Redrow turnover hits £605m as house values and sales improve

HOUSEBUILDER Redrow has reported a 26% increase in turnover as it completed the sale of more than 2,800 homes.
 
Group revenue for the company, based at Ewloe near Chester, was £604.8m for the year to the end of June 2013, (2012: £478.9m).

The number of homes legally completed increased 15% to 2,827 (2012: 2,458), with private legal completions increasing 16% to 2,474 (2012: 2,126).

The average selling price of its private homes was £227,300 (2012: £204,100).
 
“As a consequence of the higher revenue, profit will be above the top end of the range of analysts’ estimates,” the company said in its trading statement.
 
Net debt at the end of the year was significantly above the previous year at £91.1m (2012: £14m).

The company will announce its full annual results on September 18.