Full-year results from Barratt Redrow PLC (LSE:BTRW) were better than previously lowered expectations, but came with some cautious statements on the immediate outlook.
Adjusted profit before tax was up 27% to £488.3 million for the year to 29 June, or up 54% if excluding the Redrow purchase price allocation.
Revenue was up 38% to £5.6 billion as total home completions rose 18% to 16,565.
Chief executive David Thomas said it was a "solid performance in a tough market", despite home completions coming in slightly below our guided range".
While the housing market "remains challenging" and he anticipates "limited growth" in the new financial year, guidance for completions was lifted to a range of 17,200-17,800, above the previous 16,600-17,200 range.
This assumes that the market experiences a normal autumn selling season, "however the extended period through to the Budget and related uncertainties around general taxation and that applicable to housing, has introduced additional risk", the company said.