Barratt Redrow has announced that its £50m share buyback programme has now completed.

UBS AG London Branch, who undertook the share buyback on Barratt Redrow’s behalf, purchased more than 11.2 million for the full £50m consideration.

Barratt Redrow, which is listed on the FTSE 100 index, first announced details of the share buyback in February.

The housebuilder has since posted a 10.1% decline in sales, although the company did also state in April it was “well-positioned for sustainable growth”, after revealing it expects to deliver total completions of between 16,800 and 17,200 homes across the current full financial year.

Barratt Redrow said the completed buyback scheme forms part of an ongoing programme which will return a “minimum of £100m per annum”.

“Details of the next tranche of the share buyback programme will be announced in due course,” a statement by the group revealed.

---