LONDON (dpa-AFX) - Barratt Redrow Plc (BTDPF, BTDPY), the merged entity of Barratt Developments PLC and Redrow plc, on Wednesday issued combined trading statement, reporting growth in net private reservations per average week.
Reflecting the Barratt standalone order book at the start of fiscal 2025, and the inclusion of Redrow's order book from August 22, post acquisition, the combined forward order book as of October 13 totalled 10,619 homes, higher than last year's 12,201 homes. Order book value was 3.17 billion pounds, compared to 3.32 billion pounds a year ago.
Looking ahead, the company said its guidance on the standalone Barratt operations remains unchanged.
Reflecting unchanged guidance on the standalone Barratt operations and the inclusion of Redrow's order book and performance from August 22, the company now expects to deliver total home completions of between 16,600 and 17,200 in fiscal 2025, including around 600 home completions from Jvs.
In its first trading update as a combined Group for the period from July 1 to October 13, Barratt Redrow said its combined net private reservations per average week were 280, higher than last year's 237. Net private reservations per active outlet per average week were 0.67, 36.7 percent ahead of the pro-forma equivalent of 0.49 a year ago.
During the period, Barratt Redrow operated from an average 419 sales outlets, compared to 488 sales outlets last year.
Barratt standalone private reservation rate was up 31.9 percent to 0.62 from 0.47 last year.
On a standalone basis, Barratt net private reservations per week were 189, up from last year's 172.
Total forward sales, including Jvs, as of October 13 totalled 8,172 homes at a value of 2.26 billion pounds, compared to prior year's 9,284 homes at a value of 2.39 billion pounds.
The company said it will move to a 52-week reporting cycle following the acquisition of Redrow plc.
Regarding the outlook, the company said, 'Whilst customer demand continues to be sensitive to the wider economy, we are beginning to see more stable market conditions with increased mortgage availability and affordability. It will take some time for customer confidence to fully recover from the macroeconomic headwinds faced over the past two years, but we are encouraged by the solid trading we have experienced over recent weeks.'
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