Barratt Redrow has reported a solid annual performance despite what it described as a "challenging market".
Profits met expectations and home completions hit the upper end of guidance, as the housebuilder unveiled plans to return £400million to shareholders through an expanded share buyback programme.
The company completed 17,667 homes during the year, while ending the period with net cash of around £772million.
Looking ahead, it expects to complete between 17,700 and 18,200 homes in the current financial year, although it warned that house price inflation is likely to remain minimal and build cost inflation could reach 3% to 4%.
Chief executive David Thomas said: "Barratt Redrow has delivered a solid performance in a challenging market, completing 17,667 homes and generating adjusted profit before tax in line with market expectations. This reflects the quality of our homes, the strength of our three complementary brands and the operational excellence of our teams across the business."
He added: "The sector continues to navigate macroeconomic and geopolitical uncertainty, alongside industry headwinds and subdued customer demand, which have weighed on market sentiment.
"However, this means that given our performance and resulting balance sheet strength, deploying capital through an expanded share buyback programme is currently the most effective way to create long-term shareholder value, and we intend to return £400m to shareholders in FY27, primarily through share buybacks."
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