EarningsQ4 2026 Earnings Report
MX:BTRWN Q4 2026 EPS Results
Actual EPS$3.96
Consensus EPS$4.27
Beat/MissMissed by -$0.31
One Year Ago EPS$3.79
MX:BTRWN Q4 2026 Revenue Results
Actual Revenue$81.67B
Expected Revenue$81.96B
Beat/MissMissed by -$283.85M
YoY Revenue Growth+3.80%
Earnings Announcement Details
QuarterQ4 2026
Date09/16/2026
TimeBefore Open
Conference CallWednesday, September 16, 2026
MX:BTRWN Upcoming Earnings
Barratt Redrow's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q4 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was cautiously positive. Management emphasized resilient completions, completed Redrow integration, confirmed cost synergies, strong liquidity, encouraging multi-brand trading, and a 6% increase in forward sales. However, these strengths were balanced by lower profit and margins, underlying price deflation, build cost inflation, substantial building safety obligations, affordability pressures, planning delays, and reduced outlet guidance. The highlights modestly outweighed the lowlights because management maintained FY 2027 completion guidance and reported stable or improving current trading.Company Guidance
Resilient Full-Year Performance
Barratt Redrow delivered a solid operational and financial performance despite challenging market conditions, with overall performance in line with expectations.
Home Completions Increased 5%
The group completed 17,667 homes in FY 2026, an increase of 5% from FY 2025 and toward the top end of the September 2025 guidance range.
Affordable and PRS Completions Growth
Affordable completions increased 27% and represented 22% of wholly owned completions. PRS completions were 20% ahead of the prior year, while joint venture completions increased 5.2% to 566 units.
Redrow Integration Completed
The integration of Redrow was completed during the year, with cost synergies and revenue synergy outlets already contributing to performance.
Cost Synergy Target Confirmed
The full GBP 100 million cost synergy target was confirmed in the second half. The cumulative profit and loss benefit through FY 2026 was GBP 73 million, including GBP 53 million from administrative expense savings, and the annual contribution is expected to reach approximately GBP 95 million in FY 2027.
Improved Net Cash Position
The group ended FY 2026 with a net surplus of GBP 61.4 million, compared with net indebtedness of GBP 37 million in the prior year.
Strong Landbank Position
The owned and controlled landbank stood at 5.2 years of supply, remaining above the medium-term target of 4.5 years and providing flexibility to reduce land investment without impacting near-term growth plans.
Strategic Land Pipeline
The group had 118 strategic land applications covering more than 31,000 plots submitted to local planning authorities, providing expected future conversions and drawdowns into the current landbank.
Encouraging Multi-Brand Performance
Multi-branded outlets represented 44% of total outlets at year-end. The group had three triple-branded developments, where each was selling more than 1.5 homes per week compared with around 0.5 before triple branding.
Stable Private Reservation Rate
The underlying private reservation rate was slightly ahead of FY 2025 at 0.56 reservations per outlet per week, supported by targeted sales incentives and improved mortgage product availability.
Resilient Current Trading
During the first 10 weeks of FY 2027, the group reported that trading was very positive and had not weakened as the period progressed. The company remained comfortable with its full-year completion guidance.
FY 2027 Completion Guidance Maintained
The group remains confident in total FY 2027 completions of between 17,500 and 17,900 homes, based on revised average outlet guidance of 405 and the trading performance seen in the first 10 weeks.
Forward Sales Position Up 6%
The FY 2027 forward sales position was reported to be up 6%, supporting management's confidence in its volume guidance.
Average Selling Price Increased 2.2%
The wholly owned average selling price increased 2.2% to GBP 351,700, driven by product and geographic mix, including a slightly larger average unit size and greater contribution from higher-priced regions.
Operating Cost Discipline
Administrative expenses were GBP 329.8 million in FY 2026, compared with GBP 398.5 million in FY 2025. Acquisition-related synergies contributed GBP 37 million, below-target employee performance pay reduced expenses by GBP 15.3 million, and business-as-usual savings contributed GBP 14.3 million.
House Type Streamlining Initiative
The group reduced the Barratt and David Wilson house type range from more than 500 iterations to under 100 house types. The new range is Future Homes Standard compliant and is expected to deliver economies in procurement and build time without materially reducing customer choice.
Strong Liquidity and Financing Capacity
The revolving credit facility was increased from GBP 700 million to GBP 900 million and extended to July 2031, with two potential extensions subject to lender approval that could take it through July 2033.
Expected FY 2027 Net Cash
The group expects FY 2027 year-end net cash of between GBP 400 million and GBP 500 million, subject to changes in land activity and market opportunities.
Enhanced Shareholder Returns
For FY 2027, total capital return is planned at GBP 400 million, with GBP 386 million delivered through share buybacks. The program includes the ordinary distribution, except for a one penny nominal dividend, being delivered through buybacks and an additional buyback of at least GBP 100 million.
Customer and Quality Recognition
The group achieved a five-star housebuilder rating for the 17th consecutive year and received 122 NHBC Pride in the Job awards. All three brands received the highest 'excellent' rating on Trustpilot.
Building Safety Provision Utilization
The group utilized GBP 153.8 million of building safety provisions during FY 2026, and a GBP 8.2 million net release was recorded on the reinforced concrete frame provision after some developments were found not to require remediation.
Multi-Unit and Part-Exchange Support
PRS and other multi-unit sales improved in the second half, supported by relationships including Lloyds Living. Part-exchange usage increased to 21% of all non-affordable reservations from 14% in the prior year, and all but GBP 22 million of the GBP 228 million part-exchange property balance had been sold at year-end.
Capital-Light Outlet Expansion
The group plans to open 45 incremental synergy sales outlets following the Redrow acquisition: 12 were launched in FY 2026, 18 are due in FY 2027, and 15 are expected to become active in FY 2028.
MX:BTRWN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed