Barratt Redrow has declared an interim dividend of 5.5 pence per share (HY24: 4.4 pence per share). The interim dividend will be paid on Friday 16 May 2025 to all shareholders on the register on Friday 4 April 2025.
Other Financial highlights include:
Good operational performance, delivering 6,846 total home completions3 (HY24: 6,171R and 7,777A), with adjusted profit before tax at £167.1m (HY24: £157.1mR and £248.8mA) after purchase price allocation ("PPA") adjustments of £50.4m.
Net private weekly reservation rate up 33% to 0.60 compared to 0.45A aggregated performance for Barratt and Redrow in the comparable period (HY24: 0.48R).
Redrow integration 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.
Adjusted items relating to Redrow transaction and integration costs totalled £49.9m (HY24: £nilR) with no incremental building safety remediation costs charged in the half (HY24: £61.9mR), resulting in reported profit before tax of £117.2m (HY24: £95.2mR).
Balance sheet remains strong with net cash of £458.9m (31 December 2023: £753.4mR and £874.4mA), after payment of the FY24 final dividend of £170.5m across the combined shareholder base in November (FY23 final dividend: £228.0mR) and incremental investment in land and work in progress of £332m.
Interim ordinary dividend increased by 25% to 5.5p (HY24: 4.4pR) reflecting planned FY25 1.75 times adjusted earnings cover, before the impact of PPA adjustments. This includes four months' contribution of Redrow profits.
Full year adjusted profit before tax, before the impact of PPA adjustments, is now expected to be at the upper end of market expectations.
