Hampshire housebuilder Barratt Redrow plc has shared its half-year trading results for the period ended 29 December 2024, during which it has seen solid customer demand and is confident that the company is strongly positioned for further growth.

During the period, Barratt Redrow plc saw good operational performance, delivering 6,846 total home completions, with adjusted profit before tax at £167.1m after purchase price allocation (PPA) adjustments of £50.4m.

Redrow integration is progressing well, with nine divisional office closures completed or announced across both businesses and wider integration programme now on track to deliver £100m of cost synergies.

The balance sheet remains strong, with net cash of £458.9m after payment of the FY24 final dividend of £170.5m across the combined shareholder base in November and incremental investment in land and work in progress of £332m. Full year adjusted profit before tax, before the impact of PPA adjustments, is now expected to be at the upper end of market expectations.

Hampshire housebuilder Barratt Redrow plc has seen solid customer demand and is confident that the company is strongly positioned for further growth.

placeholder image — Hampshire housebuilder Barratt Redrow plc has seen solid customer demand and is confident that the company is strongly positioned for further growth.

Operationally, Barratt Redrow continues its industry leadership on quality, customer satisfaction and sustainability:

· 111 NHBC Pride in the Job Awards across the combined Group, consistently ahead of any other housebuilder for 20 years

· Rated ‘5 Stars’ by our customers in the HBF customer satisfaction survey – Barratt & David Wilson for 15 years in a row and Redrow for the last 6 years consecutively

· Barratt recognised as the leading national sustainable housebuilder by NextGeneration for the eleventh consecutive year and Redrow the highest ranked non-member in 2024

Commenting on the interim results Matt Payne, Managing Director of Barratt David Wilson Southampton division said: “I am pleased with the performance we have achieved in the first half of the year, continuing to deliver outstanding homes to customers across the country and further building on our unrivalled reputation for quality, service and sustainability. The integration of Redrow is progressing well and we are on track to deliver at least £100m of cost synergies, £10m ahead of the original target.

“As the economic, political and lending environments have stabilised, there has been some recovery in customer demand and we have seen solid reservation activity since the start of January, building a strong forward sales position. As a result, we now expect our full year adjusted profit before tax will be towards the upper end of market expectations.

“Whilst the housing market remains sensitive to the wider economy and mortgage rates and availability, there remains a significant shortage of homes in the UK. With our scale and track record of delivery, Barratt Redrow is uniquely well-positioned to meet this underlying demand and drive continued growth for the benefit of all stakeholders.”

Barratt Redrow is building new homes in Hampshire at Harbour Place in Bedhampton, Pebble Walk on Hayling Island and Forest Walk in Whiteley.