Barratt Redrow (LSE:BTRW) completed 17,667 homes in the 52 weeks to 28 June, up 5% on the 16,826 aggregated completions in the prior year and near the top of its guidance range, the UK housebuilder said.
Adjusted profit before tax, excluding purchase price allocation adjustments, fell 7.1% to £572.8m from £616.5m, while adjusted operating profit rose 0.6% to £598.1m with margin slipping to 9.9% from 10.5%.
Statutory profit before tax rose to £363.5m from £245.3m, reflecting a reduced hit from Redrow transaction and integration costs.
"In a tough market, we have driven a strong operational and financial performance," said chief executive David Thomas, adding that adjusted profit before tax came in line with market expectations.
Net cash stood at £772.8m at year-end, after £242.2m in dividends and £100m of share buybacks.
The Redrow integration is complete, with £73m of a targeted £100m annual cost synergies delivered, and 12 new synergy sales outlets opened during the year.
Forward sales at 6 September stood at 11,200 homes worth £3,337.6m, against 10,593 homes worth £3,220.4m a year earlier.
The company trimmed its FY27 completions guidance to 17,500-17,900 homes, from a previous range of 17,700-18,200, citing planning delays that have cut expected average sales outlets to around 405 from 415.
Barratt Redrow confirmed a £400m FY27 capital return, comprising around £386m in buybacks and a nominal 1.0p final dividend, with £53.5m already returned as at 6 September.
The group's next scheduled update is its AGM and trading statement on 4 November.
News Intelligence what this means for the company
Barratt Redrow reported FY26 adjusted pre-tax profit down 7.1% to £572.8m despite completing 17,667 homes (up 5% year-on-year), with operating margin compressed to 9.9% from 10.5%. The company has cut FY27 completions guidance to 17,500–17,900 homes from 17,700–18,200, blaming planning delays that have reduced expected sales outlets to around 405 from 415—a material headwind to near-term growth.
Profit contraction amid volume growth signals margin pressure in a tough market, while the FY27 guidance cut—narrower and lower than prior range—flags structural headwinds from planning delays rather than cyclical weakness. The £400m capital return and £772.8m net cash position provide downside support, but the trajectory of completions and outlet count suggests the company is managing a slower-growth environment.
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