Builder Redrow reveals ‘robust’ performance and record order book

Housebuilder Redrow has said it is on track to notch up a 22 per cent rise in profits this year, revealing a record order book and a better than expected increase in selling prices. The firm, which is locked in a takeover tussle with Galliford Try for rival Bovis Homes, expects to deliver “at least” £306m in pre-tax profits in 2017, also fuelled by an increase in legal completions.

In an unscheduled trading update, the group said: “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. ”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 30 June 2017, an increase of 22 per cent compared to the prior financial year of 2016.“