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Redrow defies housing slump

19th September 2012

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Steve Morgan, chairman, Wolverhampton Wanderers

Steve Morgan, chairman, Wolverhampton Wanderers

HOUSEBUILDER Redrow has not been affected by the depressed housing market - full-year profits jumped 70%, helped by an increase in average selling prices.Pre-tax profit was up to £43m (2011: £25.3m). Revenue increased by 5.8% to £478.9m (2011: £452.7m).  The revenue increase was driven by a 15% increase in average selling prices.Redrow’s operating margin rose from 7.5% (excluding Scotland) to 10% as a result of increased sales from sites purchased since the downturn, improved product mix and the b......for the full story register now for free or login below...


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