Barratt completes 14,000 homes in the year

Barratt completed 14,004 homes in its full year to June 30th 2024, at the upper end of its expectations but still 18.6% down on last year (17,206).

Announcing its full year results today, Barratt said the fall reflected a lower private order book entering the year and lower average outlet numbers during the year. The housebuilder confirmed that it expects completions to fall again next year to 13,000 to 13,500 “given the profile of land acquisition over the past 24 months” which will “see a short-term reduction in average outlets. “As new outlets come into production in the latter part of the year and early FY26, we expect average sales outlet numbers in FY26 to be ahead of FY24 levels,” Barratt said.

In a challenging year, Barratt saw pre-tax profit fall 75.8% to £170.5 million on revenue down 21.7% to £4,168.2 million (£5321.4 million). Operating margin was 4.2%.

David Thomas, chief executive of Barratt, said: “We are pleased to have delivered total home completions at the upper end of our expectations for the year, despite the challenging backdrop.

“Whilst demand continues to be sensitive to mortgage affordability and reduced land buying activity during the past two years …