19
December 2024
Barratt Redrow
plc
Unaudited aggregated
financial and non-financial information
This announcement details certain
unaudited aggregated financial and non-financial information (the
'Information') for Barratt Redrow plc (the 'Group') to provide
investors with additional information ahead of the Group's interim
results announcement and Capital Markets Update on 12 February
2025.
The Information
comprises:
|
·
|
Average outlets, private reservation
rates, private home reservations, as well as home completions and
average selling price data for the half year ended 31 December 2023
and the full year ended 30 June 2024;
|
|
·
|
income statements for
the half year ended 31 December 2023 and the full
year ended 30 June 2024;
|
|
·
|
the balance sheet and net asset
positions as at 31 December 2023 and 30 June 2024; and
|
|
·
|
half year trading information for
the period ended 31 December 2023 which constitutes the comparable
trading period for Barratt Redrow plc's HY25 results, which will be
announced on 12 February 2025. Redrow's comparable post-acquisition
period performance for HY24 is included from August 24 2023 to
align with the post-acquisition period which will be included in
the HY25 results of Barratt Redrow plc.
|
The Information is being provided as
an illustrative framework ahead of the HY25 results and, as a
result, has not been reviewed or audited by the Group's auditor and
does not include the impact of any accounting policy alignments or
fair value adjustments (including cost accounting) in respect of
the acquisition of Redrow plc by Barratt Developments PLC. The
Information is therefore subject to final review by the Group's
auditors and any relevant adjustments will be included in the
Group's half year results announcement on 12 February
2025.
In tables 1 and 2 which
follow:
|
·
|
HY24 refers to the period from 1
July 2023 to 31 December 2023 for the Barratt Developments PLC
group ('Barratt') and the 26-week period from 3 July 2023 to 31
December 2023 for the Redrow plc group ('Redrow').
|
|
·
|
FY24 refers to the period from 1
July 2023 to 30 June 2024 for the Barratt Developments PLC group
and the 52-week period from 3 July 2023 to 30 June 2024 for the
Redrow plc group.
|
Table 1: Unaudited aggregated sales outlets, private
reservation rates, home completions and average selling prices
(ASPs)
|
|
HY24
|
FY24
|
|
Key
Metrics
|
Barratt
|
Redrow
|
Barratt +
Redrow
|
Barratt
|
Redrow
|
Barratt +
Redrow
|
|
Average sales outlets (wholly owned)
|
358
|
120
|
478
|
337
|
116
|
453
|
|
Private reservation rate
|
0.48
|
0.35
|
0.45
|
0.58
|
0.45
|
0.55
|
|
Of
which PRS and other multi-unit sales
|
0.06
|
0.01
|
0.05
|
0.08
|
0.01
|
0.07
|
|
|
|
|
|
|
|
|
|
Private reservations secured (homes)
|
4,502
|
1,104
|
5,606
|
10,168
|
2,686
|
12,854
|
|
|
|
|
|
|
|
|
|
Private home completions
|
4,780
|
1,310
|
6,090
|
10,666
|
2,834
|
13,500
|
|
Affordable home
completions
|
1,201
|
584
|
1,785
|
2,802
|
1,422
|
4,224
|
|
Total wholly owned home completions
|
5,981
|
1,894
|
7,875
|
13,468
|
4,256
|
17,724
|
|
|
|
|
|
|
|
|
|
Private average sales price
(£'000)
|
344.4
|
478.0
|
373.2
|
343.9
|
473.5
|
371.1
|
|
Affordable average sales price
(£'000)
|
160.8
|
215.5
|
178.7
|
165.3
|
196.9
|
175.9
|
|
Wholly owned average sales price (£'000)
|
307.6
|
397.1
|
329.1
|
306.8
|
381.1
|
324.6
|
Table 2: Unaudited aggregated income
statements
|
|
HY24
|
FY24
|
|
Income statement (£m)
|
Barratt
|
Redrow
|
Barratt +
Redrow
|
Barratt
|
Redrow
|
Barratt +
Redrow
|
|
Housebuilding revenues
|
1,839.5
|
752.1
|
2,591.6
|
4,131.6
|
1,621.8
|
5,753.4
|
|
Other revenues
|
11.3
|
3.9
|
15.2
|
36.6
|
14.2
|
50.8
|
|
Total revenues
|
1,850.8
|
756.0
|
2,606.8
|
4,168.2
|
1,636.0
|
5,804.2
|
|
|
|
|
|
|
|
|
|
Adjusted gross profit
|
295.9
|
143.0
|
438.9
|
689.0
|
300.0
|
989.0
|
|
Adjusted gross margin (%)
|
16.0%
|
18.9%
|
16.8%
|
16.5%
|
18.3%
|
17.0%
|
|
|
|
|
|
|
|
|
|
Gross profit
|
238.5
|
143.0
|
381.5
|
509.5
|
300.0
|
809.5
|
|
Gross margin (%)
|
12.9%
|
18.9%
|
14.6%
|
12.2%
|
18.3%
|
13.9%
|
|
|
|
|
|
|
|
|
|
Adjusted administrative
expenses
|
(140.9)
|
(57.0)
|
(197.9)
|
(314.5)
|
(105.0)
|
(419.5)
|
|
Administrative expenses
|
(140.9)
|
(57.0)
|
(197.9)
|
(336.9)
|
(113.0)
|
(449.9)
|
|
Part exchange income
|
0.2
|
-
|
0.2
|
2.1
|
-
|
2.1
|
|
|
|
|
|
|
|
|
|
Adjusted profit from operations
|
155.2
|
86.0
|
241.2
|
376.6
|
195.0
|
571.6
|
|
Adjusted profit from operations margin (%)
|
8.4%
|
11.4%
|
9.3%
|
9.0%
|
11.9%
|
9.8%
|
|
|
|
|
|
|
|
|
|
Profit from operations
|
97.8
|
86.0
|
183.8
|
174.7
|
187.0
|
361.7
|
|
Profit from operations margins
(%)
|
5.3%
|
11.4%
|
7.1%
|
4.2%
|
11.4%
|
6.2%
|
|
|
|
|
|
|
|
|
|
Finance costs
|
(2.6)
|
(2.0)
|
(4.6)
|
(6.5)
|
(2.0)
|
(8.5)
|
|
Adjusted share of profits from joint
ventures
|
4.5
|
-
|
4.5
|
14.9
|
-
|
14.9
|
|
Share of profits from joint
ventures
|
-
|
-
|
-
|
2.3
|
-
|
2.3
|
|
|
|
|
|
|
|
|
|
Adjusted profit before tax
|
157.1
|
84.0
|
241.1
|
385.0
|
193.0
|
578.0
|
|
Profit before tax
|
95.2
|
84.0
|
179.2
|
170.5
|
185.0
|
355.5
|
|
|
|
|
|
|
|
|
|
Adjusted tax
|
(43.6)
|
(24.0)
|
(67.6)
|
(127.4)
|
(56.3)
|
(183.7)
|
|
Tax
|
(26.4)
|
(24.0)
|
(50.4)
|
(56.4)
|
(54.0)
|
(110.4)
|
|
Adjusted profit after tax
|
113.5
|
60.0
|
173.5
|
257.6
|
136.7
|
394.3
|
|
Profit after tax
|
68.8
|
60.0
|
128.8
|
114.1
|
131.0
|
245.1
|
Note: Data has not been adjusted to reflect the accounting
policies of the combined entity or to include fair value estimates
arising as a result of the combination. Presentation of the Income
Statement reflects historic reporting.
Table 3: Unaudited aggregated
balance sheet compositions and net assets
|
|
31 December
2023
|
30 June
2024
|
|
Balance Sheet (£m)
|
Barratt
|
Redrow
|
Barratt +
Redrow
|
Barratt
|
Redrow
|
Barratt +
Redrow
|
|
Other intangible assets
|
189.7
|
1.0
|
190.7
|
184.5
|
-
|
184.5
|
|
Goodwill
|
852.9
|
-
|
852.9
|
852.9
|
-
|
852.9
|
|
Investments in jointly controlled
entities
|
144.3
|
-
|
144.3
|
158.5
|
-
|
158.5
|
|
Property plant and
equipment
|
58.2
|
20.0
|
78.2
|
57.5
|
20.0
|
77.5
|
|
Right of use assets
|
44.4
|
11.0
|
55.4
|
41.2
|
9.0
|
50.2
|
|
Deferred tax assets
|
-
|
1.0
|
1.0
|
-
|
1.0
|
1.0
|
|
Trade and other
receivables
|
3.0
|
-
|
3.0
|
3.4
|
-
|
3.4
|
|
Retirement benefit assets
|
-
|
5.0
|
5.0
|
-
|
5.0
|
5.0
|
|
Non-current assets
|
1,292.5
|
38.0
|
1,330.5
|
1,298.0
|
35.0
|
1,333.0
|
|
|
|
|
|
|
|
|
|
Inventories:
|
|
|
|
|
|
|
|
Land
|
2,979.1
|
1,601.0
|
4,580.1
|
3,233.6
|
1,518.0
|
4,751.6
|
|
WIP
|
2,003.3
|
1,142.0
|
3,145.3
|
1,829.4
|
1,099.0
|
2,928.4
|
|
Promotional
agreements
|
106.2
|
-
|
106.2
|
111.5
|
-
|
111.5
|
|
Other
|
100.3
|
-
|
100.3
|
103.7
|
-
|
103.7
|
|
Total inventories
|
5,188.9
|
2,743.0
|
7,931.9
|
5,278.2
|
2,617.0
|
7,895.2
|
|
|
|
|
|
|
|
|
|
Trade and other
receivables
|
123.9
|
30.0
|
153.9
|
201.9
|
28.0
|
229.9
|
|
Current tax assets
|
27.3
|
-
|
27.3
|
31.8
|
-
|
31.8
|
|
Cash and cash equivalents
|
949.9
|
121.0
|
1,070.9
|
1,065.3
|
296.0
|
1,361.3
|
|
Current assets
|
1,101.1
|
151.0
|
1,252.1
|
1,299.0
|
324.0
|
1,623.0
|
|
|
|
|
|
|
|
|
|
Loans and borrowings
|
(200.0)
|
-
|
(200.0)
|
(200.0)
|
-
|
(200.0)
|
|
Land creditors
|
(138.3)
|
(49.0)
|
(187.3)
|
(165.0)
|
(44.0)
|
(209.0)
|
|
Trade and other payables
|
(7.6)
|
-
|
(7.6)
|
(7.0)
|
-
|
(7.0)
|
|
Lease liabilities
|
(31.1)
|
(7.0)
|
(38.1)
|
(29.4)
|
(5.0)
|
(34.4)
|
|
Deferred tax liabilities
|
(50.4)
|
(3.0)
|
(53.4)
|
(45.0)
|
(3.0)
|
(48.0)
|
|
Provisions - building safety
related
|
(436.6)
|
(133.0)
|
(569.6)
|
(543.2)
|
(138.0)
|
(681.2)
|
|
Provisions - other
|
-
|
(7.0)
|
(7.0)
|
-
|
(6.0)
|
(6.0)
|
|
Non-current liabilities
|
(864.0)
|
(199.0)
|
(1,063.0)
|
(989.6)
|
(196.0)
|
(1,185.6)
|
|
|
|
|
|
|
|
|
|
Loans and borrowings
|
(0.3)
|
-
|
(0.3)
|
-
|
-
|
-
|
|
Land creditors
|
(228.9)
|
(132.0)
|
(360.9)
|
(307.8)
|
(117.0)
|
(424.8)
|
|
Trade and other payables
|
(658.3)
|
(521.0)
|
(1,179.3)
|
(747.3)
|
(535.0)
|
(1,282.3)
|
|
Lease liabilities
|
(14.5)
|
(4.0)
|
(18.5)
|
(13.4)
|
(4.0)
|
(17.4)
|
|
Current tax liabilities
|
-
|
(5.0)
|
(5.0)
|
-
|
(6.0)
|
(6.0)
|
|
Provisions - building safety
related
|
(209.4)
|
(48.0)
|
(257.4)
|
(187.1)
|
(35.0)
|
(222.1)
|
|
Provisions - other
|
(167.5)
|
-
|
(167.5)
|
(190.9)
|
-
|
(190.9)
|
|
Current liabilities
|
(1,278.9)
|
(710.0)
|
(1,988.9)
|
(1,446.5)
|
(697.0)
|
(2,143.5)
|
|
|
|
|
|
|
|
|
|
Net
assets
|
5,439.6
|
2,023.0
|
7,462.6
|
5,439.1
|
2,083.0
|
7,522.1
|
|
|
|
|
|
|
|
|
|
Net cash / (debt)
|
753.4
|
121.0
|
874.4
|
868.5
|
296.0
|
1,164.5
|
|
Total land creditors
|
(367.2)
|
(181.0)
|
(548.2)
|
(472.8)
|
(161.0)
|
(633.8)
|
|
Net
surplus
|
386.2
|
(60.0)
|
326.2
|
395.7
|
135.0
|
530.7
|
|
|
|
|
|
|
|
|
Note: Data has not been adjusted to reflect the accounting
policies of the combined entity or to include fair value estimates
arising as a result of the combination. The separate financial
statements of Barratt and Redrow presented certain assets and
liabilities of a similar nature differently in the balance sheet.
No adjustment has been made in these aggregated financial
statements to present these items together.
Table 4: Unaudited trading
performance from 1 July 2023 to 31 December 2023 for Barratt and
from 24 August 2023 to 31 December 2023 for
Redrow.
|
|
|
|
|
|
Key
Metrics
|
Barratt
|
Redrow
|
Barratt +
Redrow
|
|
Average sales outlets (wholly owned)
|
358
|
116
|
440
|
|
Private reservation rate
|
0.48
|
0.36
|
0.45
|
|
Of
which PRS and other multi-unit sales
|
0.06
|
0.01
|
0.05
|
|
|
|
|
|
|
Private reservations secured
|
4,502
|
772
|
5,274
|
|
|
|
|
|
|
Private completions
|
4,780
|
1,095
|
5,875
|
|
Affordable completions
|
1,201
|
511
|
1,712
|
|
Wholly owned completions
|
5,981
|
1,606
|
7,587
|
|
JV completions
|
190
|
-
|
190
|
|
Total completions
|
6,171
|
1,606
|
7,777
|
|
|
|
|
|
|
Private average sales price
(£'000)
|
344.4
|
479.4
|
369.6
|
|
Affordable average sales price
(£'000)
|
160.8
|
221.8
|
179.0
|
|
Wholly owned average sales price (£'000)
|
307.6
|
397.5
|
326.6
|
|
|
|
|
|
|
Key
financials (£m)
|
|
|
|
|
Housebuilding revenues
|
1,839.5
|
638.4
|
2,477.9
|
|
Other revenues
|
11.3
|
3.4
|
14.7
|
|
Total revenues
|
1,850.8
|
641.7
|
2,492.5
|
|
|
|
|
|
|
Adjusted gross profit
|
295.9
|
127.2
|
423.1
|
|
Gross profit
|
238.5
|
127.2
|
365.7
|
|
|
|
|
|
|
Adjusted profit from operations
|
155.2
|
93.2
|
248.4
|
|
Profit from operations
|
97.8
|
93.2
|
191.0
|
|
|
|
|
|
|
Finance costs
|
(2.6)
|
(1.5)
|
(4.1)
|
|
Adjusted share of profits from joint
ventures
|
4.5
|
-
|
4.5
|
|
Share of profits from joint
ventures
|
-
|
-
|
-
|
|
|
|
|
|
|
Adjusted profit before tax
|
157.1
|
91.7
|
248.8
|
|
Profit before tax
|
95.2
|
91.7
|
186.9
|
|
|
|
|
|
|
Adjusted tax
|
(43.6)
|
(26.2)
|
(69.8)
|
|
Tax
|
(26.4)
|
(26.2)
|
(52.6)
|
|
Adjusted profit after tax
|
113.5
|
65.5
|
179.0
|
|
Profit after tax
|
68.8
|
65.5
|
134.3
|
Note: Data has not been adjusted to reflect the accounting
policies of the combined entity or to include fair value estimates
arising as a result of the combination. Presentation of the income
statement items reflects historic
reporting.
For
further information, please contact:
Barratt Redrow plc:
Analyst / investor
enquiries
|
Mike Scott,
Chief Financial Officer
|
mike.scott@barrattredrow.co.uk
|
|
John
Messenger, Group Investor Relations Director
|
john.messenger@barrattredrow.co.uk
|
Media enquiries
|
Tim Collins,
Group Corporate Affairs Director
|
015 3027 8278
|
Brunswick
|
Jonathan
Glass/ Rosie Oddy / Peter Hesse
|
020 7404 5959
|
Barratt Redrow plc LEI: 2138006R85VEOF5YNK29
The
Group's next scheduled announcement will be HY25 results on 12
February 2025.