September 15, 2011
I See A Redrow Rising
National Housebuilder, Redrow Homes have reported a large rise in both profit and revenue for the year to June. The figures come as welcomed news in stark comparison with their losses of £44.2 million in 2008/9.
Pre tax profits increased to £25.3m in the 12 months to 30 June, 2011, up from just £0.7m from a year ago, and revenue increased from £396.8m to £452.7m.
The improvement was largely led by an increase in house prices, the average sale price now 10% from £149,300 to £164,800, and completions rose marginally, from 2,587 to 2,626.
Redrow cited their New Heritage Collection as a success, accounting for 41% of sales in the second half of the year, and a tight control of building costs also played an important part in the increase of profits.
Chairman, Steve Morgan said “Redrow has demonstrated over the last two years that we have been able to grow the business substantially by changing group strategy. The nature of our land acquisitions over recent times will continue to drive the average selling price in an upwards direction.
“Other than a marked deterioration in the general economy and the housing market in particular, I feel confident that Redrow will make further progress during the current year.”
