David Thomas, the outgoing Chief Executive of Barratt Redrow has thanked colleagues and said it has been an "enormous privilege" to lead the property giant for over a decade.
Thomas is set to retire after 11 years at the helm, making way for Dean Banks - who had been CEO of the Australia and New Zealand infrastructure company Ventia since 2021 - to take over in Q4 this year.
Although Thomas will remain with the company into next year to ensure a smooth transition, he took the publication of Barrat Redrow's full year 2026 results as an opportunity to thank his team and wish them "every success" for the future.
The results themselves revealed 17,667 home completions were delivered, 5% ahead of the previous year's aggregate figure and towards the top end of the guidance range.
Adjusted operating profit before the impact of PPA adjustments came in at £598.1million, nudging 0.6% ahead of the £594.4million adjusted aggregated operating profit in FY25.
However adjusted profit before tax and the impact of PPA adjustments was £572.8million, 7.1% below the £616.5million adjusted aggregated profit before tax in FY25 in light of challenging market conditions and the impact of the Middle East conflict.
Commenting on the full year results, David Thomas, Chief Executive of Barratt Redrow plc, said: "In a tough market, we have driven a strong operational and financial performance, delivering 17,667 homes, ahead of last year, and adjusted profit before tax in line with market expectations.
"Alongside the delivery of planned synergies, the successful integration of Redrow has created a more efficient and agile business.
"Looking ahead, whilst the wider economic backdrop remains uncertain, we are focused on maximising the strength of our three differentiated brands, maintaining our disciplined approach to costs and capital allocation, and continuing to deliver for customers, communities and, as evidenced by the capital return announced in July, we have a clear commitment to delivering for our shareholders.
"It has been an enormous privilege to lead Barratt Redrow over the past decade.
"I would like to thank our talented and dedicated colleagues across the business whose hard work, commitment and professionalism have helped build the successful and resilient company we are today. I wish them every success for the future."
Chair Caroline Silver said: "David was appointed Group Finance Director in July 2009 and stewarded the group's financial recovery following the global financial crisis and UK housing market collapse. David was appointed Group CEO in July 2015 and has made a huge contribution throughout his tenure, which has seen Barratt Redrow build an exceptionally strong business with an industry-leading reputation for customer service and build quality and the creation of tens of thousands of high-quality sustainable homes and developments across the country.
"The board and everyone at Barratt Redrow wish David a long and happy retirement."
Turning to the results and the company's performance, she went on: "Against a challenging backdrop, we have proactively managed our business to maintain sales momentum and effectively controlled our costs to deliver an overall solid performance that was in line with market expectations.
"Whilst we have seen continued improvements in mortgage product availability, consumer sentiment remained subdued throughout the year. In the first half this reflected uncertainty around government policy towards home ownership and taxation, ahead of the Budget in late November.
"A more positive start to 2026, with Budget uncertainties removed and interest rate cuts back on the agenda, was sharply reversed by the start of the Middle East conflict at the end of February. These events, and the corresponding risks around energy costs, disruption to supply chains and inflation, saw a significant shift in interest rate expectations, making homebuyers more cautious and increasing ongoing affordability challenges in the UK housing market.
"In this context, we were pleased to have delivered 17,667 total home completions, including joint ventures, and adjusted profit before tax and before the impact of PPA adjustments of £572.8m (FY25: £617.2m). Statutory profit before tax for FY26 was £363.5m (FY25: £273.7m).
"This solid performance reflected the proactive approach taken to managing our business, including the careful use of sales incentives to maintain volumes, and the rigorous management of our cost base. Land spend was targeted and highly selective and as such, substantially reduced on the prior year.
"The rigorous management of our cost base resulted in a significant reduction in our administrative expenses, helping to mitigate gross margin pressure and support our strong net cash position at the year-end of £772.8m. Taking account of the company's future financial obligations including payments in respect of land creditors and building safety remediation spend, we are well placed to undertake a £400m capital return in FY27.
"Throughout the year, our teams have remained focused on our build quality, customer service and sustainability performance, which have each been endorsed by accreditation from our customers and independent third-party assessments."