Barratt Redrow PLC (LSE:BTRW) reported a solid third-quarter trading performance, with 3,717 home completions in the period to bring the year-to-date figure to 10,563.
The housebuilder said it remains on track to deliver between 16,800 and 17,200 total completions in the full year to end-June, including about 600 from joint ventures.
Net private reservations, excluding bulk sales, increased 1.6% to 0.62. Including PRS and MUS, the rate fell by 3.1% to 0.63.
CEO David Thomas said the integration of Redrow is "nearing completion, and we are making good progress on both cost and revenue synergies", with nine divisional office closures completed or underway and the cost synergy target raised to £100 million.
He added: “Our customer focus and unique offering across the Barratt, David Wilson and Redrow brands have continued to drive homebuyer demand and performance this quarter, leaving us well-placed to deliver housing volumes in line with our full-year guidance.”
Forward sales stood at £3.1 billion across 10,245 homes, with the private home order book valued at £2.24 billion, up 3.3% on the prior year despite a 3.5% fall in volume.
Net cash at period-end was about £508 million, with February's £50 million share buyback programme not yet halfway through.
"The fundamentals for our industry remain strong, with a clear need for new homes across all tenures and a national focus on accelerating delivery," said Thomas.
We have the scale, industry partnerships and unrivalled credentials in quality, service and sustainability required to capture the opportunities ahead and deliver growth.”