Interim results for the six months to December 31 show pre-tax profits up to £15.3m from £8.5m last time while operating margins jumped to 7.5% from 5.6%.

Revenue was also up to £232.8m from £216.1m despite an 11% drop in completions following the sale of the Scottish business last June.

Chairman Steve Morgan said: “Redrow has again delivered a strong set of results with a significant improvement in performance against the backdrop of a challenging marketplace.

“When I returned to the business in 2009 my first priority, after putting the company on a sound financial footing, was to return Redrow to its traditional focus of a high quality differentiated family housing product, where the overwhelming market demand lay.

“While the outlook for the industry undoubtedly remains fragile there is increasing confidence in the housing market, including first time buyers.

“This should be helped further when the availability of 95% mortgages kicks in under the NewBuy scheme at the end of March.

“We believe that we are well positioned for the future and the second half has started encouragingly with the value of private reservations up 11% to £69m and with a strong portfolio of sites in the pipeline.

“Provided we can overcome the delays in the planning system and short of a crisis in the Eurozone damaging confidence Redrow is set to continue along our path of recovery.”