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<\/a><\/div>\n<\/div>\nThe total includes post-Grenfell building safety works of \u00a3886.4m and \u00a3187.4m in relation to reinforced concrete frame buildings.<\/p>\n
Further concrete frame problems came to light among Redrow’s portfolio of buildings post acquisition.<\/p>\n
Investigations revealed remedial work was needed at four schemes in London.<\/p>\n
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<\/a><\/div>\n<\/div>\nThe provisions overshadowed a solid first set of numbers for the merged group which posted a pre-tax profit of \u00a3273.7m for the year to 29 June 2025 on revenue of \u00a35.6bn.<\/p>\n
The business is on track for \u00a3100m of cost savings post-merger with six divisional offices now closed and three in the process of closing as Barratt Redrow operates from 32 housebuilding divisions across the country.<\/p>\n
The restructuring of head office teams is well-advanced and is expected to complete early next year\u00a0 while the procurement programme continued to “both harmonise buying terms and ensure the purchasing scale of Barratt Redrow is optimised, unlocking the targeted synergies.”<\/p>\n
David Thomas, Chief Executive said: “We have delivered a solid performance in a tough market, with adjusted profits ahead of expectations despite home completions coming in slightly below our guided range.<\/p>\n
“The acquisition of Redrow is transformative for the Group, and I am pleased with the progress we have made on delivering synergies ahead of our targets and executing a successful integration, which is now largely complete. I’d like to thank our employees, subcontractors and supply chain partners for the huge contributions they made to our performance this year.<\/p>\n
“While the housing market remains challenging and we anticipate limited growth in FY26, the long-term fundamentals of the sector remain compelling.<\/p>\n
“We have a unique offering, with three distinct leading brands with a strong land position and balance sheet and a clear strategy to deliver long-term, sustainable growth and 22,000 homes a year in the medium-term. In the meantime, it is vital that government policy is focused on reforming the planning system, removing barriers to investment and supporting purchasers, particularly first-time buyers, if the sector is to build the homes the country needs.”<\/p>\n
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