Housing developer smashes own profit and revenue record

FLINTSHIRE-based housing developer Redrow has reported record year-end profits and revenue with a 17% increase in legal completions and a 7% spike in the average selling price of homes to £288,600.

The company reported a pre-tax profit of £250m for 12 months to June 30 – up 23% (2015: £204m), while revenue grew 20% to £1.38bn (2015: £1.15bn).

Earnings per share are up 24% to 55.4p (2015: 44.5p). The company’s net debt fell to £139m from £154m in 2015.

Meanwhile, Redrow grew its headcount by 19% to 1,962.

Chairman Steve Morgan said: “I am delighted to report that for the third consecutive year Redrow has delivered a record set of results.  Pre-tax profits were £250m, achieved by completing more than 4,700 much needed new homes, a 17% increase over last year.

“Redrow entered the new financial year with a record private order book of £807m, up 54% year on year. 

“Sales in the first 10 weeks are very encouraging and up 8% on a strong comparator last year.  Our strategy of continued growth for the business is on track and I am confident this will be another year of significant progress for Redrow.”