Adam Daniels, chief executive, said: “Since announcing the conclusions of the CEO Review in September, we have continued to take decisive action to create a smaller, more focused and disciplined business.”

“Our immediate priorities remain generating cash, lowering financial leverage, improving operational control and reducing complexity, whilst maintaining tight commercial discipline.”

Daniels added: “We have also started the difficult but necessary process of reducing headcount and restructuring the operating regions from 25 to 12. The MDs and their management teams have been confirmed, and the new structure will be in place and operational from January.

“We are seeing benefits from our commercial initiatives, but current trading continues to reflect a challenging Open Market backdrop and a slow but gradual build-up in Partner Funded transaction activity, reflecting the early stage of grant deployment under the Social and Affordable Housing Programme.”

The Group said that it is on a “clear pathway to sustainably reducing its leverage and expects its year-end net debt position to be within the range of analysts’ expectations.”

The housebuilder also said that it has started the process to refinance the Group’s £900 million term loan and revolving credit facility. 

The Group’s forward order book sits at £3.1 billion. 

The Group notes that market conditions remain testing and similar to those described by the Group two months ago, reflecting affordability constraints, cautious consumer behaviour and wider macroeconomic uncertainty.

Looking ahead, the housebuilder is aiming for a stronger balance sheet and a more disciplined operating platform for FY27, with the aim of decreasing average daily net debt in FY27 and beyond.