For the six months to 31st December 2016, Redrow made pre-tax profit of £140m, up 35%, on revenue up 23% to £739m.
Legal completions for the half-year rose 13% to 2,459 units (2016: 2,178), including a joint venture in Croydon.
Chairman Steve Morgan said: “Redrow delivered a robust performance in the first half, producing another set of record results. In the last six months legal completions increased by 13% to 2,459 adding to the country’s much needed supply of new homes.
“At the beginning of February we purchased Radleigh Homes a regional housebuilder based in the East Midlands. Radleigh is an excellent fit given its geographical location and high quality market position. Radleigh will form the basis of a new division for the Group.
“We entered the second half with a record order book, and customer traffic and sales remain robust. Given the strength of our sales position and land holdings our growth strategy is firmly on track, giving me every confidence this will be another year of significant progress for Redrow.”
He said that he expects annual turnover to reach £1.9bn in 2019, with an operating margin remaining at its current level of 19.5%.
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