Barratt Redrow plc

Okay, we'll make a start. Good morning, everyone, and welcome. It's really good to be here in person for the first time in 30 months. The only downside is I'm not doing it in my pajamas, which is how I've done it for the last two and a half years. So I'm going to start off with an overview of our performance, revisit our medium-term targets, and also look at our progress in the year. Stephen will then take you through our operational performance, and Mike will cover our financial performance in FY22. And I will then come back to look at industry fundamentals, sustainability, and finally to look at current trading and outlook. So if we move to slide three, as we've said before, given the strength of the sales market, Our results have really been determined by our ability to build performance that has delivered total home completions up nearly 4% and back at pre-pandemic levels. Most importantly, we've delivered those volumes whilst maintaining

customer service and also sustainability.

Our operational and financial performance reflects the determination and the excellence of both our teams and also our supply chain partners. So alongside strong consumer demand, our very disciplined management of both build and sales activities combine to deliver a further expansion in our adjusted gross and operating margins. coupled with a strong control of capital employed resulted in a further improvement on Rocky to 30%, clearly well above our medium term target. I'm also very pleased to announce the final ordinary dividend, which results in a dividend for the year of 36.9 pence, with dividend cover of 2.25 times the and some 25% ahead of last year's dividend. And finally, as we announced, the board has approved plans to return additional capital through a share buyback programme. We intend to return 200 million, which will start with an initial tranche of 50 million to be completed no later than the 31st of December 2022. So turning now to slide four, which details our progress in the year and our areas of focus for FY23. So after a very strong performance in FY22, our focus in FY23 is going to centre on managing the end of the Help to Buy programme, including what is a more uncertain market. But we are aided by a very strong forward order book position, and also our planned sales outlet growth. Based on current market conditions, we're looking to deliver between 18,400 and 18,800 total home completions in FY23. This is in line with our medium-term target to grow total completions by between 3% and 5%. Looking to the medium term, with the opening of two new divisions and our additional land sourcing opportunities and planning capabilities with the Gladman acquisition, we now have in place the infrastructure and capacity to allow us to deliver up to 21,500 completions. In FY22, our adjusted gross margin improved by 160 basis points to 24.8% and exceeded our minimum 23% gross margin land acquisition hurdle for a second year. In FY23, our focus will be on balancing our reservations and our order book position to maximise sales price opportunities whilst ensuring we work hard to limit the impact of ongoing build cost inflation. We also believe we can deliver further build output growth in FY23. We are really delighted that our discipline, coupled with a positive market backdrop, unlocked a 220 basis point improvement in Rockhead. In FY23, we're going to strike a careful balance on land and working capital investment, and we will see how trading evolves over the coming months. On land, we're now looking to approve on a net replacement basis relative to completions. and we will invest in working capital to support our active site growth and product availability, whilst ensuring that we continue to drive profitability to deliver our minimum 25% return on capital employed target. Thank you, and I'll now hand over to Stephen, who will take you through the operational performance.