The group flagged an extra \u00a398m hit in the second half of the year for external wall systems, including \u00a380m to fix fire safety issues at a Southern region development completed in 2002 and \u00a318m at a large London scheme already under review.<\/p>\n
These costs were on top of a \u00a3150m of extra legacy liabilities baked into the Redrow acquisition balance sheet linked to reinforced concrete frame defects at five Redrow London developments, triggering a goodwill adjustment of \u00a3106m.<\/p>\n
Barratt Redrow is now facing remedial works at up to five Redrow schemes in the capital following the full portfolio review.<\/p>\n
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In the year-end trading statement boss David Thomas vowed he was committed to proactively recovering costs from third parties, and hailed May\u2019s Supreme Court ruling that confirmed wider supply chain responsibility for building defects.<\/p>\n
Despite the heavy charges, he said that integration with Redrow was progressing ahead of plan.<\/p>\n
Around \u00a369m of cost synergies have already been locked in, with \u00a315m feeding into FY25 earnings and another \u00a345m expected to flow in FY26.<\/p>\n
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The total adjusting items bill for FY25 stands at \u00a3229m, including \u00a366m for restructuring, \u00a336m in Redrow deal fees and a \u00a329m provision for the group\u2019s share of the CMA\u2019s \u00a3100m industry-wide affordable housing settlement.<\/p>\n
Total home completions (including JVs) reduced by 7.8% to 16,565 over the year from the aggregated comparable of 17,972 in the prior year<\/p>\n
The group ended the year with net cash of \u00a3772m and forward sales of \u00a32.92bn, covering 9,835 homes.<\/p>\n
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