Redrow to shrink Lon­don busi­ness as sales drop

Arab News - - Business News -

Bri­tish home­builder Redrow said it was scal­ing back its Lon­don oper­a­tions and ex­pects sales to drop more than a third this year due to the tim­ing of coro­n­avirus-fu­eled site clo­sures. It also warned that 2020 profit will be sub­stan­tially be­low last year’s due to the im­pact of the pan­demic and the trim­ming down of Lon­don oper­a­tions. “The tim­ing of site clo­sures due to COVID-19 to­ward the end of March had a pro­found im­pact upon the group’s re­sults in a year, which was bud­geted to be dis­pro­por­tion­ately weighted to the end of the sec­ond-half,” the com­pany said.

It said it was pulling back oper­a­tions in Lon­don to con­cen­trate on more high-re­turn re­gional busi­nesses and its Her­itage prod­uct — sub­ur­ban homes de­signed in pe­riod style fea­tures that have more spa­cious in­te­ri­ors. Reuters

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