Barratt Developments (BDEV)

[daveh]

So the housing downturn is biting.

Dod

But still paying a dividend (though slightly cut), still making a decent profit, still debt free with (slightly reduced net cash on the balance sheet). Quite sensibly retaining capital in the business at the moment (no specials or share buybacks). So not a bad performance in what is a poor period for house builders.

(No holding, I have PSN and VTY)

[idpickering]

Barratt Developments PLC FY24 Interim Results

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.

https://www.investegate.co.uk/announcem ... ts/8025313

Ian (No holding).

[idpickering]

Recommended Offer for Redrow plc

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

https://www.investegate.co.uk/announcem ... lc/8025451

Ian.