Another record year for Redrow
House-builder Redrow has reported 20% revenue growth and a 23% rise in pre-tax profits.
In its third consecutive year of record results, Redrow generated £1.38bn in revenue for the year to 30th June 2016 (2015: £1.15bn).
Pre-tax profit for the year was £250m (2015: £204m).
Revenue increase was driven by a 17% increase in legal completions to more than 4,700 new homes and a 7% increase in the average selling price to £288,600.
Redrow began the new financial year with a record private order book of £807m, up 54% year on year.
Chairman Steve Morgan said: “Sales in the first 10 weeks are very encouraging and up 8% on a strong comparator last year. Our strategy of continued growth for the business is on track and I am confident this will be another year of significant progress for Redrow.”
As a result of the continuing growth of the business, Redrow’s employee roster has grown from 1,600 people to nearly 2,000 over the past 12 months, of whom 297 are trainees.
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This article was published on 6 Sep 2016 (last updated on 6 Sep 2016).