Barratt Redrow shares climb as profits beat forecasts, but brokers flag a soft start

Barratt Redrow shares rose 6% to 291p in early trading on Wednesday after the UK’s largest housebuilder reported full-year profits ahead of City forecasts, though brokers warned the year has started slowly. Adjusted pre-tax profit, excluding one-offs from the Redrow takeover, fell 7.1% to £572.8 million, with thinner margins offset by higher home sales. Revenue rose 6.6% to £6.06 billion, while the company built 17,667 homes over the 52 weeks to 28 June. For the new year, Barratt Redrow cited a private reservation rate of 0.53 per site per week since 1 July and trimmed completions guidance to 17,500–17,900 due to planning delays. Margins were expected to remain pressured.