Barratt Redrow H1 Earnings Call Highlights

5 days ago 4

MarketBeat

Wed, February 11, 2026 astatine 4:28 AM CST 7 min read

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Operationally the radical delivered 7,444 homes successful H1 (+4.7%) but the private guardant bid book is down ~10%; PRS reservations fell to 4% portion part‑exchange roseate to 23%, signaling weaker marketplace request and much customers utilizing part‑exchange options.
Financially adjusted nett earlier taxation (pre‑PPA) dropped 13.6% to £200m contempt gross rising 10.5% to £2.6bn; adjusted gross borderline declined 200bp to 15%, with adjusted EPS of £0.10 and an interim dividend of £0.05 per share.
Redrow integration is adjacent completion (expected by April) with the £100m yearly outgo synergy people mostly confirmed — implicit £30m delivered successful H1 and a further £50m expected successful FY26 — portion H1 saw a ~£600m nett currency outflow but absorption expects ~£300m inflow successful H2 and year‑end nett currency of £400–500m, and reiterated FY26 guidance of 17,200–17,800 completions.
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Barratt Redrow (LON:BTRW) reported what absorption described arsenic a “resilient” first-half show for FY26, pointing to higher completions and advancement connected integrating Redrow contempt a subdued UK lodging marketplace and debased user confidence. Executives said uncertainty up of the November fund weighed connected request successful precocious 2025, portion improved owe availability and 2 involvement complaint cuts provided immoderate support.

Chief Operating Officer Mike Roberts said the radical delivered 7,444 homes successful the archetypal half, up 4.7% versus the anterior year’s aggregated performance. He emphasized that the summation was partially timing-related and that full-year guidance was unchanged.

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Roberts highlighted respective changes successful the preservation mix:

PRS reservations fell to 4% of wide preservation volumes from 9% a twelvemonth earlier, arsenic the marketplace became harder up of the fund and the radical said it maintained subject connected pricing and discounts.
Part exchange roseate to 23% of backstage reservations from 14%, which absorption linked to customers seeking a “stress-free” determination amid concerns astir conveyancing chains and the rollout of Barratt’s portion speech capabilities into the Redrow brand.

Roberts said portion speech banal levels were “carefully managed,” with 180 units unsold astatine the half-year point. He besides reported that underlying backstage preservation rates remained coagulated astatine 0.55 reservations per week, up of past year, adjacent arsenic PRS and different multi-unit income “effectively paused” successful the run-up to the budget.

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