Barratt Developments (LSE: BDEV) has reiterated its full-year guidance, remaining confident despite a decline in home completions.

The company anticipates its adjusted pretax profit for the year ending June 30 to be in line with current market expectations of £880.6 million, marking a 16% decrease from the previous year’s figure of £1.05 billion.

During the year, Barratt Developments witnessed a decrease in home completions, with a total of 17,206 completed homes, reflecting a 14% drop compared to the previous year’s figure of 19,908. Looking ahead to the financial year 2024, the company expects to complete between 13,250 and 14,250 homes.

Despite the challenges, the homebuilder has maintained its balance sheet strength throughout the financial year 2023, concluding the period with a net cash balance of approximately £1.07 billion. This represents a 6.1% decrease from the previous year’s figure of £1.14 billion. The slight decrease can be attributed to the completion of a £200 million share buyback program and land spending totalling around £820 million. Barratt Developments launched the share buyback program in September of the previous year with the aim of reducing its share capital.

Looking ahead, the company remains optimistic and highlights a solid order book for the financial year 2024. The total forward sales, including joint ventures, amount to 8,995 homes valued at £2.22 billion for the year 2023, representing a 39% decrease compared to the previous year’s figure of £3.62 billion.

Barratt Developments will release its full-year results on September 6, providing further insights into its financial performance.

Barratt Developments shares declined 4.7%, reaching 398.50 pence this morning.