Redrow celebrates record profits of £140m

Flintshire-based housing developer Redrow – the company chaired by Wolverhampton Wanderers’ former owner Steve Morgan – has delivered a record breaking half-year performance with pre-tax profits climbing 35% to £140m.

Revenue for the six months to December 31 grew 23% to £739m while earnings per share climbed from 22.9p to 31p.

Legal completions rose 13% to 2,459, while Redrow’s private order book up is 35% at £897m. Its current land bank is up 18% to 25,300 plots.

Meanwhile, the company acquired Radleigh Homes, an East Midlands housebuilder this month, which has 1,300 plots with planning and a further 1,200 plots under options in its strategic land pipeline.
 
Morgan said: “Redrow delivered a robust performance in the first half, producing another set of record results. In the last six months legal completions increased by 13% to 2,459 adding to the country’s much needed supply of new homes.

“At the beginning of February we purchased Radleigh Homes a regional housebuilder based in the East Midlands. Radleigh is an excellent fit given its geographical location and high quality market position. Radleigh will form the basis of a new division for the group.

“We entered the second half with a record order book, and customer traffic and sales remain robust.”