This is partly due to a 23% increase in revenue with the housebuilder generating £2.9bn in the six months to December, up from £1.8bn the year before.

The company has also completed 6,846 homes during this period up from the 6,171 built in the same period in 2023.

During this time the business has also been following through with its acquisition of competitor Redrow.

According to the results’ commentary, integration of the Redrow business is progressing “well” with nine divisional offices either closed or announced to close. This is on track to deliver £100m of savings, £10m ahead of expectations.

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As such, Barratt Redrow’s management are “updating” medium term guidance and expect to deliver around 22,000 homes per year as a result.

This could include operating margin recovering to around 15% and return on capital employed to around 20%.

Barratt Redrow has a forward sale pipeline of 10,903 homes for £3.5bn of revenue. This is more than the £3.1bn secured for the same period in 2023.

“As the economic, political and lending environments have stabilised, there has been some recovery in customer demand and we have seen solid reservation activity since the start of January, building a strong forward sales position,” said David Thomas, CEO at Barratt Redrow.

“As a result, we now expect our full year adjusted profit before tax will be towards the upper end of market expectations.”