Record results for Redrow Homes
HOUSEBUILDER Redrow has hailed record results after higher selling prices and a jump in completions helped revenues and profits surge.
The Flintshire-based group chalked up a 26% rise in half-year pre-tax profits to a record £176m, while revenues climbed by a fifth to £890m over the period.
The stellar performance was underpinned by a 14% rise in legal completions to 2,811, with the average selling price lifting 9% to £330,000.
Order books were also bright, rising 5% to £1.1bn for the six months ending in December.
Redrow chairman Steve Morgan said the company was on track to meet its growth targets thanks to the robust sales market and strong order books.
He said: “It gives me great pleasure to announce Redrow has again delivered record results, for the first half of the financial year.
“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.”
Operating profits proved strong over the six-month period, lifting 22% to £175m, as land holdings rose 6% to 27,600 plots.
Redrow, which was founded in north Wales in 1974, boosted its dividend per share by 50% to 9p in response to its “strong earnings performance”.