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Barratt Redrow (BTRW) investor relations material

Barratt Redrow H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary17 Sep, 2025

Executive summary

  • Delivered resilient operational and financial performance in a challenging market, with the Redrow integration progressing well and cost synergies ahead of target.

  • Maintained a strong balance sheet and robust net cash position, supporting growth and capital allocation plans.

  • Now operating with three differentiated brands and an enhanced land position following the Redrow acquisition.

  • Achieved high customer satisfaction, with all three brands rated excellent on Trustpilot and strong external accreditations.

Financial highlights

  • Adjusted profit before tax was £591.6 million pre-PPA, up 53.7% year-over-year; adjusted PBT post-PPA was £488.3 million, up 26.8%.

  • Adjusted EPS was 30.8p; full-year dividend increased by 8.6% to 17.6p.

  • Gross margin improved by 30 basis points to 17.4%, and adjusted operating margin rose 50 basis points to 10.7%.

  • Net cash at year-end was £773 million.

  • Revenue was £5,578.3 million, a 2.0% decrease year-over-year on an aggregated basis.

Outlook and guidance

  • FY26 guidance: 17,200–17,800 total home completions, with affordable housing at approximately 20%.

  • Adjusted administrative costs expected around £400 million in FY26, with £45 million in total synergies targeted.

  • Build cost inflation expected at 1–2%, and year-end net cash expected between £400 million and £500 million by June 2026.

  • Ordinary dividend cover maintained at 2.0x adjusted EPS (ex-PPA), with a £100 million annual share buyback from FY26.

  • Medium-term guidance targets 22,000 home completions, operating margin recovery to 15%, and return on capital employed back to 20%.

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Frequently asked questions

Barratt Developments plc is a residential property development company engaged in the construction and sale of homes across the United Kingdom. The company operates through multiple brands, delivering a range of housing projects, from affordable homes to premium properties. Barratt Developments focuses on land acquisition, planning, design, and sustainable building practices to support housing demand. Its developments include suburban communities, urban apartments, and mixed-use projects. Barratt Developments plc is headquartered in Coalville, United Kingdom, and its shares are listed on the LSE.

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