Redrow to bounce back to profit in second half

Aaron Morby 13 years ago
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House builder Redrow expects to return to the black in the second half after better sales at the start of this year.

In a trading statement, the builder said it had passed a low point.

The firm said that house prices had remained stable since the start of the year, although its average selling house priced has risen due to a planned  change in its mix of housing.

Redrow added that it was pleased with customer responses to the new Heritage Collection of high-spec open plan houses launched in February.

But Redrow’s trading update was more cautious than rival Persimmon.

The builder said it expected the market to remain challenging throughout 2010 because of the election and restrictions on mortgage lending.

The company added: “Nevertheless, with our strong management team, re-focussed business, robust finances and the launch of The New Heritage Collection we are confident the business will continue to make progress.”

Redrow expects to complete 2,500 homes in the year to the end of June.

Net debt stands at £50m well within its £250m banking facility.

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