Redrow enjoys record first half as completions rise 13%

Aaron Morby 3 years ago
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House builder Redrow has delivered a record first six-months lifting pre-tac profit by more than a third to a record £140m.

The volume house builder continued to lead its rivals in home completion growth, with finished homes rising 13% to 2,459.

This helped to drive up revenue by nearly a quarter to £738, another record for six months. The average selling price for Redrow’s private homes increased by 12% from £306,000 to £344,000 mainly due to geographical mix, with 47% of turnover being generated in the South of England, compared to 38% in the first half of last year.

Earlier this month Redrow acquired Derby house builder Radleigh Homes. This acquisition will form the basis of a new regional division for the group: Redrow East Midlands.

Steve Morgan, Redrow chairman, the the firm expected to deliver turnover of £1.9bn by 2019, and an operating margin of 19.5%.

“We entered the second half of the current year with a record order book, with many of our sites sold five to six months in advance.

“Our growth strategy is firmly on track, giving me every confidence this will be another year of significant progress for Redrow.”

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