Full year results: Resilient performance; strengthened foundations for growth

Full year results for the 52-week period ended 29 June 2025

Resilient performance; strengthened foundations for growth

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

“We have delivered a solid performance in a tough market, with adjusted profits ahead of expectations despite home completions coming in slightly below our guided range. The acquisition of Redrow is transformative for the Group, and I am pleased with the progress we have made on delivering synergies ahead of our targets and executing a successful integration, which is now largely complete. I’d like to thank our employees, subcontractors and supply chain partners for the huge contributions they made to our performance this year.

“While the housing market remains challenging and we anticipate limited growth in FY26, the long-term fundamentals of the sector remain compelling. We have a unique offering, with three distinct leading brands with a strong land position and balance sheet and a clear strategy to deliver long-term, sustainable growth and 22,000 homes a year in the medium-term. In the meantime, it is vital that government policy is focused on reforming the planning system, removing barriers to investment and supporting purchasers, particularly first-time buyers, if the sector is to build the homes the country needs.”

Notes:

1. Refer to Glossary for definition of key financial metrics.

   R = Reported and denotes a Barratt Developments PLC group (“Barratt Group”) reported metric based on the reported performance of the Barratt Group in the comparable reporting period.

   A = Aggregated and denotes an aggregated metric based on the reported performance of the Barratt Group in the comparable reporting period 1 July 2023 to 30 June 2024 and includes the performance of the legacy Redrow plc group (“Redrow Group”) from 24 August 2023 to 30 June 2024, the equivalent period of ownership, to provide comparability on operational and financial performance. Redrow Group data is based on Redrow plc’s standalone accounting policies and therefore excludes any impact of policy alignments made since the acquisition. Aggregated adjusted measures are also presented and prepared on this basis. The aggregated value comparatives have not been audited or reviewed by Barratt Redrow plc’s auditors.

2. Unless otherwise stated, all numbers quoted exclude JVs.
3. Including JVs in which the Group has an interest.
4. 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. In this period, new APMs have been introduced to 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.
5. Bloomberg consensus for FY25 adjusted profit before tax before the impact of PPA adjustments on 16 September 2025 was £582.8m with a range of £580m to £584m, excluding the impact of purchase price adjustments.