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Barratt Redrow (BTRW) investor relations material
Barratt Redrow H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered resilient operational and financial performance in a subdued market, with 7,444 home completions up 4.7% year-over-year and near-complete Redrow integration, confirming nearly all £100 million synergy targets by December.
Maintained a strong land position and robust balance sheet, supporting three brands and future growth.
Focused on disciplined execution, cost optimization, and capital efficiency.
Achieved high customer satisfaction, with 115 NHBC Pride in the Job Awards and a 5-star HBF rating for 16 years.
Financial highlights
Revenue grew 10.5% to £2,632.1m, driven by higher completions and a 4.9% increase in average selling price.
Adjusted profit before tax (pre-PPA) down 13.6% year-over-year to £199.9m, mainly due to higher net interest costs and lower JV profits.
Adjusted gross margin before PPA adjustments declined to 15.0% from 17.0%.
Adjusted operating profit before PPA adjustments was £210.2m; margin fell to 8.0% from 8.9%.
Net cash at period end was £173.9m, supporting dividend payments and share buybacks.
Outlook and guidance
FY26 total completions expected in the range of 17,200–17,800 homes, including ~600 JV completions; affordable mix expected at 20%.
Underlying pricing to remain broadly flat; build cost inflation for FY26 guided at around 2%, with procurement synergies included.
Net cash at year-end expected between £400m–£500m; adjusted finance charge c.£30m.
Building safety spend to remain at c.£250m for the year.
Average outlets to be flat in FY26, with a significant uptick to 425–435 in FY27, driven by synergy and organic growth.
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