Record-breaking year for Redrow as profits top £315m
Flintshire-based housing developer Redrow has enjoyed a stellar year with profits topping £315m – 26% up on 2016.
Results to June also saw revenue increase 20% to £1.66bn from £138bn in the prior 12 months.
The average selling price of a Redrow home was £309,800 as legal completions rose 15% to 5,416.
Some 5,419 plots were added to its current land bank of which over 60% were converted from forward land.
Meanwhile, the company’s headcount also rose 15% to 2,200.
There was a 27% increase in earnings per share to 70.2p.
Chairman Steve Morgan said: “Redrow has continued to build much-needed new homes across England and Wales.
“Our growth strategy has delivered record financial results for the fourth consecutive year.
“Redrow began the current financial year with a record order book, up 14% year on year to £1.1bn. Sales in the first nine weeks are very encouraging, up 8% on a strong comparator last year.
“Based on the strength of our current performance and the robust demand that we are seeing, we are today updating our medium-term guidance.
“We now expect turnover in 2020 of £2.2bn and pre-tax profit of c£430m. We expect the dividend in 2020 to rise to 32p per share.
“Our strategy of continued growth for the business is on track. I am confident this will be another year of significant progress for Redrow.”
