The Barratt Redrow (LON: BTRW) share price rose modestly on Wednesday after the housebuilder reported a solid trading performance and reiterated its confidence in full-year guidance.
The group, formed from the merger of Barratt Developments and Redrow, said private reservation rates excluding multi-unit sales were up 1.6% year-on-year at 0.62 per outlet per week.
Total home completions for the period reached 3,717, bringing the year-to-date figure to 10,563.
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Chief Executive David Thomas commented that the company’s “customer focus and unique offering” had continued to drive demand and that Barratt Redrow was “well placed to deliver housing volumes in line with our full year guidance.”
“Our customer focus and unique offering across the Barratt, David Wilson and Redrow brands have continued to drive homebuyer demand and performance this quarter,” he added.
The firm added that it remains on track to deliver between 16,800 and 17,200 completions for FY25, including joint ventures.
Forward sales stood at £3.14bn, with 93% of expected FY25 completions already secured.
Net cash stood at around £508m, and the group expects to end the year with between £500m and £600m. A £50m share buyback programme is ongoing, with £17m already executed.
Despite wider economic uncertainty, the group remains optimistic, citing supportive government policy and strong fundamentals in the housing sector.
The company’s shares are currently up around 1% on Wednesday, not long after the open.
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