by 10.4% to 4,746 homes (29 December 2024: 5,296 homes).
Meanwhile, a slightly improved affordable housing sector backdrop through
changes announced with the Affordable Homes Programme including its improved
10-year rent settlement (delivering rental growth of CPI+1%), and the slated
introduction of rent convergence measures, has provided a welcome improvement
to affordable housing demand. This has resulted in a significant improvement
in the Group's affordable order book which increased by 32.4% in value terms
and 13.5% in volume to 4,975 homes.
Home completions
The Group's completion mix by both volume and average sales price (ASP), are
detailed in the following table comparing completions and ASPs in HY26 to the
aggregated completions and pricing in HY25. Barratt Redrow's reported
performance in HY25 is also included for reference.
26 weeks ended Barratt and Redrow aggregated (A) ((1)) Change (%) 26 weeks ended
28 December 2025
29 December 2024(R) ((2))
26 weeks ended
29 December 2024
Home completions (units)
Underlying Private 5,378 5,285 1.8% 5,090
PRS 423 272 55.5% 272
Other MUS 76 148 (48.6%) 147
Total private 5,877 5,705 3.0% 5,509
Affordable 1,428 1,130 26.4% 1,065
Wholly owned 7,305 6,835 6.9% 6,574
% Affordable 19.5% 16.5% 300 bps 16.2%
JV 139 272 (48.9%) 272
Total 7,444 7,107 4.7% 6,846
ASP (£'000)
Underlying Private 401.0 380.6 5.4% 378.3
PRS 311.4 282.4 10.3% 282.4
Other MUS 270.1 286.8 (5.8%) 286.9
Total private 392.9 373.5 5.2% 371.1
Affordable 213.2 177.5 20.1% 178.4
Wholly owned 357.8 341.1 4.9% 339.9
JV 413.5 353.9 16.8% 353.9
(1) Barratt and Redrow included from 1 July 2024
(2) Barratt and Redrow included from 22 August 2024
The combined Group delivered a 4.7% increase in total home completions to
7,444, including 139 JV completions relative to the aggregated 7,107 home
completions in HY25, including 272 JV completions. The increase in total home
completions in the period was made up of a 3.0% increase in total wholly owned
private home completions and a more significant 26.4% improvement in
affordable home completions, reflecting a recovery from the sharply lower
affordable mix in HY25.
The increase in private home completions reflected the strength in our opening
forward order book position despite the reduced level of sales outlets across
the period, and our deliberate trading position to drive reservations during
the more challenging period of uncertainty prior to the Budget in late
November 2025. The improvement in affordable completions was in line with our
expectations and reflected the stabilised affordable order book entering FY26,
an improved funding backdrop for affordable housing providers and our close
relationships with several key affordable housing providers for whom we are a
partner of choice.
Our underlying private ASP increased by 5.4% to £401.0k (HY25: £380.6k(A)
and £378.3k(R)). We saw broadly flat underlying pricing across the Group
(HY25: broadly flat underlying pricing). Geographic mix changes and a larger
product mix within Redrow brand completions contributed to the increase in
underlying private ASP.
The total private ASP, including PRS and other multi-unit sales, increased by
5.2% to £392.9k (HY25: £373.5k(A) and £371.1k(R)). The affordable ASP
increased by 20.1% to £213.2k (HY25: £177.5k(A) and £178.4k(R)), a function
of greater proportional delivery from London and modest changes in average
square footage of completions outside of London.
Reflecting all of the mix movements, the Group's total wholly owned ASP was
4.9% higher on an aggregated comparable basis at £357.8k (HY25: £341.1k(A)
and £339.9k(R)).
Financial results
Gross profitability:
The Group delivered gross profit before the impact of PPA adjustments of
£394.8m compared to £405.3m on an aggregated basis in HY25. Minimal
underlying sales price inflation, increased non-cash incentives and underlying
build cost inflation of just over 1.0%, notwithstanding the operational
gearing impact of higher home completions in the period, resulted in a gross
margin reduction of 200 basis points to 15.0% (HY25: 17.0%(A)).
The purchase price allocation impact in the period reduced gross profit by
£13.5m (HY25: £50.4m) and an adjusted item gain in relation to legacy
building recoveries of £13.4m resulted in statutory gross profit of £394.7m
(HY25: £354.9m(A)) with a statutory gross margin of 15.0% (HY25:14.9%(A)).
Barratt Redrow plc ((1)) HY26 HY25 aggregated Change (%) HY25 reported
Adjusted gross profit before the impact of PPA adjustments 394.8 405.3 (2.6%) 386.6
Adjusted gross profit before the impact of PPA adjustments margin (%) 15.0% 17.0% (200) bps 17.0%
PPA adjustment related charges in cost of sales (13.5) (50.4) 73.2% (50.4)
Adjusted items income / (charges) 13.4 - - -
Statutory gross profit 394.7 354.9 11.2% 336.2
Statutory gross profit margin (%) 15.0% 14.9% 10 bps 14.7%
Our forward sales at the start of the second half incorporated an estimated
0.8% underlying softening in net sales prices, excluding PRS and other
multi-unit sales, on the position a year ago. During the first half,
underlying build cost inflation recognised through the income statement was
estimated at c. 1%. Against a backdrop of continuing supply chain build cost
inflation, we now expect underlying build cost inflation, with the benefit of
Redrow related procurement synergies, will be towards the upper end of our
previous guidance, at c. 2% for FY26.
During the second half of FY26 we anticipate a proportionally higher share of
home completions will improve fixed cost absorption supporting adjusted gross
profitability. However, there will also be a modest impact on the Group's
adjusted and reported performance from the unwinding of purchase price
allocation adjustments. These are expected to reduce reported gross profit by
between £2m and £3m in the second half.
Operating profitability:
Adjusted administrative expenses before the impact of PPA adjustments in the
period were £184.7m (HY25: £195.4m(A)) reflecting inflationary increases in
payroll and other expenses, as well as the impact of additional employers'
National Insurance costs but with the benefit of £23.2m of incremental
synergy cost savings unlocked in the period (HY25: £1.4m). Part exchange net
income was £0.1m (HY25: £0.9m income) in the period.
We continue to expect underlying administrative expenses for FY26 will be c.
£400m including intangible amortisation costs of c. £10m and incremental
cost synergies of c. £30m.
Barratt Redrow plc ((1)) HY26 HY25 aggregated Change (%) HY25 reported
Adjusted gross profit before the impact of PPA adjustments £m 394.8 405.3 (2.6%) 386.6
Adjusted administrative expenses before the impact of PPA adjustments £m (184.7) (195.4) 5.5% (175.7)
Part exchange income £m 0.1 0.9 (88.9%) 0.9
Adjusted operating profit before the impact of PPA adjustments £m 210.2 210.8 (0.3%) 211.8
Adjusted operating profit before the impact of PPA adjustments margin (%) 8.0% 8.9% (90) bps 9.3%
PPA adjustments recognised in reported operating profit (13.6) (50.4) 73.0% (50.4)
Adjusted operating profit £m 196.6 160.4 22.6% 161.4
Adjusted operating profit margin (%) 7.5% 6.7% 80 bps 7.1%
Adjusted items recognised in reported operating profit (10.5) (77.6) 86.5% (49.9)
Statutory operating profit £m 186.1 82.8 124.8% 111.5
Statutory operating profit margin (%) 7.1% 3.5% 360 bps 4.9%
Adjusted operating profit before the impact of PPA adjustments was in line
with the comparable period at £210.2m (HY25: £210.8m(A)). The adjusted
operating profit margin before the impact of PPA adjustments reduced by 90 bps
to 8.0% (HY25: 8.9%(A)) and reflected several impacts:
· Completion volumes: the increase in wholly owned completions of 6.9%, or 470
homes, created a 40 bps positive impact;
· Net inflation / incentives: minimal underlying sales price inflation,
increased incentives combined with underlying build cost inflation of c.1%,
produced a 90 bps negative impact;
· Completed developments provision: modest changes to this provision in the year
created a 40 bps negative margin impact;
· Synergies: the annualisation of synergies delivered in the second half of FY25
as well as additional synergies unlocked in the period delivered a 90 bps
positive margin impact;
· Administrative expenses and part exchange: Underlying inflation with respect
to our administrative expenses and the decline in part exchange income
resulted in a 50 bps negative margin impact; and finally,
· Mix and other items: other items created a 40 bps negative impact.
We absorbed reduced PPA adjustment charges of £13.6m (HY25: £50.4m(R)). The
adjusted operating profit after the impact of PPA adjustments was £196.6m
(HY25: 160.4m(A)) and the adjusted operating profit margin improved to 7.5%
(HY25: 6.7%(A)).
The Group incurred net adjusted items charges of £10.5m (HY25: £77.6m(A) and
£49.9m(R)) in arriving at statutory operating profits. Adjusted item charges
in the period recognised further restructuring costs to realise synergies from
the Redrow acquisition of £18.1m (HY25: £14.4(R)), legal costs incurred in
relation to recoveries with respect to legacy properties of £5.8m (HY25:
nil), as well as adjusted item income of £13.4m relating to legacy property
recoveries from third parties, recognised in cost of sales (HY25: nil).
Looking forward, we now expect to deliver c. £50m of total incremental cost
synergies through our income statement in FY26 with the target of £100m being
achieved by the end of HY28.
Profit before tax:
The Group incurred £12.4m of finance charges excluding adjusted items (HY25:
£11.9m(R) and £12.2m(A) of finance income) following the reclassification of
finance charges in respect of legacy property provision discounting.
The change in finance charges reflected a reduction in the Group's average net
cash position, as well as an increased charge in relation to land creditors,
where new land creditor imputed interest costs are significantly higher than
land creditors being settled. The finance charge excluding adjusted items
consisted of £6.8m of net cash finance income and non-cash related charges of
£19.2m (HY25: £17.7m(A) of net cash finance income and £5.5m(A) of non-cash
charges).
We now anticipate FY26 net finance costs, excluding adjusted item finance
charges relating to legacy property provisions, will be c. £30m,
comprising c. £5m of net cash finance income and c. £35m of non-cash
finance charges.
In the period the Group's share of JV profit was £2.1m (HY25: £8.4m(R)) with
JV completion timing impacting JV profitability in the period. As a result,
profit before tax before the impact of PPA adjustments was £199.9m (HY25:
restated £232.1m(R) and £231.4m(A)) as detailed in the following table.
Barratt Redrow plc ((1)) HY26 HY25 aggregated Change (%) HY25 reported
Adjusted operating profit before the impact of PPA adjustments £m 210.2 210.8 (0.3%) 211.8
Adjusted finance (charges) / income £m (12.4) 12.2 (201.6%) 11.9
JV income £m 2.1 8.4 (75.0%) 8.4
Adjusted profit before tax and the impact of PPA adjustments £m 199.9 231.4 (13.6%) 232.1
PPA adjustment charges recognised in adjusted profit before tax £m (13.6) (50.4) 73.0% (50.4)
Adjusted profit before tax £m 186.3 181.0 2.9% 181.7
Adjusted item charges recognised in operating profit £m (10.5) (77.6) 86.5% (49.9)
Adjusted item charges recognised in finance costs £m (19.6) (18.4) (6.5%) (18.4)
Statutory profit before tax £m 156.2 85.0 83.8% 113.4
The total adjusted impact of purchase price allocation charges was £13.6m
(HY25: £50.4m(A)) which resulted in adjusted profit before tax of £186.3m
(HY25: restated £181.7m(R) and £181.0m(A)).
After deducting adjusted item charges recognised in statutory operating profit
of £10.5m (HY25: £77.6m(A)) and an adjusted item finance charge of £19.6m
(HY25: £18.4m), with the increased charge due to the increased legacy
property provisions recognised at the start of FY26, statutory profit before
tax was £156.2m, an increase of 37.7% on the restated £113.4m reported by
Barratt Redrow in HY25 and 83.8% ahead of the aggregated profit before tax in
HY25.
The adjusted item finance charge relating to legacy property provisions for
FY26 is currently expected to be c. £32m.
The Group recognised £53.6m of total tax charges (HY25: restated £40.4m) at
an effective rate of 34.3% (HY25: restated 35.6%). The tax charge applicable
to adjusted profit before tax before the impact of PPA adjustments was £57.7m
at an underlying tax rate of 28.9%.
Adjusted earnings per share before the impact of PPA adjustments reduced by
21.9% to 10.0p (HY25: restated 12.8 pence per share) reflecting both the
decline in profitability and an 8.9% increase in the average shares in issue,
recognising both shares issued with respect to the Redrow acquisition for the
full 26-week period, as well as share buyback activity in the period.
Adjusted basic earnings per share reduced by 7.9% to 9.3 pence per share
(HY25: restated 10.1 pence(R) per share).
The anticipated tax rate for FY26 remains at 29% on adjusted profit before
tax, reflecting both the rates of corporation tax at 25% on profitability
after finance costs and RPDT at 4% on profits before finance costs.
Basic earnings per share increased by 28.6% to 7.2 pence per share (HY25:
restated 5.6 pence per share).
Maintaining a strong balance sheet
We continue to maintain an appropriate capital structure reflecting our
disciplined operating framework to ensure our balance sheet strength and
resilience are maintained through the cycle.
The net cash balance of £173.9m (29 December 2024: £458.9m), including cash
and cash equivalents of £373.9m (29 December 2024: £655.3m), reflected the
resilience of underlying operating cash generation, notwithstanding:
· A £475.0m increase in working capital in the period (HY25: £480.6m(R)
restated increase) which encompassed:
- A £339.9m underlying increase in inventories on the balance
sheet, which included:
§ An increase in land investment carried of £20.5m;
§ An increase in construction work in progress of £231.7m; and
§ An increase in part-exchange properties held of £74.7m
- A decrease in land creditors of £42.2m;
- A reduction in trade and other payables, excluding land
creditors, of £64.9m;
- A decrease in receivables of £39.3m (HY25: £70.5m(R)
underlying decrease); and
- Legacy property building safety remediation spend of £77.8m
(HY25: £46.5m(R)).
In addition, during the period, net cash was impacted by:
· The payment of the final FY25 dividend of £171.8m (HY25: £170.5m FY24 final
dividend);
· Tax payments of £50.9m (HY25: £75.6m); and,
· Share buyback purchases of £50.4m (HY25: nil).
We anticipate financial year end net cash of between £400m and £500m with
increased build activity in the second half, offset by a greater proportion of
completions. Our construction activity will continue to be carefully managed
to align with reservation activity, but we will see a continuing impact from
up-front construction work in progress invested to bring through the
incremental growth in sales outlets planned in FY27 and FY28.
The increased pace of land buying activity has seen land creditors move higher
year on year although land creditor funding remains below our operating
framework range and land creditors have reduced since 29 June 2025.
At 28 December 2025 land creditors totalled £767.2m (29 December 2024:
£594.6m) and equated to 15.0% (29 December 2024: 12.1%) of the owned land
bank. Land creditors falling due within the next 12 months totalled £315.3m
at 28 December 2025 (29 December 2024: £401.0m).
After deducting land creditor obligations from our net cash balance, we
recorded a total net indebtedness of £593.3m at 28 December 2025 (29 December
2024: net indebtedness of £135.7m).
Capital structure and operating framework
Our revised operating framework and movements over the last 52-week period is
shown below:
Operating framework Barratt Redrow Barratt Redrow reported
Position at 28 December 2025 Position at 29 December 2024
Land bankA c. 3.5 years owned and c. 1.0 year controlled 5.0 years owned and 0.6 years controlled 5.0 years owned and 0.6 years controlled
Land creditors Target 20 - 25% of the land bank over medium term 15.0% 12.1%
Net cash Modest average net cash over the financial year £248.2m over the 26 weeks ended 28 December 2025 £605.9m over the 26 weeks ended 29 December 2024
Period end net cash £173.9m net cash £458.9m net cash
Total indebtedness (net cash and land creditors) Minimal year end total indebtedness in the medium term Total net indebtedness of £593.3m Total net indebtedness of £135.7m
Treasury Appropriate financing facilities £700m RCF expiring November 2029 £700m RCF expiring November 2029
£200m USPP maturing 2027 £200m USPP maturing 2027
Shareholder returns Ordinary dividend cover of 2.0x from FY26 FY26 proposed interim dividend of 5.0p based on 2.0x cover FY25 proposed interim dividend of 5.5p based on 1.75x cover
Share buyback of £50m in H2 FY26 Share buyback of £50m in H2 FY25
(A) Land supply is calculated as total owned (owned land and land subject to
unconditional contracts) and controlled (land subject to conditional
contracts) land bank plots divided by wholly owned completions in the last 52
weeks.
Net tangible assets were £6,183.0m and 433.4 pence per share at 28 December
2025, (29 December 2024: restated £6,290.9m and 433.6 pence per share) of
which land (net of land creditors) and work in progress totalled £7,568.9m
and 530.6 pence per share (29 December 2024: restated £7,550.8m and 520.4
pence per share).
Land and planning
Throughout the period we maintained our selective approach to investment in
land and approved 15 new sites (HY25: net approval of 45(R) sites). The
approved sites added 1,545 plots, (HY25: 7,727) at a cost of £119.2m (HY25:
£471.8m) equivalent to an average approved site size of 103 plots (HY25: 172
plots) and an average plot cost of £77.2k (HY25: £61.1k).
We now expect to approve between 10,000 and 12,000 plots in FY26 rather than
replace all plots utilised in the year, a reflection of our strong land bank
position and internal actions to optimise our existing land bank portfolio.
We invested £472.5m (HY25: £395.6m(R)) on land acquisitions and the
settlement of land creditors during the period and we continue to expect to
invest between £800m and £900m in land and land creditor settlement in FY26,
broadly in line with the £862.5m(R) invested by Barratt Redrow in FY25.
Our land bank comprised of 5.0 years of owned land (29 December 2024: 5.0
years(R)) and 0.6 years of controlled land at 28 December 2025 (29 December
2024: 0.6 years(R)). In the medium term we however continue to target a
geographically balanced land portfolio with a supply of owned land of c. 3.5
years and a further c. 1.0 year of controlled land.
The composition and planning status of our land bank at 28 December 2025, 29
June 2025 and 29 December 2024 are detailed in the following table:
Our land bank 28 December 2025 29 June 2025 29 December 2024(R)
Plots with detailed planning consent 58,544 59,645 57,653
Plots with outline planning consent 23,786 24,072 18,040
Plots with resolution to grant and other 1,370 3,994 7,943
Owned and unconditional land bank (plots) 83,700 87,711 83,636
Conditionally contracted land bank (plots) 10,521 12,293 10,586
Total owned and controlled land bank (plots) 94,221 100,004 94,222
Number of years' owned supply(X) 5.0 5.4 5.0
Number of years' controlled supply(X) 0.6 0.8 0.6
Total land bank years (exc. JVs)(X) 5.6 6.2 5.6
JVs owned and controlled land bank (plots) 13,573 8,651 4,359
Total land bank including JVs (plots) 107,794 108,655 98,581
Strategic land bank (plots) 148,005 145,043 148,157
Promotional land bank (plots) 118,407 113,940 105,344
Land bank carrying value £5,125.4m £5,104.9m £4,905.1m
(X) Land supply is calculated as total owned (owned land and land subject to
unconditional contracts) and controlled (land subject to conditional
contracts) land bank plots divided by wholly owned completions in the last 12
months.
At 28 December 2025, the current estimated average selling price of plots in
our owned land bank was £365,000 (29 December 2024: £352,000; 29 June 2025:
£366,000) and the estimated gross margin in our owned land bank, based on the
current average selling price and estimated current build costs, was 18.9% at
28 December 2025 (29 December 2024: 18.3%; 29 June 2025: 19.2%).
Barratt Redrow delivered 1,290 (HY25: 1,432(R)) completions from strategically
sourced land in the period, and we converted 503 (HY25: 1,904(R)) plots of
strategic land into our owned and controlled land bank. In the medium term we
continue to target c. 30% of completions from strategic land.
Share buyback programme
During HY26 we completed the first tranche of the £100m annual share buyback
programme with the purchase of 13.2m shares at an average share price of 379
pence at a total cost of £50.4m (including fees). The Group subsequently
announced the commencement of the second tranche on 5 January 2026, with £50m
expected to be used for share buyback activity from 5 January 2026 through to
26 June 2026.
Interim ordinary dividend
We have declared an interim dividend of 5.0 pence per share (HY25: 5.5 pence
per share(R)). The interim dividend will be paid on Friday 15 May 2026 to all
shareholders on the register on Tuesday 7 April 2026. A Dividend Reinvestment
Plan ("DRIP") is provided by Equiniti Financial Services Limited. The DRIP
enables the Company's shareholders to elect to have their cash dividend
payments used to purchase the Company's shares. Shareholders who wish to elect
for the DRIP should do so by 23 April 2026.
More information can be found at: www.shareview.co.uk/info/drip.
In line with our revised dividend policy, we intend to declare an ordinary
dividend equating to cover of 2.0 times adjusted earnings per share, excluding
the impact of acquisition fair value adjustments in FY26.
FY26 guidance
Looking to the balance of the current financial year our guidance is
summarised in the following table. Where guidance has been amended this is
highlighted, and previous guidance is included in italics.
Total home completions c. 17,200 - 17,800 total home completions, including c. 600 JV completions
Private: affordable mix Affordable mix expected to be c. 20%
Average sales outlet movement Broadly flat on FY25
Build cost inflation c. 2% including estimated procurement-based synergies
1% - 2% including estimated procurement-based synergies
Adjusted administrative expenses c. £400m (including amortisation of intangible assets of c. £10m and
incremental synergies of c. £30m)
Synergy savings Incremental c. £50m within adjusted profit before tax (£70m cumulative)
Incremental c. £45m within adjusted profit before tax (£65m cumulative)
Interest cost c. £30m interest charge for the year (c. £5m cash credit, c. £35m non-cash
charges)
c. £50m interest charge for the year (c. £5m cash credit, c. £55m
non-cash charges including legacy property provision finance charge)
Legacy property provision finance charge c. £32m finance charge recognised as a finance charge adjusted item
PPA impacts on adjusted profit before tax c. £16m charge
c. £20m charge
Land approvals Expect to approve between 10,000 and 12,000 plots in the year
Expect to replace plots utilised in the year
Land cash spend c. £800m - £900m
Land creditors 15% - 16%
Building Safety cash spend c. £250m
Year end net cash c. £400m - £500m
Taxation Tax rate on adjusted earnings anticipated at 29% reflecting current 25%
corporation tax rate and 4% RPDT.
Ordinary dividend cover 2.0x ordinary dividend cover based on adjusted EPS before the impact of PPA
adjustments.
Current trading and outlook
We have had a solid start to our second half. In the five-week period from 29
December 2025 to 1 February 2026 Barratt Redrow has secured 233 net private
reservations per week (2025: 248) and we have operated from an average of 398
outlets (2025: 414). This has resulted in a net private reservation rate per
active outlet per week of 0.59 (2025: 0.60) with no contribution from private
rental sector and other multi-unit sales in either period.
Our total forward sales(3) at 1 February 2026 were 11,168 homes (2 February
2025: 10,903) at a value of £3,407.8m (2 February 2025: £3,350.3m). With our
private order book 11.2% below the position in 2025, we are now 81%(7) forward
sold with respect to private wholly owned home completions for FY26 (FY25:
86%).
The composition of our forward sales on 1 February 2026 and the order book
movement since 28 December 2025 are included in the following tables, along
with the performance of Barratt Redrow in the comparable period in early 2025:
1 February 2026 2 February 2025 Variance %
£m Homes £m Homes £m Homes
Private 2,168.9 5,438 2,459.0 6,126 (11.8%) (11.2%)
Affordable 978.9 4,994 733.2 4,365 33.5% 14.4%
Wholly owned 3,147.8 10,432 3,192.2 10,491 (1.4%) (0.6%)
JV 260.0 736 158.1 412 64.5% 78.6%
Total 3,407.8 11,168 3,350.3 10,903 1.7% 2.4%
Current Year Prior Year Variance %
Private Total(3) Private Total(3) Private Total(3)
28 / 29 December 4,746 10,440 5,296 10,076 (10.4%) 3.6%
Reservations 1,160 1,257 1,237 1,295 (6.2%) (2.9%)
Completions (468) (529) (407) (468) 15.0% 13.0%
1 Feb / 2 Feb 5,438 11,168 6,126 10,903 (11.2%) 2.4%
The out-turn for FY26 remains dependent on sales activity through the Spring
selling season, as well as any impacts from both the Spring statement and
political uncertainty or volatility created by the local elections in May.
Based on our forward sold position and solid reservation activity, we continue
to expect to deliver total home completions of between 17,200 to 17,800 in
FY26 (including c. 600 JV completions), in line with previous guidance.
Full year adjusted profit before tax and the impact of PPA adjustments, but
after the reclassification of legacy building safety provision finance
charges, is expected to be within the current range of consensus estimates(4).
Whilst we remain encouraged by the Government's focus on housebuilding and its
planning system reforms, accelerating delivery will also require action to
support demand, which will ultimately drive housebuilding recovery 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 both 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.
With the Redrow acquisition now substantially integrated, Barratt Redrow is
focused on disciplined execution and delivering its medium-term ambitions
which include growing total home completions to 22,000 annually. We have
embedded our proven operating model across the enlarged group, creating a more
resilient business with improved efficiency and a stronger platform to enhance
operating profitability and returns through the cycle.
Supported by three leading brands, a strong land bank, a robust balance sheet
and solid forward sales, we are well positioned to unlock the full strength of
the combined business as we progress through the remainder of FY26 and beyond.
David Thomas
Chief Executive
10 February 2026
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 HY26, the Group has 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 £19.6m. The HY25 comparatives
have been restated with an impact of £18.4m, of which £17.1m relates to
previously reported legacy property finance costs and £1.3m relates to an
additional PPA adjustment reflecting completion of the fair value position
with respect to Redrow plc. 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.
Measures before PPA adjustments are presented as if the assets and liabilities
recognised, as a result of the acquisition of Redrow plc, had been initially
measured at their carrying values in the underlying Redrow financial records,
rather than at their fair values in accordance with IFRS. Net cash definition
is included in Note 12.
(2) Synergies: Integrating the Barratt David Wilson and Redrow housebuilding
operations results in cost reductions in three main areas:
(1) Optimisation of the divisional office structure, reducing the number of
divisions from 41 to 32;
(2) Consolidation of central and support functions, including Board, senior
management, compliance and third-party costs; and
(3) Harmonisation of purchasing terms and additional rebates related to volume
for the enlarged business, focused primarily on direct materials purchases.
(R) Reported denotes a Barratt Redrow plc reported metric based on the
reported performance of the Barratt Redrow plc in the comparable reporting
period, with metrics for the 26 weeks to 29 December 2024 restated for the
final assessment of the fair values of assets and liabilities recognised
through the acquisition of Redrow, as detailed above.
(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 December 2024 including the performance of the legacy Redrow plc group
("Redrow Group") 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.
(3) Including JVs in which the Group has an interest.
(4) The company compiled consensus range for FY26 adjusted profit before tax
on 10 February 2026 was £558m to £617m excluding the impact of purchase
price allocation adjustments. This range does not reflect the Group's
reclassification of legacy property provision non-cash finance charges as an
adjusted item finance charge.
(5) Based on EPC registrations to 30 September 2025.
(6) Measured by the NHBC amongst the 14 major housebuilders constructing more
than 1,000 homes annually.
(7) Based on mid-point of FY26 total home completion guidance after deducting
600 JV home completions and assuming c. 20% affordable home completions.
Principal risks and uncertainties
In pursuing our strategic priorities to create value for stakeholders, we are
exposed to risk in many areas of our business that continually evolve.
Managing our risks responsibly is key to delivering our strategy in a way that
creates value for our customers, shareholders, employees and partners.
Risk management controls are integrated into all levels of our business and
across all operations, including at site, divisional, regional and Group
level. The Board and Executive set a clear tone at the top regarding the
importance of risk management controls and have set out clear responsibilities
as part of our enterprise risk management policies.
Reputational risk could potentially arise from a number of sources including
external and internal influences relating to the housebuilding sector that,
when combined or over a period of time, could create a new principal risk. The
Group actively manages the impact of reputational risk by carefully assessing
the potential impact of all the principal risks and implementing mitigation
actions to minimise those risks. Reputational risk is therefore covered by the
management of each of our individual risks and is not presented as a principal
risk in its own right.
The Board has completed its assessment of the Group's principal and emerging
risks, including those that could threaten its business model, future
performance, solvency or liquidity. The Directors do not consider the process
of risk management and the principal risks and uncertainties to have changed
since the publication of the Annual Report and Accounts for the year ended 29
June 2025.
The current risk profile is within our tolerance range as the Group is willing
to accept a moderate level of operational risk to deliver financial returns.
Further details of the Group's principal risks and mitigation of the risks
outlined below can be found on pages 68 to 73 of the Annual Report and
Accounts for the year ended 29 June 2025, which is available at
www.barrattredrow.co.uk.
Principal risks
Political and economic environment
Significant changes in the UK macroeconomic environment, major geopolitical
events, or unpredictable unforeseen events may lead to falling demand,
tightened mortgage availability, lack of funding for housing associations,
reduced new build demand due to increased demand in the second-hand property
market, or reduced purchaser liquidity, especially in the first‑time buyer
market. These events can cause rapid, severe and prolonged market disruptions
beyond normal cyclical patterns. The resultant decline in affordability for
both private and rental customers could lead to reduced sales volumes,
diminished profitability, and in severe scenarios operational continuity,
potentially compromising the Company's ability to deliver planned developments
and meet strategic objectives.
Land and planning
Lack of developable land due to delays in planning approval, failure of a
clear and consistent Government policy or insufficient consented land and
strategic land options at appropriate cost and quality could affect our
ability to grow sales volumes and/or meet our margin and site ROCE hurdle
rates.
Government regulation
The housebuilding industry is subject to increasingly complex legislation and
regulations, Government intervention and policy changes, for example building
regulation, legal, NHQC, CMA and environmental regulation. Deviation from
current regulations or failure to implement the required changes effectively
within our processes could lead to financial penalties, damage to the Group's
reputation or increased costs due to inefficient processes.
Construction quality and innovation
Failure to achieve excellence in housebuilding construction and product
quality, through insufficient quality assurance programmes or inability to
develop, evaluate and implement new and innovative construction methods or be
a market leader with changes in technology advancement, could increase costs,
expose the Group to future remediation liabilities, and result in poor product
quality and reputational damage.
Highrise and complex structures
Failure to build high‑rise and complex structures in line with building
regulations, or remediate existing legacy quality issues effectively, could
result in remediation delays, reputational damage, increased cash outflow or
future remediation liabilities.
Supply chain resilience
Not adequately responding to shortages or increased costs of materials and
skilled labour, or the failure of a key supplier in the current economic
environment, may lead to increased costs and delays in construction.
Safety, health and environment
Health, safety or environmental incidents or compliance breaches that fail to
protect or adversely impact employees, subcontractors, customers and site
visitors, undermining our responsibilities and objectives to be a safe and
responsible business for all of our stakeholders, all of the time.
Attracting and retaining high-calibre employees
Increasing competition for skills may mean we are unable to recruit/retain the
best people. Having sufficient skilled employees is critical to delivery of
the Group's strategy of volume growth whilst maintaining excellence in our
other strategic priorities.
Cybersecurity
A successful cyberattack breaching any of the Group's key systems,
particularly those for financial and customer information or surveying and
valuation, could restrict operations, cause financial losses, regulatory fines
and reputational damage or disrupt progress in delivering strategic
priorities.
Redrow integration
Without careful management, there is a risk that our objectives to maximise
shareholder value by successfully integrating the two businesses to generate
revenue growth opportunities, and achieve operational and cost synergies, are
not achieved.
Condensed Consolidated Income Statement and Statement of Comprehensive Income
for the 26 weeks ended 28 December 2025 (unaudited)
Continuing operations Notes 26 weeks ended 28 December 2025 26 weeks ended 29 December 2024(1) 52 weeks ended 29 June
2025
£m £m (audited)
£m
Revenue 2 2,632.1 2,280.8 5,578.3
Cost of sales 3 (2,237.4) (1,944.6) (4,793.5)
Gross profit 394.7 336.2 784.8
Administrative expenses 3 (208.7) (225.6) (503.2)
Part-exchange income 254.3 178.2 402.5
Part-exchange expenses (254.2) (177.3) (398.6)
Operating profit 3 186.1 111.5 285.5
Finance income 5 12.6 22.7 35.6
Finance costs 5 (44.6) (29.2) (64.6)
Net finance costs 5 (32.0) (6.5) (29.0)
Share of post-tax profit from joint ventures 2.1 8.4 17.2
Profit before tax 156.2 113.4 273.7
Tax 6 (53.6) (40.4) (87.3)
Profit for the period, all of which is attributable to the 102.6 73.0 186.4
owners of the Company
Other comprehensive income/(expense)
Items that will not be reclassified to profit and loss:
Remeasurement of employment benefit obligations and assets 0.9 - (0.7)
Tax on remeasurements (0.3) - 0.2
Other comprehensive income/(expense) for the period 0.6 - (0.5)
Total comprehensive income for the period all of which is attributable to the 103.2 73.0 185.9
owners of the Company
Earnings per share from continuing operations:
Basic 7 7.2p 5.6p 13.6p
Diluted 7 7.1p 5.5p 13.3p
(1) The Income Statement for the 26 weeks ended 29 December 2024 has been
retrospectively adjusted to reflect the finalisation of the fair values of
assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Notes 1 to 18 form an integral part of these Condensed Consolidated Interim
Financial Statements.
Adjusted items: Gross profit Operating profit Net finance costs Profit before tax
26 weeks ended 28 December 2025 26 weeks ended 29 December 2024(1) 52 weeks ended 29 26 weeks ended 28 December 2025 26 weeks ended 29 December 2024(1) 52 weeks ended 29 26 weeks ended 28 December 2025 26 weeks ended 29 December 2024(2) 52 weeks ended 29 26 weeks ended 28 December 2025 26 weeks ended 29 December 2024(1,2) 52 weeks ended 29
See note 4 for further details June June June June
£m £m 2025 £m £m 2025 £m £m 2025(2) £m £m 2025(2)
£m £m £m £m
Reported profit 394.7 336.2 784.8 186.1 111.5 285.5 (32.0) (6.5) (29.0) 156.2 113.4 273.7
Cost associated with legacy properties - - 106.2 - - 106.2 - - - - - 106.2
Legacy property recoveries (13.4) - (15.8) (13.4) - (15.8) - - - (13.4) - (15.8)
Costs incurred in respect of the acquisition of Redrow plc - - - - 35.5 36.2 - - - - 35.5 36.2
Reorganisation and restructuring costs - - - 18.1 14.4 56.8 - - - 18.1 14.4 56.8
CMA commitment - - - - - 29.0 - - - - - 29.0
Legal fees - - - 5.8 - 2.2 - - - 5.8 - 2.2
Imputed interest in respect of legacy properties(2) - - - - - - 19.6 18.4 33.6 19.6 18.4 33.6
Adjusted profit 381.3 336.2 875.2 196.6 161.4 500.1 (12.4) 11.9 4.6 186.3 181.7 521.9
(1) The reported profit and adjusted profit for the 26 weeks ended 29
December 2024 have been retrospectively adjusted to reflect the finalisation
of the fair values of assets and liabilities on the acquisition of Redrow plc
which were provisionally determined as at 29 December 2024 and finalised at 29
June 2025 and the consequent impact on the income statement, as required under
IFRS 3. See note 9 for further information.
(2) The adjusted profit for the 26 weeks ended 29 December 2024 and 52 weeks
ended 29 June 2025 have been re-presented to show imputed interest in respect
of legacy properties as an adjusted item. See note 4 for further information.
Condensed Consolidated Statement of Changes in Shareholders' Equity
(unaudited)
Share Share Merger Capital redemption reserve Own Share-based Retained Total Non- controlling interests Total
capital (note 14)
premium
reserve
shares (note 15)
payments £m
earnings
retained
£m
equity
£m £m £m £m £m £m
earnings £m
£m
At 30 June 2024 97.4 253.5 1,109.0 4.8 (36.9) 29.4 3,981.8 3,974.3 0.1 5,439.1
Profit for the period being total comprehensive income recognised for the - - - - - - 73.0 73.0 - 73.0
period ended 29 December 2024(1)
Dividends paid (note 8) - - - - - - (170.5) (170.5) - (170.5)
Issue of share capital 1.1 - - - (1.1) - - (1.1) - -
Share capital issued as consideration for the acquisition of Redrow plc 46.6 - 2,482.0 - - - - - - 2,528.6
Share-based payments - - - - - 9.4 - 9.4 - 9.4
Transfers in respect of share options - - - - 11.5 (14.3) 2.1 (0.7) - (0.7)
Tax on share-based payments - - - - - 0.1 0.3 0.4 - 0.4
At 29 December 2024(1) 145.1 253.5 3,591.0 4.8 (26.5) 24.6 3,886.7 3,884.8 0.1 7,879.3
Profit for the period - - - - - - 113.4 113.4 - 113.4
Remeasurement of employment benefit obligations and assets - - - - - - (0.7) (0.7) - (0.7)
Tax on remeasurements - - - - - - 0.2 0.2 - 0.2
Total comprehensive income recognised for the period ended 29 June 2025 - - - - - - 112.9 112.9 - 112.9
Dividends paid (note 8) - - - - - - (78.8) (78.8) - (78.8)
Buyback and cancellation of shares (1.1) - - 1.1 (0.5) - (49.8) (50.3) - (50.3)
Share-based payments - - - - - 9.8 - 9.8 - 9.8
Transfers in respect of share options - - - - 0.3 (3.2) 2.8 (0.1) - (0.1)
Tax on share-based payments - - - - - 0.5 (0.3) 0.2 - 0.2
At 29 June 2025 144.0 253.5 3,591.0 5.9 (26.7) 31.7 3,873.5 3,878.5 0.1 7,873.0
Profit for the period ended 28 December 2025 - - - - - - 102.6 102.6 - 102.6
Remeasurement of employment benefit obligations and assets - - - - - - 0.9 0.9 - 0.9
Tax on remeasurements - - - - - - (0.3) (0.3) - (0.3)
Total comprehensive income recognised for the period ended 28 December 2025 - - - - - - 103.2 103.2 - 103.2
Dividends paid (note 8) - - - - - - (171.8) (171.8) - (171.8)
Buyback and cancellation of shares (1.3) - - 1.3 0.5 - (50.9) (50.4) - (50.4)
Share-based payments - - - - - 7.2 - 7.2 - 7.2
Transfers in respect of share options - - - - 16.8 (11.6) (5.1) 0.1 - 0.1
Tax on share-based payments - - - - - 0.8 - 0.8 - 0.8
At 28 December 2025 142.7 253.5 3,591.0 7.2 (9.4) 28.1 3,748.9 3,767.6 0.1 7,762.1
(1) The reported profit and reserves at 29 December 2024 have been
retrospectively adjusted to reflect the finalisation of the fair values of
assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Notes 1 to 18 form an integral part of these Condensed Consolidated Interim
Financial Statements.
Condensed Consolidated Balance Sheet
at 28 December 2025 (unaudited)
Notes 28 December 2025 29 December 2024(1) 29 June 2025
(audited)
£m £m £m
Assets
Non-current assets
Goodwill 1,174.8 1,174.8 1,174.8
Other intangible assets 404.3 413.6 408.4
Investments in jointly controlled entities 219.3 170.4 193.2
Property, plant and equipment 89.0 83.4 86.4
Right-of-use assets 40.3 51.7 47.0
Retirement benefit surplus 3.2 5.0 4.2
Trade and other receivables 2.5 5.0 5.0
1,933.4 1,903.9 1,919.0
Current assets
Inventories 10 8,674.5 8,363.8 8,340.6
Trade and other receivables 201.6 170.4 241.1
Current tax assets 74.2 90.9 79.5
Cash and cash equivalents 11 373.9 655.3 969.6
9,324.2 9,280.4 9,630.8
Total assets 11,257.6 11,184.3 11,549.8
Liabilities
Non-current liabilities
Loans and borrowings 11 (200.0) (200.0) (200.0)
Trade and other payables (460.7) (197.7) (382.5)
Lease liabilities (35.6) (41.1) (37.5)
Deferred tax liabilities 6 (106.7) (129.8) (109.8)
Provisions 12 (690.1) (695.7) (588.1)
(1,493.1) (1,264.3) (1,317.9)
Current liabilities
Loans and borrowings 11 (2.4) - -
Trade and other payables (1,373.9) (1,428.7) (1,558.0)
Lease liabilities (13.3) (18.6) (17.7)
Provisions 12 (612.8) (593.4) (783.2)
(2,002.4) (2,040.7) (2,358.9)
Total liabilities (3,495.5) (3,305.0) (3,676.8)
Net assets 7,762.1 7,879.3 7,873.0
Equity
Share capital 14 142.7 145.1 144.0
Share premium 253.5 253.5 253.5
Merger reserve 3,591.0 3,591.0 3,591.0
Capital redemption reserve 7.2 4.8 5.9
Retained earnings 3,767.6 3,884.8 3,878.5
Equity attributable to the owners of the Company 7,762.0 7,879.2 7,872.9
Non-controlling interests 0.1 0.1 0.1
Total equity 7,762.1 7,879.3 7,873.0
(1) The Balance Sheet at 29 December 2024 has been retrospectively adjusted
to reflect the finalisation of the fair values of assets and liabilities on
the acquisition of Redrow plc which were provisionally determined as at 29
December 2024 and finalised at 29 June 2025. See note 9 for further
information.
Notes 1 to 18 form an integral part of these Condensed Consolidated Interim
Financial Statements.
Condensed Consolidated Cash Flow Statement
for the 26 weeks ended 28 December 2025 (unaudited)
Notes 26 weeks ended 26 weeks ended 29 December 2024 52 weeks ended
28 December 2025 29 June
£m 2025
£m (audited)
£m
Net cash (outflow)/inflow from operating activities (350.7) (433.8) 29.3
Investing activities:
Purchase of property, plant and equipment (6.7) (9.3) (18.1)
Proceeds from disposal of property, plant and equipment - - 1.5
Purchase of intangible assets - (2.5) (2.5)
Cash acquired on acquisition of subsidiary - 194.3 194.3
Payments increasing amounts invested in jointly controlled entities (31.6) (30.8) (47.8)
Repayment of amounts invested in jointly controlled entities 5.2 25.6 24.2
Distributions received from jointly controlled entities 2.4 1.7 6.1
Interest received 15.2 25.7 38.1
Net cash (outflow)/inflow from investing activities (15.5) 204.7 195.8
Financing activities:
Dividends paid to equity holders of the Company 8 (171.8) (170.5) (249.3)
Buyback of own shares (50.4) - (50.3)
Payment of dividend equivalents (1.1) (1.1) (1.1)
Share issue costs on acquisition of subsidiary - (0.3) (0.3)
Proceeds from the exercise of Sharesave options 1.2 0.4 0.3
Repayment of lease liabilities (9.8) (9.4) (20.1)
Drawdown of loans 125.0 - -
Repayment of loans (125.0) - -
Net cash outflow from financing activities (231.9) (180.9) (320.8)
Net decrease in cash, cash equivalents and bank overdrafts (598.1) (410.0) (95.7)
Cash, cash equivalents and bank overdrafts at the beginning of the period 969.6 1,065.3 1,065.3
Cash, cash equivalents and bank overdrafts at the end of the period 11 371.5 655.3 969.6
Notes 1 to 18 form an integral part of these Condensed Consolidated Interim
Financial Statements.
Reconciliation of operating profit to net cash inflow from operating
activities
for the 26 weeks ended 28 December 2025 (unaudited)
Notes 26 weeks ended 26 weeks ended 52 weeks ended
28 December 2025 29 December 2024(2) 29 June 2025 (audited)
£m
£m £m
Operating profit(2) 186.1 111.5 285.5
Depreciation of property, plant and equipment 4.1 4.2 9.0
Profit on disposal of property, plant and equipment - - (0.5)
Depreciation of right-of-use assets 8.9 8.6 18.4
Leased asset remeasurements - 1.5 1.2
Amortisation of intangible assets 5.6 9.3 14.5
Impairment of inventories 10 6.0 7.1 12.4
Share-based payments charge 7.2 9.4 19.2
Defined benefit pension scheme administrative costs 2.0 0.3 0.5
Imputed interest on long-term liabilities(1, 2) 5 (37.2) (22.2) (51.1)
Imputed interest on lease arrangements(1) 5 (1.1) (1.1) (2.5)
Amortisation of facility fees 5 (0.6) (0.7) (1.2)
Total non-cash items (5.1) 16.4 19.9
Increase in inventories (339.9) (283.4) (265.5)
Decrease/(increase) in receivables 39.3 70.5 (1.1)
(Decrease)/increase in payables (106.0) (226.0) 89.3
(Decrease)/increase in provisions 12 (68.4) (41.7) 40.5
Total movements in working capital(2) (475.0) (480.6) (136.8)
Interest paid (5.8) (5.5) (9.9)
Tax paid (50.9) (75.6) (129.4)
Net cash (outflow)/inflow from operating activities (350.7) (433.8) 29.3
(1) The working capital movements in land payables, provisions and leases
include non-cash movements due to imputed interest. Imputed interest is
included within non-cash items in the statements above.
(2) The operating profit, imputed interest on long term liabilities and
working capital movements for the 26 weeks ended 29 December 2024 have been
retrospectively adjusted to reflect the finalisation of the fair values of
assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Notes 1 to 18 form an integral part of these Condensed Consolidated Interim
Financial Statements.
Notes to the Condensed Consolidated Interim Financial Statements
for the 26 weeks ended 28 December 2025 (unaudited)
1. Basis of preparation
Cautionary statement
The Chief Executive's Statement contained in this Interim Financial Report,
including the principal risks and uncertainties, has been prepared by the
Directors in good faith based on the information available to them up to the
time of their approval of this report solely for the Company's shareholders as
a body, so as to assist them in assessing the Group's strategies and the
potential for those strategies to succeed and accordingly should not be relied
on by any other party or for any other purpose, and the Company hereby
disclaims any liability to any such other party or for reliance on such
information for any such other purpose.
This Interim Financial Report has been prepared in respect of the Group as a
whole and accordingly matters identified as being significant or material are
so identified in the context of Barratt Redrow plc and its subsidiary
undertakings taken as a whole.
Basis of preparation
This Interim Financial Report has been prepared in accordance with the
recognition and measurement criteria of UK adopted IFRS and the disclosure
requirements of the Listing Rules. The condensed financial information for the
52 weeks ended 29 June 2025 is an extract from the published Annual Report and
Accounts of Barratt Redrow plc for that period and does not constitute
statutory accounts as defined in s434 of the Companies Act 2006. A copy of the
statutory accounts for the 52 weeks ended 29 June 2025, prepared under UK
adopted IAS in conformity with the requirements of the Companies Act 2006 and
in accordance with UK adopted IFRS, on which the auditors gave an unmodified
opinion which did not draw attention to any matters by way of emphasis and did
not contain a statement made under either s498 (2) or (3) of the Companies Act
2006, has been filed with the Registrar of Companies.
Going concern
In determining the appropriate basis of preparation of these Condensed
Consolidated Interim Financial Statements ('Interim Financial Statements'),
the Directors are required to consider whether the Group and Company can
continue to meet their liabilities and other obligations for the foreseeable
future.
The Group's business activities, together with factors which the Directors
consider are likely to affect its development, financial performance and
financial position are set out in the Chief Executive's Statement. The
material financial and operational risks and uncertainties that may have an
impact on the Group's performance and their mitigation are outlined in the
principal risks section of this Interim Financial Report, and financial risks
including liquidity risk, market risk, credit risk and capital risk are
outlined on pages 208 to 211 of the Group's Annual Report and Accounts for the
52 weeks ended 29 June 2025 which is available at www.barrattredrow.co.uk.
At 28 December 2025, the Group was financially strong with cash of £373.9m
and total loans and borrowings of £202.4m, comprising £2.4m of bank
overdrafts and £200.0m sterling USPP notes maturing in August 2027. These
balances, set against pre-paid facility fees, comprise the Group's net cash of
£173.9m presented in note 11.
Should further funding be required, the Group has a committed £700m revolving
credit facility, subject to compliance with certain financial covenants, that
matures in November 2029. The Group drew £125m from the facility in November
2025 as part of normal working capital management processes. This was repaid
in full before 28 December 2025.
In consideration of its net current assets of £7.3bn and of the liquid funds
available through loan facilities, the Directors are satisfied that the Group
has sufficient liquidity to meet its current liabilities and ongoing working
capital requirements.
The Group's financial forecasts reflect the outcomes that the Directors
consider most likely, based on the information available at the date of
signing of these Interim Financial Statements.
To assess the Group's resilience to more adverse outcomes, its forecast
performance was sensitised to reflect a series of scenarios based on the
Group's principal risks and the downside prospects for the UK economy and
housing market presented in the latest available external economic forecasts.
This exercise included a reasonable worst-case scenario in which the Group's
principal risks manifest in aggregate to a severe but plausible level. This
assumed sales prices and volumes to be respectively 5% and 10% lower than
forecast from 1 April 2026 through to 27 June 2027, additional build costs
arising for regulatory requirements, such as measures to reduce greenhouse gas
emissions, and additional land impairment arising from adverse developments in
the planning environment.
Reasonable mitigation that the Group would expect to undertake in such
circumstances was also modelled, being a reduction in working capital in line
with the fall in expected sales and a reduction in uncommitted land spend. In
all scenarios, including the reasonable worst case, the Group is able to
comply with its financial covenants, operate within its current facilities,
and meet its liabilities as they fall due.
Furthermore, reverse stress testing was performed to determine the market
conditions in which the Group would cease to be able to operate under its
current facilities. The Group's strong net cash position and its available
facilities mean that the Group's primary sensitivity in this circumstance
would be compliance with its financial covenants. Based on past experience and
current economic forecasts, the Directors consider the possibility of the
conditions required to result in non-compliance with financial covenants to be
remote and have identified mitigation that would be adopted in such
circumstances.
Accordingly, the Directors consider there to be no material uncertainties that
may cast significant doubt on the Group's ability to continue to operate as a
going concern. They have formed a judgement that there is a reasonable
expectation that the Group and Company have adequate resources to continue in
operational existence for the foreseeable future, being at least 12 months
from the date of signing of these Interim Financial Statements. For this
reason, they continue to adopt the going concern basis in the preparation of
these Interim Financial Statements.
Accounting policies
The unaudited Interim Financial Statements have been prepared using accounting
policies consistent with UK adopted IFRS and in accordance with IAS 34
'Interim Financial Reporting' as adopted by the UK, and using accounting
policies and methods of computation consistent with those applied in the
preparation of the Group's Annual Report and Accounts for the 52 weeks ended
29 June 2025. The interim period tax expense is calculated by applying the
forecast full year effective tax rate to the period's pre-tax profits.
During the period, the Group has adopted the following new and revised
standards and interpretations that have had no impact on the Financial
Statements:
• Lack of exchangeability amendment to IAS 21: 'The Effects of Changes in
Foreign Exchange Rates'.
2. Revenue
The Group's revenue derives principally from the sale of the homes it builds.
An analysis of the Group's continuing revenue is as follows:
26 weeks ended 26 weeks ended 52 weeks ended
28 December 2025 29 December 2024 29 June 2025 (audited)
£m
£m £m
Revenue from private residential sales 2,177.3 1,967.6 4,729.2
Revenue from sales to the private rental sector 131.7 76.8 267.8
Revenue from affordable residential sales 304.4 190.0 513.3
Revenue from commercial sales 4.2 16.0 27.1
Revenue from planning promotion agreements 13.7 23.5 38.6
Sundry revenue 0.8 6.9 2.3
2,632.1 2,280.8 5,578.3
Included within Group revenue is £85.5m (29 December 2024: £68.5m; 29 June
2025: £175.8m) of revenue from construction contracts on which revenue is
recognised over time by reference to the stage of completion of the contracts.
Of this revenue, £8.0m (29 December 2024: £4.6m; 29 June 2025: £3.4m) was
included in the contract liability balance at the beginning of the period.
Completions are recognised on a pro-rata basis on revenue recognised over
time.
3. Operating profit
Cost of sales
The value of inventories expensed in the 26 weeks ended 28 December 2025 and
included in cost of sales was £2,137.1m (29 December 2024: £1,826.5m
(retrospectively adjusted); 29 June 2025: £4,426.3m).
Administrative expenses
Administrative expenses of £208.7m (29 December 2024: £225.6m; 29 June 2025:
£503.2m) include sundry income of £8.2m (29 December 2024: £7.4m; 29 June
2025: £18.5m) which principally comprises management fees receivable from
joint ventures, the sale of freehold reversions, forfeit deposits and ground
rent receivable.
4. Adjusted items
26 weeks ended 26 weeks ended 52 weeks ended
28 December 2025 29 December 2024 29 June 2025
(audited)
£m £m £m
Adjusted items in cost of sales:
Costs incurred in respect of legacy properties - - 106.2
Amounts in respect of legacy properties recovered from third parties (13.4) - (15.8)
Total adjusted items in cost of sales (13.4) - 90.4
Adjusted items in administrative expenses:
Costs incurred in respect of the acquisition of Redrow plc - 35.5 36.2
Reorganisation and restructuring costs 18.1 14.4 56.8
CMA commitment - - 29.0
Legal fees incurred in recovering legacy property costs from third parties 5.8 - 2.2
Total adjusted items in administrative expenses 23.9 49.9 124.2
Adjusted items in finance costs:
Imputed interest related to legacy properties 19.6 18.4 33.6
Total adjusted items 30.1 68.3 248.2
Adjusted items associated with legacy properties
During the period, the Group received £13.4m of reimbursements from third
party suppliers in respect of costs previously incurred in remediating legacy
properties, recognised directly in cost of sales. There were no additions or
releases of legacy property provisions during the period.
Also in the period, the Group recognised £5.8m in administrative expenses in
respect of legal fees incurred in recovering legacy property costs from third
parties.
The Group's provision for the cost of remediating its legacy properties are
measured at the Directors' best estimate of the present value of the future
expenditure. The discount is unwound over time and the imputed interest
charged to the Income Statement. During the period, £19.6m was charged to
finance costs.
Imputed interest on legacy property provisions is incurred directly as a
result of the remediation of legacy properties. The length of time required
for remediation to be completed is principally a result of the complexity
involved in planning for and completing the works, as well as the availability
of the specialised labour required. The timing of remediation does not reflect
a financing arrangement. As the Group's legacy property provision has
increased, in particular following the acquisition of Redrow plc, the
financing costs for the Group's trading operations have been obfuscated by the
inclusion of the imputed interest.
The Group has therefore presented imputed interest related to legacy
properties as an adjusted item in the period. This ensures that all costs
associated with the legacy property provision are presented consistently and
are clearly visible, distinct from the costs of the Group's current
operations. The change has resulted in adjusted profit before tax increasing
by £19.6m. To enable comparability, adjusted items have been represented for
comparative periods, increasing adjusted profit before tax by £18.4m for the
26 weeks ended 29 December 2024 and by £33.6m for the 52 weeks ended 29 June
2025.
Further detail on amounts provided in respect of legacy properties are
detailed in note 12.
Other adjusted items in administrative expenses
On 21 August 2024, the Group acquired 100% of the share capital of Redrow plc
('Redrow') in an all share transaction. Direct costs incurred in respect of
the acquisition are presented as adjusted items.
Following the acquisition of Redrow, the Directors continue to review the
Group's operations in order to most effectively integrate the Redrow business
and to best position the combined Group to realise the synergies of the
combination and achieve its objectives. As a result, the Group has undertaken
certain reorganisation and restructuring activities, for which the aggregate
direct costs are material. Incremental costs of £18.1m have been incurred in
the period in respect of these activities.
5. Net finance costs
Recognised in the Income Statement: 26 weeks ended 26 weeks ended 52 weeks ended
28 December 2025 29 December 2024(1) 29 June 2025 (audited)
£m
£m £m
Finance income
Finance income on short term bank deposits (8.8) (20.9) (31.9)
Finance income related to employee benefits (0.1) (0.1) (0.2)
Other interest receivable (3.7) (1.7) (3.5)
(12.6) (22.7) (35.6)
Finance costs
Interest on loans and borrowings 5.1 4.8 9.2
Imputed interest on long term payables 37.2 22.2 51.1
Finance charge on leased assets 1.1 1.1 2.5
Amortisation of facility fees 0.6 0.7 1.2
Other interest payable 0.6 0.4 0.6
44.6 29.2 64.6
Net finance costs 32.0 6.5 29.0
(1) Imputed interest on long term payables at 29 December 2024 has been
retrospectively adjusted to reflect the finalisation of the fair values of
assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
The weighted average interest rates (excluding amortised fees and
non-utilisation fees) were as follows:
26 weeks ended 26 weeks ended 52 weeks ended
28 December 2025 29 December 2024 29 June 2025
(audited)
% % %
USPP notes 2.8 2.8 2.8
6. Tax
The tax charge presented is the best estimate of the expected annual effective
tax rate applied to the 26 week period's profit before tax, plus the impact of
rate changes and prior period adjustments.
The effective rate of tax for the period, comprising corporation tax, RPDT and
deferred tax was 34.3% (29 December 2024: 35.6% (retrospectively adjusted); 29
June 2025: 31.9%). The effective rate of tax for the period on adjusted
profit, comprising corporation tax, RPDT and deferred tax was 28.9% (29
December 2024: 27.5% (retrospectively adjusted); 29 June 2025: 28.5%).
As at 28 December 2025 the Group recognised a net deferred tax liability of
£106.7m (29 December 2024: £129.8m liability (retrospectively adjusted); 29
June 2025: £109.8m liability).
Based on an assessment using forecast figures for the year, the Group does not
expect to see a material increase in its effective tax rate following the
introduction of the pillar 2 regulations, which came into effect for the Group
from the start of the current accounting period.
7. Earnings per share
Earnings per share from continuing operations were as follows:
26 weeks ended 26 weeks ended 52 weeks ended
28 December 2025 29 December 2024(1) 29 June 2025
(audited)
pence pence pence
Basic earnings per share 7.2 5.6 13.6
Diluted earnings per share 7.1 5.5 13.3
Adjusted basic earnings per share 9.3 10.1 27.2
Adjusted diluted earnings per share 9.1 9.9 26.7
(1) EPS at 29 December 2024 has been retrospectively adjusted to reflect the
finalisation of the fair values of assets and liabilities on the acquisition
of Redrow plc which were provisionally determined as at 29 December 2024 and
finalised at 29 June 2025 and the consequent impact on the income statement,
as required under IFRS 3. See note 9 for further information.
Basic earnings per share is calculated by dividing the profit for the 26 week
period attributable to ordinary shareholders of the Company by the weighted
average number of ordinary shares in issue during the period, excluding those
held by the Employee Benefit Trust ('EBT') that do not attract dividend
equivalents and which are treated as cancelled.
Diluted earnings per share is calculated by dividing the profit for the period
attributable to ordinary shareholders of the Company by the weighted average
number of ordinary shares in issue adjusted to assume conversion of all
potentially dilutive share options from the start of the period.
Adjusted basic and adjusted diluted earnings per share exclude the impact of
adjusted items and any associated net tax amounts.
26 weeks ended 26 weeks ended 52 weeks ended
28 December 2025 29 December 2024(1) 29 June 2025
(audited)
Profit attributable to ordinary shareholders of the Company (£m) 102.6 73.0 186.4
Adjusted items (£m) 30.1 68.3 248.2
Tax on adjusted items (£m) (0.2) (9.5) (61.4)
Adjusted profit attributable to ordinary shareholders of the Company (£m) 132.5 131.8 373.2
Weighted average number of shares in issue (million) 1,433.1 1,311.5 1,379.3
Weighted average number of shares in EBT (million) (11.6) (6.2) (7.8)
Weighted average number of shares for basic earnings per share (million) 1,421.5 1,305.3 1,371.5
Weighted average number of shares in issue (million) 1,433.1 1,311.5 1,379.3
Adjustment to assume conversion of all potentially dilutive shares (million) 20.7 17.1 18.9
Weighted average number of shares for diluted earnings per share (million) 1,453.8 1,328.6 1,398.2
(1) Profit attributable to shareholders at 29 December 2024 has been
retrospectively adjusted to reflect the finalisation of the fair values of
assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
8. Dividends
26 weeks ended 26 weeks ended 52 weeks ended
28 December 2025 29 December 2024 29 June 2025
(audited)
£m £m £m
Amounts recognised as distributions to equity shareholders:
Final dividend for the year ended 30 June 2024 of 11.8p per share - 170.5 170.5
Final dividend for the 52 weeks ended 29 June 2025 of 12.1p per share 171.8 - -
Interim dividend for the 52 weeks ended 29 June 2025 of 5.5p per share - - 78.8
Total dividends distributed to equity shareholders in the period 171.8 170.5 249.3
An interim dividend of 5.0 pence per share was approved by the Board on 10
February 2026 and has not been included as a liability as at 28 December 2025.
9. Business combinations
On 21 August 2024, the Group acquired 100% of the share capital of Redrow plc
in an all share transaction. All identifiable assets acquired and liabilities
assumed under this transaction were recognised in the Group's consolidated
Balance Sheet at their fair values at the acquisition date.
In its Interim Financial Report for the 26 weeks ended 24 December 2024, the
Group reported that the acquisition fair values were provisional and may be
amended in the 12 months following the acquisition. In particular, it was
highlighted that a detailed review of remediation works required on properties
previously constructed by Redrow plc and its subsidiaries was ongoing and that
the valuation of land interests within inventories may also be revised if new
information was received regarding the potential impact of contractual terms.
The valuation was finalised in August 2025 and, in accordance with IFRS 3, the
results for the 26 weeks ended 24 December 2024 have been retrospectively
adjusted to reflect further information received about circumstances that
existed at the acquisition date, principally being the final estimate of the
works required to remediate reinforced concrete frames and the associated tax
impact. The revised fair values of assets acquired and liabilities assumed are
shown below:
Net assets and liabilities recognised as a result of the Redrow acquisition Provisional fair value Adjustment Final
fair value
£m
£m
£m
Intangible assets 235.9 - 235.9
Tangible fixed assets 20.8 - 20.8
Right-of-use assets 8.9 - 8.9
Pension scheme surplus 5.2 - 5.2
Inventories 2,799.2 10.1 2,809.3
Trade and other receivables 38.7 5.0 43.7
Cash 194.3 - 194.3
Trade and other payables (637.9) 6.9 (631.0)
Provisions (294.4) (115.2) (409.6)
Lease liabilities (9.2) - (9.2)
Corporation tax asset (1.3) 34.9 33.6
Deferred tax liability (90.3) (4.6) (94.9)
Net identifiable assets acquired 2,269.9 (62.9) 2,207.0
Goodwill 259.0 62.9 321.9
Net assets acquired 2,528.9 - 2,528.9
As a consequence of this adjustment, profit recognised for the 26 weeks ended
29 December 2024 has reduced by £2.3m. This comprises a £2.5m increase in
cost of sales due to the revaluation of inventories and a £1.3m increase in
imputed interest on additional legacy property provisions, offset by an
associated decrease in tax for the period of £1.5m.
10. Inventories
28 December 2025 29 December 2024(1) 29 June 2025
(audited)
£m £m £m
Land held for development 5,125.4 4,905.1 5,104.9
Construction work in progress 3,210.7 3,240.3 2,979.0
Promotion agreements work in progress 119.4 109.4 112.4
Part-exchange properties and other inventories 219.0 109.0 144.3
8,674.5 8,363.8 8,340.6
(1) Land and work in progress at 29 December 2024 have been retrospectively
adjusted to reflect the finalisation of the fair values of assets and
liabilities on the acquisition of Redrow plc which were provisionally
determined as at 29 December 2024 and finalised at 29 June, as required under
IFRS 3. See note 9 for further information.
Nature and carrying value of inventories
The Group's principal activity is housebuilding. The majority of development
activity is not contracted prior to a development commencing. Accordingly, the
Group has in its Balance Sheet at 28 December 2025 current assets that are not
covered by a forward sale. The Group's internal controls are designed to
identify any developments where the balance sheet value of land and work in
progress is more than the projected lower of cost or net realisable value. The
Group has conducted six-monthly reviews of the net realisable value of
specific sites identified as at high risk of impairment, based upon a number
of criteria including sites with low profit margins and sites with no forecast
completions. Where the estimated net realisable value of a site was less than
its current carrying value the Group has impaired the land and work in
progress value to its net realisable value.
During the period, due to performance variations, changes in assumptions and
changes to viability on individual sites, there were gross impairment charges
of £8.5m and gross impairment reversals of £2.5m, resulting in a net
impairment charge of £6.0m (29 December 2024: £7.1m net impairment charge;
30 June 2025: £12.4m net impairment charge) included within operating profit.
The key estimates in these reviews are those used to estimate the realisable
value of a site, which is determined by forecast sales rates, expected sales
prices and estimated costs to complete.
The Directors consider all inventories to be current in nature although the
Group's operational cycle is such that a proportion of inventories will not be
realised within 12 months. It is not possible to determine with accuracy when
specific inventory will be realised as this will be subject to a number of
variables such as consumer demand and the timing of achievement of planning
permissions.
11. Net cash
Net cash is defined as cash and cash equivalents, bank overdrafts,
interest-bearing borrowings and prepaid fees. Net cash at the period end is
shown below:
28 December 2025 29 December 2024 29 June 2025
(audited)
£m £m £m
Cash and cash equivalents(1) 373.9 655.3 969.6
Drawn debt
Borrowings
Sterling USPP notes (200.0) (200.0) (200.0)
Bank overdrafts (2.4) - -
Total borrowings being total drawn debt (202.4) (200.0) (200.0)
Prepaid fees 2.4 3.6 3.0
Net cash 173.9 458.9 772.6
Total borrowings at the period end are analysed as:
Non-current borrowings (200.0) (200.0) (200.0)
Current borrowings (2.4) - -
Total borrowings being drawn debt (202.4) (200.0) (200.0)
(1) The Group had cash equivalents at 28 December 2025 of £20.1m (29
December 2024: £380.2m, 29 June 2025: £459.8m) which are included within
cash and cash equivalents above. The majority of cash equivalents represent
short-term liquidity funds.
Movement in net cash is analysed as follows:
26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024 29 June 2025
£m (audited)
£m £m
Cash acquired on acquisition of Redrow - 194.3 194.3
Other movements in cash and cash equivalents in the period (595.7) (604.3) (290.0)
Net decrease in cash and cash equivalents (595.7) (410.0) (95.7)
(Drawdown)/repayment of borrowings:
Loan and borrowings drawdowns (127.4) - -
Loan and borrowings repayments 125.0 - -
Other movements in borrowings:
Movement in prepaid fees (0.6) 0.4 (0.2)
Movement in net cash in the period (598.7) (409.6) (95.9)
Opening net cash 772.6 868.5 868.5
Closing net cash 173.9 458.9 772.6
Cash, cash equivalents and bank overdrafts, as presented in the Condensed
Consolidated Cash Flow Statement, is analysed as follows:
28 December 2025 29 December 2024 29 June 2025
(audited)
£m £m £m
Cash and cash equivalents 373.9 655.3 969.6
Bank overdrafts included in loans and borrowings (2.4) - -
Cash, cash equivalents and bank overdrafts 371.5 655.3 969.6
12. Provisions
Costs in relation to completed developments Legacy properties - building safety Legacy properties - reinforced concrete frames Other provisions Total
£m
£m £m
£m
£m
At 30 June 2025 (audited) 291.4 886.4 187.4 6.1 1,371.3
Net additions/(releases) 15.1 - - - 15.1
Sites reclassified to completed developments 12.2 - - - 12.2
Imputed interest - 15.9 3.7 - 19.6
Utilisation in the period (37.5) (73.4) (4.4) - (115.3)
At 28 December 2025 281.2 828.9 186.7 6.1 1,302.9
28 December 2025 29 December 2024(1) 29 June 2025
(audited)
£m £m £m
Current 612.8 593.4 783.2
Non-current 690.1 695.7 588.1
1,302.9 1,289.1 1,371.3
(1) Provisions at 29 December 2024 have been retrospectively adjusted to
reflect the finalisation of the fair values of assets and liabilities on the
acquisition of Redrow plc which were provisionally determined as at 29
December 2024 and finalised at 29 June 2025, as required under IFRS 3. See
note 9 for further information.
Costs in relation to completed developments
Following the legal completion and handover to customers of all units on a
site, the Group may retain obligations which are not settled for a number of
years. These include costs in relation to the adoption of roads or public open
space by local authorities, other contractual obligations to third parties
and, in certain cases, the costs of remedial works where defects have been
identified.
Whilst a proportion of this cost will not be realised within 12 months, the
Group has an obligation to complete the works immediately should it be
requested to do so. The balance in total is therefore considered to be current
in nature. All outstanding issues on completed developments are resolved as
soon as is practicable.
Costs associated with legacy properties
Building safety
On 13 March 2023, the Group signed the Self-Remediation Terms and Contract,
codifying the commitments previously made under the Building Safety Pledge to
undertake, or to fund, remediation or mitigation works on external wall
systems (EWS) on all buildings of 11 metres or above in England and Wales that
it has developed or refurbished in the 30 years preceding the date of the
Building Safety Pledge, and to reimburse the Government's Building Safety Fund
wherever they have contributed to such activities. The Group has provided for
the cost of fulfilling this commitment, as well as assisting with remedial
work identified at a limited number of other legacy properties where it has a
legal liability to do so, where relevant build issues have been identified, or
where it is considered probable that such build issues exist.
30 June 2025 Identified for review Reclassification of buildings to align with MHCLG data(1) Review confirmed no remediation, or remediation completed 28 December
2025
Under review:
Buildings above 18m 158 - 3 (4) 157
Buildings between 11m and 18m 120 3 3 (3) 123
Total buildings 278 3 6 (7) 280
Developments 102 1 - (5) 98
(1) Linked structures that were previously presented as a single building
have been restated to align with information published by MHCLG. Assumptions
regarding building heights are also updated when more accurate information is
received. These changes are presentational and do not affect the Group's
estimate of the cost of remediation.
The Group continues to review all of its current and legacy buildings where it
has used EWS or cladding solutions, assessing the action required in line with
the latest updates to Government guidance, as it applies, to multi-storey and
multi-occupied residential buildings. All our buildings, including those
incorporating EWS or cladding solutions, were signed off by approved
inspectors as compliant with the relevant Building Regulations at the time of
completion.
Management expects the majority of the works to be completed within four
years. Estimated future costs are discounted to their present value using the
yield for a UK gilt with maturity approximating the duration of the
remediation programme.
This is a complex area requiring significant estimates with respect to the
estimates for the number of buildings affected, the individual remediation
requirements of each building and the costs associated with that remediation
(see also note 16).
The investigation of the works required at some of the buildings is at an
early stage and work at others is ongoing. Therefore, it is possible that the
scope of works required could change. If government legislation and regulation
further evolve, or if the estimated timing of work is affected by building
owner engagement or contractor availability, these estimates could change.
In relation to the Group's obligations under the Scottish Safer Buildings
Accord, signed on 31 May 2023, and the Housing (Cladding Remediation)
(Scotland) Act, passed on 21 June 2024, the external wall provision is
recorded on the basis that the standard of remediation required in Scotland is
consistent with England and Wales. This will be determined when the final
contract with the Scottish Government is signed (see note 16).
The estimates are based on key assumptions that will be updated as work and
time progresses. The sensitivity of the provision held at the balance sheet
date to the following possible movements in key assumptions is shown below:
Increase/(decrease) in provisions at
28 December 2025
£m
5% increase in estimated cost 45.1
5% increase in the number of buildings 46.4
100 bps increase in discount rate (8.1)
Reinforced concrete frames
The Group holds a provision for the remediation of reinforced concrete frames
on developments designed by two engineering firms whose work has previously
been found to be defective.
Management expect the majority of the works to be completed within three
years. Management has made estimates as to the future costs, the extent of the
remedial works required and the costs of providing alternative accommodation
to any residents affected by the remedial works. These Interim Financial
Statements have been prepared based on currently available information,
including known costs and quotations where possible. However, the extent, cost
and timing of remedial work may change as work progresses.
13. Financial instruments - fair value disclosures
The fair values of financial assets and liabilities are determined based on
discounted cash flow analysis using current market rates for similar
instruments. Other financial liabilities are subsequently measured at
amortised cost using the 'effective interest rate' method.
The carrying values and fair values of financial assets and liabilities are as
follows:
28 December 2025 29 December 2024(3) 29 June 2025
(audited)
£m £m
£m
Fair value Carrying value Fair value Carrying value Fair value Carrying value
Financial assets
Cash and cash equivalents 373.9 373.9 655.3 655.3 969.6 969.6
Trade and other receivables(1) 129.6 129.6 90.6 90.6 158.6 158.6
Total financial assets 503.5 503.5 745.9 745.9 1,128.2 1,128.2
Financial liabilities
Trade and other payables(2) 1,550.9 1,595.6 1,283.2 1,326.9 1,608.4 1,659.2
Lease liabilities 48.9 48.9 59.7 59.7 55.2 55.2
Bank overdrafts 2.4 2.4 - - - -
Loans and borrowings 192.3 200.0 186.0 200.0 189.4 200.0
Total financial liabilities 1,794.5 1,846.9 1,586.6 1,914.4
1,528.9 1,853.0
(1) Excludes amounts recoverable on contracts, prepayments and accrued
income, and tax and social security.
(2) Excludes deferred income, payments received in excess of amounts
recoverable on contracts, tax and social security and other non-financial
liabilities.
(3) ( )Trade and other receivables and trade and other payables at 29
December 2024 have been retrospectively adjusted to reflect the finalisation
of the fair values of assets and liabilities on the acquisition of Redrow plc
which were provisionally determined as at 29 December 2024 and finalised at 29
June 2025, as required under IFRS 3. See note 9 for further information.
14. Share capital
28 December 2025 29 December 2024 29 June 2025
(audited)
Allotted, issued and fully paid 10p ordinary shares:
£m 142.7 145.1 144.0
Number 1,426,626,582 1,451,031,995 1,439,933,173
Options over the Company's shares granted during the period: 26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024
29 June 2025
number
(audited)
number
number
LTPP 5,466,131 5,227,111 5,227,111
Sharesave - - 3,662,634
DBP 2,764,241 838,130 838,130
ELTIP - 868,110 868,110
RSA 553,246 - -
8,783,618 6,933,351 10,595,985
Allotment of shares during the period: 26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024
29 June 2025
number
(audited)
number
number
At the beginning of the period 1,439,933,173 974,592,261 974,592,261
Buyback and cancellation of shares in the period (13,306,591) - (11,162,743)
Issued to Redrow plc shareholders as consideration for the acquisition of - 465,599,686 465,663,607
Redrow plc
Issued to the EBT to satisfy legacy Redrow share option schemes - 10,840,048 10,840,048
1,426,626,582 1,451,031,995 1,439,933,173
15. Own shares reserve
The own shares reserve represents the cost of shares in Barratt Redrow plc
purchased in the market or issued by the Company and held by the Barratt EBT
and the Redrow EBT on behalf of the Company in order to satisfy options and
awards that have been granted by the Company or were granted by Redrow plc
prior to its acquisition by the Company on 21 August 2024. At 29 June 2025 the
own shares reserve also held 108,064 shares purchased by the Company as part
of the share buyback programme which were cancelled on 30 June 2025.
Number of shares Cost of shares Market value at 373.2p (29 December 2025: 432.3p, 29 June 2025 473.9p) per
share
28 December 2025 29 December 2024 29 June 28 December 2025 29 December 2024 29 June 2025 (audited) 28 December 2025 29 December 2024 29 June 2025 (audited)
Number Number 2025 (audited) £m £m £m £m £m £m
Number
EBT shares 9,998,015 14,109,082 13,716,260 9.4 26.5 26.2 37.3 61.0 65.0
Shares purchased by the Company awaiting cancellation - 108,064 - 0.5 - 0.5
- - -
Total own shares 9,998,015 14,109,082 13,824,324 9.4 26.5 26.7 37.3 61.0 65.5
The Barratt EBT and the Redrow EBT have agreed to waive all or any future
right to dividend payments on shares held within the Barratt EBT and the
Redrow EBT and these shares do not count in the calculation of the weighted
average number of shares used to calculate EPS until such time as they are
vested to the relevant employee.
The Barratt EBT disposed of 1,701,573 shares which were used to satisfy the
vesting of the ELTIP, the DBP and the LTPP schemes (29 December 2024:
2,335,538; 29 June 2025: 2,335,538 shares used to satisfy the vesting of the
ELTIP, DBP and the LTPP schemes). A further 285,240 shares were used in the
period in settlement of exercises under Sharesave schemes (29 December 2024:
16,502, 29 June 2025: 70,838).
During the 52 weeks ended 29 June 2025 the Company issued 10,840,048 shares to
the Redrow EBT in exchange for the shares held in Redrow plc and 2,430,661
shares which were used to satisfy the early vesting of the Redrow LTIP and DBP
schemes on acquisition. No shares were issued to the Redrow EBT, or utilised
in further vesting of these schemes during the current period.
During the current period. the Redrow EBT disposed of 151,414 (29 December
2024: 12,012, 29 June 2025: 321,920) shares in settlement of exercises under
Redrow SAYE schemes. A further 71,446 (29 December 2024: none, 29 June 2025:
28,578) shares were used in settlement of early exercises under the LTPP
Redrow Transition Award.
16. Contingent liabilities
Building safety
As disclosed in note 12, on 13 March 2023, the Group signed the
Self-Remediation Terms and Contract and is continuing to undertake a review of
all of its current and legacy buildings where it has used EWS or cladding
solutions. Approved inspectors signed off all of our buildings, including the
EWS or cladding used, as compliant with the relevant building regulations at
the time of completion.
At 28 December 2025, the Group held provisions of £828.9m (29 December 2024:
£798.1m; 29 June 2025: £886.4m) in relation to building safety, based on
management's best estimate of the cost and timing of remediation of in-scope
buildings. It is possible that as remediation work proceeds, additional
remedial works will be required which do not relate to EWS or cladding
solutions. Such works may not have been identified from the reviews and
physical inspections undertaken to date and may only be identified when
detailed remediation work is in progress. Therefore, the nature, timing and
extent of any such costs were unknown at the balance sheet date.
It is also possible that the number of buildings requiring remediation may
increase. This could occur because buildings which hold valid EWS1
certificates are found to require remediation or because investigatory works
identify remediation not previously identified.
In addition, we recognise that the retrospective review of building materials
and fire safety matters continues to evolve. These Interim Financial
Statements have been prepared based on currently available information and
regulatory guidance. However, these estimates may be updated if government
legislation and regulation further evolve.
On 31 May 2023 the Group signed the Scottish Safer Buildings Accord,
committing to resolve life-critical fire safety defects in multi-occupancy
residential domestic or part-domestic buildings, over 11 metres in Scotland,
built by us as a developer in the period of 30 years to 1 June 2022. This
Accord is not legally binding, but we are committed to working in good faith
with the Scottish Government to agree a legal form contract. The Group has
undertaken preliminary cost assessments at multi-occupancy buildings over 11
metres in Scotland at which fire safety defects have been identified. The
Group's EWS provision at 28 December 2025 reflects the outcome of these
assessments, based on the assumption that the standard of remediation required
in Scotland is consistent with that in England and Wales. The Housing
(Cladding Remediation) (Scotland) Act 2024, which became law on 21 June 2024,
has provided a framework on which the remediation programme in Scotland can be
based, but requires secondary legislation and further contractual agreement
with developers to determine the details. The estimated cost may vary
depending on the final form of the developer remediation contract agreed with
the Scottish Government.
During prior periods, warranty providers received claims under warranties for
building safety matters on three developments historically delivered by the
Group. Further investigation is required to determine whether the nature and
extent of any remediation work are incremental to that already expected and we
expect this process to be completed during FY26.
Reinforced concrete frames
As disclosed in note 12, the Group is undertaking remediation at developments
designed by certain engineering firms or associated companies. The Interim
Financial Statements have been prepared based on currently available
information; however, the detailed review is ongoing and the extent and cost
of any remedial work may change as this work progresses.
We are actively seeking to recover costs from third parties in respect of EWS
and reinforced concrete frames; however, there is no certainty regarding the
extent of any financial recovery.
Contingent liabilities related to subsidiaries
The Company has guaranteed certain bank borrowings of its subsidiary
undertakings.
Certain subsidiary undertakings have commitments for the purchase of trading
stock entered into in the normal course of business.
In the normal course of business, the Group has given counter-indemnities in
respect of performance bonds and financial guarantees. At 28 December 2025 the
bonds and guarantees amount to £635.9m (29 December 2024: £596.9m, 29 June
2025: £626.8m) and, at the date of approval of these Interim Financial
Statements, the possibility of cash outflow is immaterial and no provision is
required.
Contingent liabilities related to joint ventures
The Group has given counter-indemnities in respect of performance bonds and
financial guarantees to its joint ventures totalling £12.3m (29 December
2024: £10.4m; 29 June 2025: £11.9m).
The Group has also given a number of performance guarantees in respect of the
obligations of its joint ventures, requiring the Group to complete development
agreement contractual obligations in the event that the joint ventures do not
perform as required under the terms of the related contracts. At 28 December
2025 the probability of any loss to the Group resulting from these guarantees
is considered to be remote.
Contingent liabilities related to legal claims
Provision is made for the Directors' best estimate of all known material legal
claims and all legal actions in progress. The Group takes legal advice as to
the likelihood of success of claims and actions and no provision is made
(other than for legal costs) where the Directors consider, based on such
advice, that claims or actions are unlikely to succeed, or a sufficiently
reliable estimate of the potential obligations cannot be made.
17. Related party transactions
Related party transactions for the period to 28 December 2025 are detailed
below:
Transactions between the Group and its joint ventures
The Group has entered into transactions with its joint ventures as follows:
28 December 2025 29 December 2024 29 June 2025
(audited)
£m £m £m
Transactions between the Group and its JVs during the period:
Charges in respect of development management and other services provided to 5.8 7.7 11.9
JVs
Net interest charges in respect of funding provided to JVs 1.5 1.3 2.7
Profit distributions received from JVs 2.4 1.7 6.1
Balances receivable/(payable) at the period end:
Capital due from JVs 136.1 121.6 137.1
Net funding loans and interest due from JVs 105.4 75.2 78.0
Other amounts due from JVs 18.6 25.2 29.2
Loans and other amounts due to JVs (1.6) (0.5) (0.8)
In addition, one of the Group's subsidiaries, BDW Trading Limited, contracts
with a number of the Group's joint ventures to provide construction services.
The Group's contingent liabilities relating to its joint ventures are
disclosed in note 16.
Transactions between the Group and its Directors
The Board and certain members of senior management are related parties within
the definition of IAS 24 (Revised) 'Related Party Disclosures' and Chapter 11
of the UK Listing Rules.
Transactions between the Group and key management personnel in the 26 weeks
ended 28 December 2025 were limited to those relating to remuneration.
Remuneration arrangements with key management personal were previously
disclosed as part of the Remuneration report within the Group's Annual Report
and Accounts for the 52 weeks ended 29 June 2025. Options granted to
executives and senior management under the LTPP and DBP schemes are disclosed
in aggregate in note 14. There have been no other material changes to the
arrangements between the Group and key management personnel.
18. Retirement benefit schemes
Defined contribution schemes
The Group operates defined contribution retirement benefit schemes for all
qualifying employees, under which it pays contributions to independently
administered funds. Contributions are based upon a fixed percentage of the
employee's pay and once these have been paid, the Group has no further
obligations under these schemes.
Defined benefit scheme
On 21 August 2024, the Group acquired the full share capital of Redrow plc.
The Redrow group of companies operates the Redrow Staff Pension Scheme ('the
Scheme') which in part comprised a defined benefit pension plan. The Scheme
was closed to new entrants from July 2006 and closed to future accrual with
affect from 1 March 2012.
On 27 January 2023, the Trustees of the Scheme entered into a bulk annuity
buy-in contract with Standard Life, through which the assets of the Scheme
were exchanged for an insurance policy which matched the projected cash flows
for all future defined benefit obligations, before GMP equalisation.
On 6 October 2025 the buy-in was transitioned to a buyout. Individual policies
were handed to members, and the members now have a direct relationship with
Standard life and no longer with the Scheme. Following completion of the
buyout, surplus assets of £3.2m remain in the Scheme. The Scheme is expected
to be wound up in the current financial year.
The amounts recognised in respect of the defined benefit section of the Scheme
are as follows:
26 weeks ended 26 weeks ended 52 weeks ended
28 December 2025 29 December 2024 29 June 2025
(audited)
£m
£m £m
Recognised in the Income Statement
Scheme administration expenses (2.0) (0.3) (0.5)
Net interest on defined liability 0.1 0.1 0.2
Total recognised in the Income Statement (1.9) (0.2) (0.3)
Recognised in other comprehensive income
Return on reimbursement rights/plan assets excluding interest income 2.5 - (10.7)
Experience adjustments and changes in financial assumptions (1.6) - 10.0
Total charge recognised in other comprehensive income 0.9 - (0.7)
Recognised on the Balance Sheet
Present value of defined benefit obligation (1.6) (72.1) (69.5)
Fair value of Scheme assets 4.8 77.1 73.7
Retirement benefit surplus recognised on the Balance Sheet 3.2 5.0 4.2
Statement of Directors' Responsibilities
The Directors confirm that to the best of their knowledge these Interim
Financial Statements have been prepared in accordance with IAS 34 as adopted
by the UK. They also confirm that to the best of their knowledge that the
Interim Management Report herein includes a fair review of the information
required by DTR 4.2.7R (indication of important events during the first 26
weeks and description of principal risks and uncertainties for the remaining
26 weeks of the year) and DTR 4.2.8R (disclosure of related party transactions
and changes thereto).
The Directors of Barratt Redrow plc are:
C L Silver, Non-Executive Chair
D F Thomas, Chief Executive
K Bickerstaffe, Non-Executive Director
N J Dulieu, Senior Independent Director (appointed 4 October 2024)
J H Halai, Non-Executive Director
G Nanda, Non-Executive Director (appointed 4 October 2024)
N M Webb, Non-Executive Director
C P A Weston, Non-Executive Director
The Interim Financial Report was approved by the Board on 10 February 2026 and
signed on its behalf by
D F Thomas
Chief Executive
Independent review report to Barratt Redrow plc
Conclusion
We have been engaged by the company to review the condensed set of financial
statements in the Interim Financial Report for the 26 weeks ended 28 December
2025 which comprises the Condensed Consolidated Income Statement and Statement
of Comprehensive Income, the Condensed Consolidated Balance Sheet, the
Condensed Consolidated Statement of Changes in Shareholders' Equity, the
Condensed Consolidated Cash Flow Statement and related notes 1 to 18.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the Interim
Financial Report for the 26 weeks ended 28 December 2025 is not prepared, in
all material respects, in accordance with United Kingdom adopted International
Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" issued by the Financial Reporting
Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim
financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with United Kingdom adopted international accounting
standards. The condensed set of financial statements included in this Interim
Financial Report has been prepared in accordance with United Kingdom adopted
International Accounting Standard 34, "Interim Financial Reporting".
Conclusion relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This Conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410; however future events or conditions may cause the entity to
cease to continue as a going concern.
Responsibilities of the Directors
The directors are responsible for preparing the Interim Financial Report in
accordance with the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
In preparing the Interim Financial Report, the directors are responsible for
assessing the group's ability to continue as a going concern, disclosing as
applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the company or
to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of the financial information
In reviewing the Interim Financial Report, we are responsible for expressing
to the company a conclusion on the condensed set of financial statements in
the Interim Financial Report. Our Conclusion, including our Conclusion
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the company in accordance with ISRE (UK) 2410.
Our work has been undertaken so that we might state to the company those
matters we are required to state to it in an independent review report and for
no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company, for our review work,
for this report, or for the conclusions we have formed.
Deloitte LLP
Statutory Auditor
London, United Kingdom
10 February 2026
Glossary & Definitions
Active outlet A site with at least one plot for sale
APMs Alternative performance measures
ASP Average selling price
CDA Charity that runs the global system for disclosure of environmental impacts
for investors, companies, cities, states and regions
CMA Competition and Markets Authority
DBP Deferred Bonus Plan
Dividend cover Calculated as the ratio of the Group's profit or loss for the period
attributable to the owners of the Company to total ordinary dividend
DTR Disclosure Guidance and Transparency Rules
Barratt EBT The Barratt Developments Employee Benefit Trust
ELTIP Employee Long Term Incentive Plan
EPC Energy Performance Certificate
EPS Earnings per share
EWS External Wall System
FY Refers to the financial period ended within one week of 30 June in the
relevant year
HBF Home Builders Federation
HY Refers to the interim financial period ended within one week of 31 December in
the relevant financial year
IAS International Accounting Standards
IFRS International Financial Reporting Standards
IIR Injury Incident Rate
JVs Joint ventures
KPI Key performance indicator
Land supply Land supply is calculated as total owned (owned land and land subject to
unconditional contracts) and controlled (land subject to conditional
contracts) land bank plots divided by wholly owned completions in the last 12
months
Legacy property A property constructed by the Group or one of its joint ventures for which the
sale was completed in a prior period
LTPP Long Term Performance Plan
MMC Modern methods of construction
MUS Multi-unit sales
Net cash Net cash / debt is defined as cash and cash equivalents, bank overdrafts,
interest bearing borrowings, prepaid fees and foreign exchange swaps
Net tangible assets Group net assets less other intangible assets and goodwill
NHBC National House Building Council
NHQC New Homes Quality Code
PPA Purchase price allocation, being the assignment of the consideration paid for
Redrow plc to the assets acquired and liabilities assumed in the consolidated
Group Financial Statements in order to recognise the assets and liabilities at
their acquisition-date fair value
PRS Private Rental Sector
RCF Revolving Credit Facility
Redrow EBT Redrow Employee Benefit Trust
RI Reportable Items
ROCE Return on capital employed calculated as earnings before amortisation,
interest, tax, operating charges relating to the defined benefit pension
scheme and operating adjusting or exceptional items, divided by average net
assets adjusted for goodwill and intangibles, tax, cash, loans and borrowings,
retirement benefit assets/obligations and provisions in relation to legacy
properties
RPDT Residential Property Developer Tax
RSA Restricted Stock Award
Sharesave Savings-Related Share Option Scheme
SHE Safety, Health and the Environment
The Company Barratt Redrow plc
The Group Barratt Redrow plc and its subsidiary undertakings
The Scheme The Redrow Staff Pension Scheme
Total completions Unless otherwise stated total completions quoted include JV completions
USPP US Private Placement
Definitions of alternative performance measures ('APMs') and reconciliation to
IFRS
The Group uses a number of APMs that are not defined within IFRS. The
Directors use these APMs, along with IFRS measures, to assess the operational
performance of the Group as detailed in the 2025 Annual Report and Accounts in
the key performance indicators section of the Strategic Report on pages 22 to
25. These APMs may not be directly comparable with similarly titled measures
reported by other companies and they are not intended to be a substitute for,
or superior to, IFRS measures.
The Group presents items that are significant by virtue of their size or
nature and have not arisen in the course of day-to-day business as adjusted
and discloses adjusted profit measures to show its results excluding these
items. In a change to previous reporting periods, imputed interest on legacy
property provisions is presented as an adjusted item.
The Group's provision for the cost of remediating its legacy properties are
measured at the Directors' best estimate of the present value of the future
expenditure. The discount is unwound over time and the imputed interest
charged to the Income Statement. Imputed interest on legacy property
provisions is incurred directly as a result of the remediation of legacy
properties. The length of time required for remediation to be completed is
principally a result of the complexity involved in planning for and completing
the works, as well as the availability of the specialised labour required. The
timing of remediation does not reflect a financing arrangement. As the Group's
legacy property provision has increased, in particular following the
acquisition of Redrow plc, the financing costs for the Group's trading
operations have been obfuscated by the inclusion of the imputed interest.
The presentation of imputed interest related to legacy properties as an
adjusted item ensures that all costs associated with the legacy property
provision are presented consistently and are clearly visible, distinct from
the costs of the Group's current operations. The change has resulted in
adjusted profit before tax increasing by £19.6m. To enable comparability,
adjusted items have been represented for comparative periods, increasing
adjusted profit before tax by £18.4m for the 26 weeks ended 29 December 2024
and by £33.6m for the 52 weeks ended 29 June 2025.
Definitions of adjusted items are presented in note 4 and adjusted performance
measures are reconciled to IFRS measures on page 19. Definitions and
reconciliations of the other financial APMs to IFRS measures are included
below:
Adjusted gross profit before the impact of purchase price allocation ('PPA')
adjustments is defined as adjusted gross profit presented as if the assets and
liabilities recognised as a result of the acquisition of Redrow plc had been
initially measured at their carrying values in the underlying Redrow financial
records, rather than at their fair values in accordance with IFRS 3. Fair
value adjustments to inventories unwind through the Income Statement,
affecting reported results:
26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024(1)
29 June 2025 (audited)
£m
£m £m
Adjusted gross profit per table below Income Statement 381.3 336.2 875.2
Impact on adjusted gross profit of the initial measurement of Redrow assets 13.5 50.4 95.1
and liabilities at fair value at the acquisition date
Adjusted gross profit before the impact of PPA adjustments 394.8 386.6 970.3
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Adjusted administrative expenses are defined as administrative expenses less
total adjusted items in administrative expenses as defined in note 4 and
adjusted administrative expenses before PPA adjustments are defined as
adjusted administrative expenses presented as if the assets and liabilities
recognised as a result of the acquisition of Redrow plc had been initially
measured at their carrying values in the underlying Redrow financial records,
rather than at their fair values in accordance with IFRS 3:
26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024
29 June 2025 (audited)
£m
£m £m
Administrative expenses per Income Statement 208.7 225.6 503.2
Adjusted items in administrative expenses (23.9) (49.9) (124.2)
Adjusted administrative expenses 184.8 175.7 379.0
Impact on administrative expenses of the initial measurement of Redrow assets (0.1) - (0.2)
and liabilities at fair value at the acquisition date
Adjusted administrative expenses before PPA adjustments 184.7 175.7 378.8
Adjusted operating profit before the impact of PPA adjustments is defined as
adjusted operating profit presented as if the assets and liabilities
recognised as a result of the acquisition of Redrow plc had been initially
measured at their carrying values in the underlying Redrow financial records,
rather than at their fair values in accordance with IFRS 3:
26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024(1)
29 June 2025 (audited)
£m
£m £m
Adjusted operating profit per table below Income Statement 196.6 161.4 500.1
Impact on adjusted operating profit of the initial measurement of Redrow 13.6 50.4 95.3
assets and liabilities at fair value at the acquisition date
Adjusted operating profit before the impact of PPA adjustments 210.2 211.8 595.4
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Adjusted profit before tax before the impact of PPA adjustments is defined as
adjusted profit before tax presented as if the assets and liabilities
recognised as a result of the acquisition of Redrow plc had been initially
measured at their carrying values in the underlying Redrow financial records,
rather than at their fair values in accordance with IFRS 3:
26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024(1,2)
29 June 2025(2) (audited)
£m
£m £m
Adjusted profit before tax per table below Income Statement 186.3 181.7 521.9
Impact on adjusted profit before tax of the initial measurement of Redrow 13.6 50.4 95.3
assets and liabilities at fair value at the acquisition date
Adjusted profit before tax before the impact of PPA adjustments 199.9 232.1 617.2
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
(2) Adjusted profit before tax for the 26 weeks ended 29 December 2024 and
52 weeks ended 29 June 2025 have been re-presented to show imputed interest in
respect of legacy properties as an adjusted item. The impact on adjusted
profit before tax of the initial measurement of Redrow assets and liabilities
and liabilities at fair value at the acquisition date for these periods
exclude the increase in imputed interest in respect of legacy property
provisions because these amounts are already excluded from adjusted profit
before tax.
Gross margin is defined as gross profit divided by revenue:
26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024(1)
29 June 2025 (audited)
Revenue per Income Statement (£m) 2,632.1 2,280.8 5,578.3
Gross profit per Income Statement (£m) 394.7 336.2 784.8
Gross margin 15.0% 14.7% 14.1%
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Adjusted gross margin is defined as adjusted gross profit divided by revenue:
26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024(1)
29 June 2025 (audited)
Revenue per Income Statement (£m) 2,632.1 2,280.8 5,578.3
Adjusted gross profit per table below Income Statement (£m) 381.3 336.2 875.2
Adjusted gross margin 14.5% 14.7% 15.7%
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Adjusted gross margin before the impact of PPA adjustments is defined as
adjusted gross profit excluding PPA divided by revenue:
26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024(1)
29 June 2025 (audited)
Revenue per Income Statement (£m) 2,632.1 2,280.8 5,578.3
Adjusted gross profit before the impact of PPA adjustments (£m) 394.8 386.6 970.3
Adjusted gross margin before the impact of PPA adjustments 15.0% 17.0% 17.4%
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Operating margin is defined as operating profit divided by revenue:
26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024(1)
29 June 2025 (audited)
Revenue per Income Statement (£m) 2,632.1 2,280.8 5,578.3
Operating profit per Income Statement (£m) 186.1 111.5 285.5
Operating margin 7.1% 4.9% 5.1%
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Adjusted operating margin is defined as adjusted operating profit divided by
revenue:
26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024(1)
29 June 2025 (audited)
Revenue per Income Statement (£m) 2,632.1 2,280.8 5,578.3
Adjusted operating profit per table below Income Statement (£m) 196.6 161.4 500.1
Adjusted operating margin 7.5% 7.1% 9.0%
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Adjusted operating margin before PPA adjustments is defined as adjusted
operating profit excluding PPA divided by revenue:
26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024
29 June 2025 (audited)
Revenue per Income Statement (£m) 2,632.1 2,280.8 5,578.3
Adjusted operating profit excluding PPA (£m) 210.2 211.8 595.4
Adjusted operating margin before PPA adjustments 8.0% 9.3% 10.7%
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Adjusted earnings for adjusted basic earnings per share and adjusted diluted
earnings per share are calculated by excluding adjusted items and any
associated net tax amounts from profit attributable to ordinary shareholders
of the Company:
26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024(1)
29 June 2025 (audited)
£m
£m £m
Profit attributable to owners of the Company 102.6 73.0 186.4
Net (recoveries)/costs associated with legacy properties (note 4) (7.6) - 92.6
Costs incurred in respect of the acquisition of Redrow plc (note 4) - 35.5 36.2
Reorganisation and restructuring costs (note 4) 18.1 14.4 56.8
CMA commitment per note 4 - - 29.0
Finance costs associated with legacy properties (note 4) 19.6 18.4 33.6
Tax on adjusted items (0.2) (9.5) (61.2)
Adjusted earnings 132.5 131.8 373.4
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Adjusted earnings before PPA adjustments is defined as adjusted earnings
presented as if the assets and liabilities recognised as a result of the
acquisition of Redrow plc had been initially measured at their carrying values
in the underlying Redrow financial records, rather than at their fair values
in accordance with IFRS 3:
26 weeks ended 28 December 2025 26 weeks ended 52 weeks ended
29 December 2024(1,2)
29 June 2025(2) (audited)
£m
£m £m
Adjusted earnings 132.5 131.8 373.4
Impact on adjusted profit before tax profit of the measurement of Redrow 13.6 50.4 95.3
assets and liabilities at fair value at the acquisition date (£m)
Impact on adjusted tax charge of the measurement of Redrow assets and (3.9) (14.6) (27.6)
liabilities at fair value at the acquisition date (£m)
Adjusted earnings before PPA adjustments 142.2 167.6 441.1
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
(2) Adjusted profit before tax for the 26 weeks ended 29 December 2024 and
52 weeks ended 29 June 2025 have been re-presented to show imputed interest in
respect of legacy properties as an adjusted item. The impact on adjusted
profit before tax of the initial measurement of Redrow assets and liabilities
and liabilities at fair value at the acquisition date for these periods
exclude the increase in imputed interest in respect of legacy property
provisions because these amounts are already excluded from adjusted profit
before tax.
Adjusted earnings before PPA adjustments per share is calculated by dividing
Adjusted earnings before PPA adjustments by the weighted average number of
shares for basic earnings per share (note 7).
ROCE is calculated as earnings before amortisation, interest, tax, operating
charges relating to the defined benefit scheme and operating adjusting items
for the 12 months to December, divided by average net assets adjusted for
goodwill and intangibles, tax, cash, loans and borrowings, retirement benefit
assets/obligations and provisions in relation to legacy properties:
26 weeks ended 28 December 2025 26 weeks ended 29 December 2024(1) 52 weeks 52 weeks calculated to 28 December 2025 Half year ended 31 December 2023 Year Year calculated to 29 December 2024
ended 29 June ended 30 June
2025 (audited) 2024 (audited)
£m £m £m £m £m £m £m
Operating profit 186.1 111.5 285.5 360.1 97.8 174.7 188.4
Amortisation of intangible assets 5.6 9.3 14.5 10.8 5.2 10.4 14.5
Defined benefit service cost 2.0 0.3 0.5 2.2 - - 0.3
Adjusted net (recovery)/cost related to legacy properties (7.6) - 92.6 85.0 57.4 179.5 122.1
Costs incurred in respect of the acquisition of Redrow plc (note 4) - 35.5 36.2 0.7 - 22.4 57.9
Reorganisation and restructuring costs (note 4) 18.1 14.4 56.8 60.5 - - 14.4
CMA commitment per note 4 - - 29.0 29.0 - - -
Share of post-tax profit from joint ventures and associates 2.1 8.4 17.2 10.9 - 2.3 10.7
Adjusted cost related to JV legacy properties - - - - 4.5 12.6 8.1
Annualised earnings before amortisation, interest, tax, adjusted items and 532.3 559.2 401.9 416.4
defined benefit scheme charges
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
28 December 2025 29 December 29 June 31 December 30 June
2024(1) 2025 2023 2024
£m £m (audited) (audited)
£m £m £m
Group net assets per Balance Sheet 7,762.1 7,879.3 7,873.0 5,439.6 5,439.1
Less:
Other intangible assets Balance Sheet (404.3) (413.6) (408.4) (189.7) (184.5)
Goodwill per Balance Sheet (1,174.8) (1,174.8) (1,174.8) (852.9) (852.9)
Current tax assets (74.2) (90.9) (79.5) (27.3) (31.8)
Deferred tax liabilities 106.7 129.8 109.8 50.4 45.0
Retirement benefit assets (3.2) (5.0) (4.2) - -
Cash and cash equivalents (373.9) (655.3) (969.6) (949.9) (1,065.3)
Loans and borrowings 202.4 200.0 200.0 200.3 200.0
Provisions in relation to legacy properties 1,015.6 991.7 1,073.8 646.0 730.3
Prepaid fees (2.4) (3.6) (3.0) (3.8) (3.2)
Capital employed 7,054.0 6,857.6 6,617.1 4,312.7 4,276.7
Three point average capital employed 6,842.9 5,149.0 5,917.1 4,196.8 4,234.4
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
52 weeks ended 28 December 2025 Year ended 52 weeks ended
29 December 2024(1)
29 June 2025 (audited)
£m
£m £m
Annualised earnings before amortisation, interest, tax, adjusted items and 559.2 416.4 532.3
defined benefit scheme charges (from table above) (£m)
Three point average capital employed (from table above) (£m) 6,842.9 5,149.0 5,917.1
ROCE 8.2% 8.1% 9.0%
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
ROCE before the impact of PPA adjustments is calculated as ROCE (above) with
both capital employed and earnings before amortisation, interest, tax and
adjusted items presented as if the assets and liabilities recognised as a
result of the acquisition of Redrow plc had been initially measured at their
carrying values in the underlying Redrow financial records, rather than at
their fair values in accordance with IFRS 3:
26 weeks ended 28 December 2025 26 weeks ended 29 December 2024(1) 52 weeks 52 weeks calculated to 28 December 2025 Half year ended 31 December 2023 Year Year calculated to 29 December 2024
£m £m ended 29 June 2025 (audited) £m £m ended 30 June 2024 (audited) £m
£m £m
Annualised earnings before amortisation, interest, tax, adjusted items and 532.3 559.2 401.9 416.4
defined benefit scheme charges (from table above) (£m)
Impact on earnings before amortisation, interest, tax and adjusted items of 13.6 50.4 95.3 58.5 - - 50.4
the initial measurement of Redrow assets and liabilities at fair value at the
acquisition date
Annualised earnings before amortisation, interest, tax, adjusted items and PPA 627.6 617.7 401.9 466.8
adjustments
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
28 December 2025 29 December 29 June 31 December 30 June
2024(1) 2025 2023 2024
£m £m (audited) (audited)
£m £m £m
Capital employed per ROCE table above 7,054.0 6,857.6 6,617.1 4,312.7 4,276.7
Impact on capital employed of the initial measurement of Redrow assets and (13.1) (71.5) (26.6) - -
liabilities at fair value at the acquisition date
Capital employed before PPA adjustments 7,040.9 6,786.1 6,590.5 4,312.7 4,276.7
Three point average capital employed before PPA adjustments 6,805.8 5,125.2 5,884.4 4,196.8 4,234.4
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
52 weeks ended 28 December 2025 Year ended 52 weeks ended
29 December 2024(1)
29 June 2025 (audited)
£m
£m £m
Annualised earnings before amortisation, interest, tax, adjusted items and PPA 617.7 466.8 627.6
adjustments per table above (£m)
Three point average capital employed before PPA adjustments per table above 6,805.8 5,125.2 5,884.4
(£m)
ROCE before the impact of PPA adjustments 9.1% 9.1% 10.7%
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Net cash is defined in note 11.
Total indebtedness is defined as net (cash)/debt and land payables:
28 December 2025 29 December 2024 29 June 2025 (audited)
£m £m £m
Net cash (note 11) (£m) (173.9) (458.9) (772.6)
Land payables (£m) 767.2 594.6 809.4
Total indebtedness (£m) 593.3 135.7 36.8
Tangible net asset value is defined as net assets less goodwill and other
intangible assets.
Tangible net asset value per share is defined as tangible net asset value
divided by the total number of ordinary shares in issue at the reporting date.
28 December 2025 29 December 2024(1) 29 June 2025 (audited)
£m £m £m
Net assets per the Consolidated Balance Sheet (£m) 7,762.1 7,879.3 7,873.0
Less goodwill per the Consolidated Balance Sheet (£m) (1,174.8) (1,174.8) (1,174.8)
Other intangible assets per the Consolidated Balance Sheet (£m) (404.3) (413.6) (408.4)
Tangible net asset value (£m) 6,183.0 6,290.9 6,289.8
Number of ordinary shares in issue (note 14) 1,426,626,582 1,451,031,995 1,439,933,173
Tangible net asset value per share (pence) 433 434 437
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Aggregated comparative information (unaudited)
In addition to the above alternative performance measures, this results
announcement includes aggregated performance measures for the 26 weeks ended
29 December 2024. These measures are included to present comparative
information to the Group's results for the current period to aid understanding
of its relative performance. No adjustments are made to align the accounting
policies applied by Redrow plc and its subsidiaries in the period prior to
their acquisition by the Group. The aggregated value comparatives have not
been audited or reviewed by Barratt Redrow plc's auditors.
Aggregated profit measures for the 26 weeks ended 29 December 2024 are defined
as the results for the 26 weeks ended 29 December 2024 plus the consolidated
result for Redrow plc and its subsidiaries for the period from 1 July 2024 to
21 August 2024, being the period in the 26 weeks ended 29 December 2024 prior
to the acquisition of Redrow plc for which the Redrow group results are not
consolidated into the Group Financial Statements.
The consolidated Redrow results for the period from 1 July 2024 to 21 August
2024 have been extracted without adjustment from consolidated management
information for the Redrow plc group and prepared under the accounting
policies for the Redrow plc group as disclosed in its annual report for the 52
weeks ended 30 June 2024.
26 weeks ended 29 December 2024(1) Consolidated Redrow results 1 July 2024 to 21 August 2024 Aggregated 26 weeks ended 29 December 2024 Adjusted items for the 26 weeks ended 29 December Adjusted items in consolidated Redrow results 1 July 2024 to 21 August 2024 Impact of the measurement of Redrow assets and liabilities at fair value at Aggregated adjusted before PPA adjustments 26 weeks ended 29 December 2024
£m
£m
acquisition date
£m
£m 2024(1) £m
£m £m
Revenue 2,280.8 101.1 2,381.9 - - - 2,381.9
Gross profit 336.2 18.7 354.9 - - 50.4 405.3
Administrative expenses (225.6) (47.4) (273.0) 49.9 27.7 - (195.4)
Operating profit/(loss) 111.5 (28.7) 82.8 49.9 27.7 50.4 210.8
Profit/(loss) before tax 113.4 (28.4) 85.0 68.3 27.7 50.4 231.4
Profit(loss) for the period 73.0 (25.9) 47.1 58.8 19.7 35.8 161.4
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
Aggregated (adjusted) gross margin is defined as aggregated (adjusted) gross
profit before PPA adjustments divided by aggregated revenue and aggregated
(adjusted) operating margin is defined as aggregated (adjusted) operating
profit before PPA adjustments divided by aggregated revenue:
Aggregated 26 weeks ended Aggregated adjusted before PPA adjustments 26 weeks ended
29 December 2024(1)
29 December 2024(1)
Revenue (£m) 2,381.9 2,381.9
Gross profit (£m) 354.9 405.3
Gross margin 14.9% 17.0%
Operating profit (£m) 82.8 210.8
Operating margin 3.5% 8.9%
(1) Amounts in the table above for the 26 weeks ended 29 December 2024 have
been retrospectively adjusted to reflect the finalisation of the fair values
of assets and liabilities on the acquisition of Redrow plc which were
provisionally determined as at 29 December 2024 and finalised at 29 June 2025
and the consequent impact on the income statement, as required under IFRS 3.
See note 9 for further information.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FFFVLFRIILIR
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Barratt Redrow
See all newsREG - Barratt Redrow PLC - Transaction in Own Shares
AnnouncementREG - Barratt Redrow PLC - Transaction in Own Shares
AnnouncementREG - Barratt Redrow PLC - Transaction in Own Shares
AnnouncementREG - Barratt Redrow PLC - Barratt Redrow HY26 Interim Results
AnnouncementREG - Barratt Redrow PLC - Transaction in Own Shares
Announcement