Barratt Redrow

Website: Barratt Redrow
Index: FTSE 100
EPIC: BTRW
Supersector: Personal and Household Goods
Sector: Household Goods and Home Construction
Subsector: Home Construction
Market Cap: £4.08B
Payout Frequency: Semi-Annual

Next Barratt Redrow Dividend

Barratt Redrow next goes ex-dividend on 02/04/2026. This will be the Interim dividend for 2026.

The dividend per share amount is 5.0000p (GBP) and the payment date is 15/05/2026.

Declared Dividend (Interim)

Amount: 5.0 pence per share (down from 5.5p in HY25)
Ex-dividend date: 02/04/2026 (derived from the record date of 07/04/2026; Good Friday 03 Apr and Easter Monday 06 Apr are market holidays, so the prior business day is Thu 02 Apr)
Record date: 07/04/2026 (Tue)
Payment date: 15/05/2026 (Fri)
DRIP: Available via Equiniti; election deadline 23/04/2026
Policy: Ordinary dividend targeted at 2.0x cover of adjusted EPS (ex-PPA) from FY26

Context and Coverage

Adjusted EPS (pre-PPA) for HY26: 10.0p ? implies c. 2.0x cover for the interim (in line with policy).
Balance sheet: period-end net cash £173.9m (after dividends and buybacks); guidance for FY26 year-end net cash £400–£500m.
Capital returns: ongoing annual share buyback of £100m (c. £50.4m completed in HY; second £50m tranche commenced 5 Jan 2026).

Dividend Sustainability and Growth Outlook

Coverage: The interim is explicitly set off the new 2.0x adjusted EPS cover; current HY26 adjusted EPS (10.0p) supports the 5.0p payout.
Earnings/margins: HY26 adjusted operating margin (pre-PPA) fell to 8.0% (from 8.9% aggregated prior period) and adjusted gross margin to 15.0% (from 17.0%), reflecting incentives and modest build cost inflation. Near-term dividend growth therefore looks measured rather than expansive.
Cash generation: Management guides to stronger H2 cash flow (higher completions, better fixed-cost absorption) and year-end net cash of £400–£500m, which underpins the interim and capacity for the final dividend.
Integration synergies: Redrow synergy delivery (target £100m by HY28; c. £50m incremental in FY26) should support margins and medium-term dividend capacity as benefits annualise.
Policy stance: The reset to 2.0x cover is more conservative versus prior practice and suggests a focus on maintaining, then growing, distributions in line with earnings recovery rather than targeting absolute growth in the short term.

Structural/Policy Factors Affecting Future Dividends

M&A/integration: Redrow acquisition (Aug 2024) now largely integrated; divisional rationalisation and procurement harmonisation progressing. Successful delivery of synergies is a medium-term tailwind for dividend capacity.
Capital allocation: Clear framework balancing land investment (FY26 land cash spend £800–£900m), remediation outflows, ordinary dividends at 2.0x cover, and a continuing buyback programme.
Accounting presentation: Reclassification of legacy building safety provision imputed interest as an adjusted finance charge clarifies the “adjusted” earnings base used for dividend cover, but cash outflows for remediation remain a real constraint on excess distributions.

Key Risks/Flags Relevant to Dividend Stability

Remediation cash outflows: Building safety and reinforced concrete frames provisions total ~£1.02bn (£828.9m + £186.7m). FY26 building safety cash spend guided at ~£250m, with further RC frame spend weighted to FY27–FY28. This competes with free cash available for shareholder returns.
Market conditions: Private order book down c. 11% YoY as of 1 Feb 2026; Spring selling season pivotal. Affordability and mortgage dynamics remain key external risks.
Margin pressure: Incentives and cost inflation (FY26 build cost inflation guided c. 2%) keep pressure on profitability; recovery depends on volume growth and synergy realisation.
Land creditors/indebtedness: Land creditors at £767.2m (15.0% of owned land bank); total net indebtedness (net cash minus land creditors) at £593.3m, which can reduce flexibility if market weakens.
Management transition: CFO role under recruitment; execution risk around integration and cost delivery remains a watchpoint.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
03/04/2025	16/05/2025	Interim	5.50p	GBX
09/10/2025	14/11/2025	Final	12.10p	GBX

Total (Annual Dividends Per Share): 17.60p

Dividend Yield = Annual Dividends Per Share (17.60p) ÷ Share Price (263.4p) = 6.68%

Ex Dividend Date	Payment Date	Type	Amount	Currency
02/04/2026	15/05/2026	Interim	5.0000p	GBX
09/10/2025	14/11/2025	Final	12.10p	GBX
03/04/2025	16/05/2025	Interim	5.50p	GBX
26/09/2024	01/11/2024	Final	11.80p	GBX
11/04/2024	17/05/2024	Interim	4.40p	GBX
28/09/2023	03/11/2023	Final	23.50p	GBX
06/04/2023	18/05/2023	Interim	10.20p	GBX
29/09/2022	04/11/2022	Final	25.70p	GBX
07/04/2022	18/05/2022	Interim	11.20p	GBX
30/09/2021	09/11/2021	Final	21.90p	GBX
15/04/2021	10/05/2021	Interim	7.50p	GBX
10/10/2019	05/11/2019	Special	17.3p	GBX
10/10/2019	05/11/2019	Final	19.5p	GBX
11/04/2019	07/05/2019	Interim	9.6p	GBX
11/10/2018	06/11/2018	Special	17.3p	GBX
11/10/2018	06/11/2018	Final	17.9p	GBX
19/04/2018	18/05/2018	Interim	8.6p	GBX
26/10/2017	20/11/2017	Special	17.3p	GBX
26/10/2017	20/11/2017	Final	17.1p	GBX
20/04/2017	19/05/2017	Interim	7.3p	GBX
27/10/2016	21/11/2016	Special	12.4p	GBX
27/10/2016	21/11/2016	Final	12.3p	GBX
28/04/2016	20/05/2016	Interim	6.0p	GBX
29/10/2015	20/11/2015	Special	10.0p	GBX
29/10/2015	20/11/2015	Final	10.3p	GBX
23/04/2015	20/05/2015	Interim	4.8p	GBX
30/10/2014	20/11/2014	Final	7.1p	GBX
16/04/2014	20/05/2014	Interim	3.2p	GBX
23/10/2013	20/11/2013	Final	2.5p	GBX

Year	Interim	Final	Special	Currency	Total	Change
2024	4.400	11.800		GBX	16.200	-51.920
2023	10.200	23.500		GBX	33.700	-8.670
2022	11.200	25.700		GBX	36.900	25.510
2021	7.500	21.900		GBX	29.400	-36.630
2019	9.600	19.500	17.300	GBX	46.400	5.930
2018	8.600	17.900	17.300	GBX	43.800	5.030
2017	7.300	17.100	17.300	GBX	41.700	35.830
2016	6.000	12.300	12.400	GBX	30.700	22.310
2015	4.800	10.300	10.000	GBX	25.100	143.680
2014	3.200	7.100		GBX	10.300	312.000
2013		2.500		GBX	2.500

Number of Shares:

Payment	Paid	Amount
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