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Tue October 15 2019

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Redrow's Morgan bows out on a high

6 Feb House-builder Redrow has shown single digit growth in profits and revenue for the first half of its current financial year.

Steve Morgan founded Redrow in 1974 and retires next month
Steve Morgan founded Redrow in 1974 and retires next month

In the six months to 31st December 2018, Redrow made an interim pre-tax profit of £185m, which was 5% up on the £176m a year before. Half-year revenue was up 9% to £970m.

Legal completions rose 12% to 2,970 (2018: 2,646), and these included  Redrow’s landmark 100,000th home.

Handing over the reins to his successor, chairman Steve Morgan said: "In this, my final report as chairman, it gives me great pleasure to announce that Redrow has once again delivered record results for the first half of the financial year.”

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He said: “The market during the run up to the festive period and the first two weeks of 2019 was subdued by macroeconomic and political uncertainty. However, sales over the last three weeks have bounced-back with reservations running at similar levels to last year's strong market activity. Overall, private sales for the first five weeks of 2019 were £156m (2018: £166m). Nevertheless given our record £1.2bn order book, our strategy remains on track giving me every confidence that this will be another year of significant progress for Redrow.”

He concluded: “It is nearly 45 years since I founded Redrow and when I step down as chairman next month it will be exactly 10 years since I returned to the business. I am proud of the legacy I leave behind having completed over 6,000 homes for the first time in 2018 and handed over our 100,000th Redrow home last October. Redrow has a very strong team, an excellent balance sheet and the Heritage Collection product which I believe is the best in the industry. Most importantly, Redrow has a great future under John Tutte's leadership who will take over from me as chairman."

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