Profits up 70% at housebuilder Redrow
19th September 2012
WOLVERHAMPTON Wanderers owner Steve Morgan’s housing group Redrow has seen a 70% increase in profits and a hike in revenue for the year ending June 30.
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, i......for the full story register now for free or login below...
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