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Wed September 26 2018

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Redrow continues to reach new heights

7 Feb Redrow has reported record half-year financial results after building more than 2,800 new homes in six months.

Redrow chairman Steve Morgan
Redrow chairman Steve Morgan

For the six months to 31st December 2017, Redrow posted pre-tax profit of £176m on revenue of £890m. These numbers were up 26% and 20% respectively on the previous year’s first half, when it made £140m profit on £739m revenue.

Chairman Steve Morgan said: "It gives me great pleasure to announce Redrow has again delivered record results, for the first half of the financial year, with legal completions increasing by 14% to 2,811 and pre-tax profits up 26% to £176m.

“Reservations in the first five weeks of the second half have been in line with the strong comparable period last year. We entered the second half with a record order book, and customer traffic and sales remain robust.

“Given the strength of both our order book and land holdings, together with the robust sales market, our growth strategy remains on track. This gives me every confidence it will be another year of significant progress for Redrow."

MPU

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