Redrow has reported half-year revenue of £560.6m, up 54% from £363.0m for the year before.
Pre-tax profit for the six months to 31 December 2014 (its financial year ends in June) was up 92% to a group record £91.2m, up from £47.5m last time.
The operating margin rose from 13.5% to 17% and return on capital employed improved to 21% from 14%, achieving the medium term target of 20% two years earlier than anticipated.
The company said that the inflation in both build costs and house prices seen a year ago had now “moderated to sustainable levels”.
Since 2009 Redrow has rebuilt its workforce, from 650 direct employees to 1,550, today.
On the back of this growth, Barry Stiles has been promoted to regional chief executive, a new post overseeing businesses in the southwest, West Country and South Wales.
Chairman Steve Morgan said "I am delighted to report Redrow has again generated outstanding results. Our policy of retaining capital to concentrate on growth continues to reap the benefit, with a further substantial rise in both turnover, up 54% and pre-tax profits, up 92%.
“As a result of this strong performance, whilst we continue first and foremost to invest in the ongoing growth of the business, we have also doubled the interim dividend to 2p per share.
“Whilst we are only at the beginning of the spring selling season, demand for new homes is strong and the welcomed changes to stamp duty will undoubtedly help home buyers within our market segment. We started the second half with a very strong order book and are expecting to increase the number of active outlets to 115 by June 2015, a 12% increase.
“Redrow is in great shape and I am confident this will be another strong year of growth for the business."
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