Barratt Redrow said home completions rose 7.9% in the first 17 weeks of its financial year, even as its weekly private reservation rate dipped slightly amid challenging market conditions.
In a trading update, the British housebuilder said it is progressing with the integration of its recently acquired rival Redrow, confirming it has secured 80 million British pounds of a targeted 100 million British pounds in annual cost savings.
The merger gains are being balanced against significant legacy property costs, which stood at over 1 billion British pounds at its June year-end, including recently identified issues at former Redrow sites, the company has previously disclosed.
"We have delivered a resilient performance over the period despite challenging market conditions and increased uncertainty ahead of the November Budget," Chief Executive David Thomas said in a statement.
The company's forward order book was valued at 3.28 billion British pounds as of Oct. 26.
Barratt Redrow maintained its full-year forecast to complete between 17,200 and 17,800 homes.
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