Wolves owner sees his property firm top £1bn in sales
HOUSEBUILDER Redrow has broken through the £1bn revenue barrier for the first time and pre-tax profits also hit record levels, up 53% to £204m.
Issuing its year-end results to June 30, the company – owned and run by Wolverhampton Wanderers owner Steve Morgan – saw revenue at £1.15bn – 33% ahead of last year’s £864m figure.
Earnings per share rocketed 56% to 44.5p and the boar has proposed a final dividend of 4p share, double the final dividend paid in 2014.
The group’s strong performance was aided by a 12% boost in legal completions, spurred on by the Government’s Help to Buy scheme and the number of staff rose 23% to 1,650.
Chairman Morgan said: “For the first time in our history, we generated turnover in excess of £1bn, up 33% on last year.
“We built and sold more than 4,000 homes across the UK last year, up 12% from the year before and around 42% more than in 2013.
“Pre-tax profits also reached record levels as we saw the benefit from our early site acquisitions post the downturn.
“Looking ahead, we have a strong pipeline of attractive sites in excellent locations and a high quality industry leading product.
“We have entered the year with a record order book and reservations to date are running 5% ahead of last year at 0.68 sales per outlet per week. We have secured 820 private reservations in the first 10 weeks, some 28% ahead of last year.
“Redrow is in great shape and I am looking forward to another year of significant progress.”
