BARRATT Developments PLC has issued a trading update in which the housebuilder has revealed a ‘strong operational performance’ despite economic and political uncertainty.
For the year ended 30 June 2024, ahead of publication of Barratt’s annual results in September, the firm has revealed total home completions for financial year 2024 as 14,004 (financial year 2023: 17,206) including 536 from joint ventures.
Total forward sales, including joint ventures, at 30 June was 7,239 homes (30 June 2023: 8,995) at a value of £1,912.3 million (30 June 2023: £2,223.4 million), in line with expectations.
Barratt added that adjusted profit before tax is anticipated to be ‘slightly ahead’ of previous expectations, while year-end net cash of circa £865 million positions the group well as land market activity increases.
The housebuilder anticipates total home completions in a range of 13,000 to 13,500 in financial year 2025, including some 600 completions from joint ventures.
Douglas McLeod, regional MD of Barratt Developments Scotland, said, “During another year of economic and political uncertainty, we have delivered a strong operational performance, reflecting the exceptional work of our employees, sub-contractors and suppliers, and their commitment to delivering high quality homes that people want to live in.
“Whilst we continue to navigate a challenging macroeconomic backdrop, we are delivering industry leading build quality, sustainability and customer service. Combined with the strength of our balance sheet, this has ensured we remain resilient and responsive through the cycle.
“Looking ahead, we are pleased that the proposed combination with Redrow was strongly supported by both sets of shareholders in the spring and, subject to the CMA’s approval, we look forward to bringing together two businesses to create an exceptional UK housebuilder ensuring we are well-positioned for the future.”
