Overview
- Home completions fell by nearly 9% to about 15,700 in 2025 compared with the prior year.
- Forward sales stood at roughly £4.0 billion at year-end, down from £4.4 billion in December 2024.
- Adjusted pre-tax profit is set to be about £270 million, edging up from £263.5 million, with total adjusted revenue easing to around £4.2 billion from £4.3 billion.
- Shares dropped around 8% on Wednesday following the trading update.
- Management linked softer demand to uncertainty around the autumn Budget, flagged another year weighted to the second half, and highlighted land buys of about 9,500 plots plus a £50 million allocation from Homes England.