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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.