Redrow completions rise 14% in record half-year

Aaron Morby 6 months ago
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House builder Redrow has delivered a 14% rise in completions to 2,811 delivering record pre-tax profits up a quarter to £176m in the half-year.

Steve Morgan confident of another year of significant growth

The firm now stands out as the only volume house builder consistently delivering double-digit percentage rises in new homes.

Over the six months to the end of December revenue also jumped 20% to £890m, helped by the jump in new homes and 9% rise in average selling price to £330,000, mainly attributable to its southern housing business.

In the first half of the financial year just under 40% of private reservations utilised Help to Buy.

Looking ahead Redrow’s total order book at the end of December was 5% ahead of the previous year at £1.05bn.

Steve Morgan, Chairman of Redrow, said: “Reservations in the first five weeks of the second half have been in line with the strong comparable period last year.

“We entered the second half with a record order book, and customer traffic and sales remain robust.

“Given the strength of both our order book and land holdings, together with the robust sales market, our growth strategy remains on track. This gives me every confidence it will be another year of significant progress for Redrow.”

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