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Bullish Redrow issues upbeat update

22 Mar 17 Business just keeps getting better and better for house-builder Redrow, it seems.

Just six weeks after posting record half-year results, Redrow has issued a trading update saying that its full-year results will be even better than it was previously expecting, thanks to home-buyers digging deep.

“Redrow is pleased to announce that its trading and performance continues to be robust, as a consequence of a record order book and a further increase in legal completions, combined with better than anticipated increases in average selling prices,” the company said.

“Given the strong year-to-date performance the board is confident that Redrow is on track to deliver at least £306m profit before tax for the financial year ending 30th June 2017, an increase of 22% compared to the prior financial year of 2016.”

However, there was no update on any revised takeover offer for Bovis Homes. Redrow made an initial approach to the Bovis board on 27th February 2017 but the Bovis board told Redrow on 6th March that its proposal “did not merit further discussion”. Bovis is now in talks with Galliford Try but Redrow said it might still return with a revised offer. [See our previous report here.]

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