Aarin Chiekrie, equity analyst, Hargreaves Lansdown:
“Barratt Redrow has been ticking along nicely over the last year, despite some hurdles such as the Middle East conflict weighing on costs and buyer sentiment. Total home completions grew by 5% to 17,667, landing towards the upper end of the group’s guidance range. Average selling prices also ticked slightly higher to £352,000, helped by a shift in product mix to larger homes in more expensive regions of the country. Good progress has also been made on trimming the fat on overlapping operations, with another £53mn of savings delivered last year as Redrow has been integrated into the business. That means that underlying pre-tax profits are tracking in line with market forecasts of around £560 million.
Looking ahead, the margin backdrop looks challenging, with incentives remaining elevated and build costs trending slightly higher. However, Barratt Redrow is in a relatively good position to deal with the current challenging environment. The £2.8 billion order book remains in good shape, and new home completions are expected to trend higher to between 17,700 and 18,200 this year. There’s also a mammoth net cash pile of £0.8bn on hand to help the group ride out any future bumps in the road. With Barratt’s share price having come under further pressure this year, the group’s taking advantage by shifting its payout policy to include more share buybacks, which saw the shares rally around 4% in early trading.”
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