Redrow profits soar 70% to £43m

Aaron Morby 13 years ago
Share

Redrow has joined the swelling ranks of major house builders reporting big profit rises and margins back into double figures.

Chairman Steve Morgan, who launched a bid to take the firm private last month, saw pre-tax profits jump 70% to £43m for the year ending June 30.

Revenue increased by 5.8% to £479m, driven by a 15% increase in average selling prices. The improvement saw operating margins rise from 6.9% to 10%.

Steve Morgan, Chairman of Redrow, said: “Total private reservations in the first 11 weeks of the financial year are up 16% as a result of a year on year increase on outlets from 73 to 84.

“We are encouraged by the recent Government Housing and Growth announcement, however the outlook for the industry remains challenging.”

The average selling price of private homes increased by 17% to £204,100 as the firm increased the proportion of its family Heritage homes.  Legal completions for the year were marginally up to 2,458.

Redrow said it was pressing ahead with its expansion plans in London completing the first two houses at Ealing and started construction of its first of two major flatted schemes, One Commercial Street in Aldgate and Kingston Riverside in Kingston upon Thames.

The business bought a further four sites for around 1,000 plots. The biggest acquisition was the Woodford Aerodrome near Stockport where consent is being sought to create a new Garden Village of 550 homes.

Latest news

Higgins Homes and site workers face manslaughter charges

Contractor and four site staff charged after woman killed by falling pallet of bricks
14 hours ago

Midgard lands £145m deal to build Edition Birmingham

Construction to start shortly on twin residential towers
16 hours ago

McAleer & Rushe set to break £500m turnover barrier

Pre-tax profit jumped 16% to £46m last year
17 hours ago

Top design team picked for £2.5bn York Central scheme

Massive city centre regen scheme moves to detailed design
21 hours ago

MoD to bid £100m command HQ enabling works

Hertfordshire joint forces command centre expansion advances
20 hours ago

Failed shed specialist Marbank owed suppliers £10m

Contractor was facing a string of adjudication claims
21 hours ago

New scaffolding training trade body launches

Scaffolding Training Alliance formed amid disquiet caused by planned training changes
13 hours ago

£1.8bn framework planned for green retrofit drive

Procure Plus to invite bids later this month
20 hours ago

Breakthrough for HS2 as first Birmingham tunnel section dug

Balfour Beatty VINCI completes 3.5-mile TBM drive in 652 days
4 days ago

HS2 Curzon Street station redesign approved as timber roof axed

Change to meet stricter fire safety rules and cut maintenance costs
4 days ago

Care home fire trial collapses

Prosecution withdrawn against four firms including Morgan Sindall Property Services
5 days ago

Leicester rebids £22m station revamp after failed tender race

Council opts for ECI route after receiving one bid for project
4 days ago

Kier wins £58m East Coast College rebuild job in Great Yarmouth

Work to start this summer for 1,300-student college
4 days ago

R G Carter wins £28m hospital car park job in King’s Lynn

MSCP paves way for £1.5bn Queen Elizabeth Hospital rebuild in 2027
4 days ago

London to relax green belt building rules

Sadiq Khan shifts position on planning
4 days ago

Willmott Dixon wins Great Yarmouth waterfront deal

North Quay 10.5 acres mixed-use scheme to advance
5 days ago

SIG chief quits to join Travis Perkins

Gavin Slark to leave by the end of this year
4 days ago

Eight take key spots on £250m Prosper framework

Housing and public building upkeep deal for North East awarded
5 days ago

Early call-out for £150m Ebbsfleet Garden City infrastructure

Bidders day to set out plan for Ebbsfleet Central commercial scheme
6 days ago

McLaren storms April contracts league with flurry of wins

Cardiff Bay Arena job headlines a series of big contract wins
5 days ago

Balfour Beatty lifts cash forecast after strong first quarter

Contractor set to hit £1bn average monthly net cash in 2025
5 days ago

Goldman Sachs-owned Adler & Allan buys 180-strong civils outfit

West Country's Glanville Environmental gets new owner
5 days ago

Caddick lands first contract for £200m Skelmersdale revamp

Developer gets green light for masterplan
5 days ago

Van Elle sells HGV fleet to haulage firm

WS Specialist Logistics pays £2.9m to take on fleet and drivers
5 days ago

Buyers more bullish about prospects for year ahead

Residential "resilient" but commercial work a weak spot
6 days ago

Council backs first Brutalist car park-to-flats scheme

Newcastle-under-Lyme multi-storey car park to be reborn as pioneering homes scheme
6 days ago

Hinkley Point C hits peak build with 26,000 jobs

3,000 more workers to join as fit-out work ramps up
6 days ago

Over 40 firms win Wessex Water M&E minor works deal

Broad sweep of specialists picked for AMP8 programme
6 days ago

Spencer lands Scottish bridge hat-trick

Steelwork, gantries and bearing upgrades on Kessock, Forth and Tay crossings
6 days ago

Winners revealed for £1.5bn decarbonisation deal

Fusion21 confirms places for 40 firms: Full list
6 days ago

Contractor services