Redrow celebrates outstanding six months with profits hitting £176m

Redrow homes

Flintshire-based housing developer Redrow has enjoyed a stellar six months with property completions up 14% to 2,811.

In the half-year to December 31, pre-tax profits rose year-on-year 26% to £176m and revenue also climbed from £739m in the corresponding period in 2016 to £890m.

Meanwhile, net debt fell to £35m from £73m at June 2017. Earnings per share were up to 27% 39.5p.

Looking ahead chairman Steve Morgan said: “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.”

Click here to sign up to receive our new South West business news...
Close