Housebuilder gears up for merger with steady results

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Housebuilder Barratt Developments has potentially released its final trading update before merging with Redrow, showing positive results as it prepares for the next phase of its journey.

The results show that adjusted profit before tax is expected to slightly exceed previous forecasts. Legacy property charges of around £192m have been recognised as adjusted items, including a first-half charge of £61.9m and about £130m in the second half for previously disclosed legacy property issues.

The company completed 14,004 homes in FY24, slightly down from 17,206 in FY23, including joint ventures (JVs). As of June 30, 2024, forward sales totalled 7,239 homes valued at £1,912.3m meeting expectations.

Barratt also reported a strong balance sheet with year-end net cash of around £865m, positioning it well as land market activity increases.

 link source - The Business Desk

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