Barratt Redrow announced a share buyback programme returning £400mn to shareholders in the next fiscal year, with £386mn via buybacks and a 1p ordinary dividend. The company said its share‑price discount to net asset value had widened to 36 per cent from 9 per cent, calling the level “material” and an opportunity to optimise returns.

Activist investor Phoenix Asset Management Partners, which holds about 5 per cent of the firm, had urged buybacks of up to £1bn annually. Portfolio manager Kartik Kumar called the move a “positive first step” but argued buybacks should be driven by cash generation rather than earnings.

The builder completed 17,667 homes in the year ended June 28, at the top of guidance, and targets 17,700‑18,200 completions next year. Average build‑cost inflation was about 2 per cent, with possible increases from energy‑price volatility and supply‑chain disruption. The firm remains selective on land purchases as UK housebuilders face buyer hesitation amid economic uncertainty.