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...