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Dod101 wrote:So the housing downturn is biting.
Dod
Highlights
Resilient operational performance, delivering 6,171 total home completions3 (HY23: 8,626) and revenue of £1.9bn (HY23: £2.8bn), with adjusted profit before tax at £157.1m (HY23: £521.5m).
Adjusted items relating to costs associated with legacy properties of £61.9m (HY23: £20.0m), which resulted in reported profit before tax of £95.2m (HY23: £501.5m).
Balance sheet strength maintained with net cash of £753.4m (31 December 2022: £969.1m), after payment of the FY23 final dividend of £228.0m (FY22 final dividend: £259.8m).
Continued industry leadership on quality, customer satisfaction and sustainability: 96 NHBC Pride in the Job Awards, more than any other housebuilder for 19 years, rated '5 Stars' by our customers in the HBF customer satisfaction survey for 14 years in a row, and recognised as the leading national sustainable housebuilder by NextGeneration for the eighth consecutive year.
Interim ordinary dividend of 4.4p (HY23: 10.2p) reflecting the reduced level of pre-tax profitability, the 600 bps step up in the corporation tax rate and partial offset from the planned reduction in dividend cover to 1.75 times for FY24.
And later;
The interim dividend of 4.4 pence per share was approved by the Board on 6 February 2024 and has not been included as a liability as at 31 December 2023.
The boards of Barratt and Redrow are pleased to announce that they have reached agreement on the terms of a recommended all-share offer for the combination of Barratt and Redrow, pursuant to which Barratt will acquire the entire issued and to be issued ordinary share capital of Redrow (the "Combination"). It is proposed that the Combination will be effected by means of a court-sanctioned scheme of arrangement of Redrow under Part 26 of the Companies Act as set out in this announcement (the "Scheme" or "Scheme of Arrangement").
The Combination will build on the excellent reputations for quality, service and sustainability that both Barratt and Redrow have developed, creating an exceptional UK homebuilder in those areas, accelerating the delivery of the homes this country needs.
·Under the terms of the Combination, each Redrow Shareholder will receive:
for each Redrow Share - 1.44 New Barratt Shares
David Thomas, Chief Executive, commented:
"During another year of economic and political uncertainty, we have delivered a strong operational performance, reflecting the exceptional work of our employees, sub-contractors and suppliers, and their commitment to delivering high quality homes that people want to live in.
Whilst we continue to navigate a challenging macroeconomic backdrop, we are delivering industry leading build quality, sustainability and customer service. Combined with the strength of our balance sheet, this has ensured we remain resilient and responsive through the cycle.
Looking ahead, we are pleased that the proposed combination with Redrow was strongly supported by both sets of shareholders in the Spring and, subject to the CMA's approval, we look forward to bringing together two businesses to create an exceptional UK housebuilder ensuring we are well-positioned for the future."
On 7 February 2024, the boards of Barratt and Redrow announced that they had reached agreement on the terms of a recommended all-share offer for the combination of Barratt and Redrow, pursuant to which Barratt will acquire the entire issued and to be issued ordinary share capital of Redrow (the "Combination"). The Combination is being implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"), with full terms and conditions of the Combination set out in the scheme document which was published on 19 April 2024 (the "Scheme Document").
On 8 August 2024, the United Kingdom's Competition and Markets Authority (the "CMA") concluded its Phase 1 investigation in respect of the Combination and found that the Combination does not raise any UK-wide competition issues but that it had concerns regarding the supply of new build private residential housing in only one of the more than 400 local areas where the two companies overlap under the CMA's chosen methodology to assess the local effects of the Combination, and where there are fewer than 10 plots remaining to sell. Barratt and Redrow are continuing to engage with the CMA with the objective of agreeing suitable undertakings which would address the CMA's limited concerns and avoid the need for a reference to a full Phase 2 investigation.
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