Redrow delivers record £185m profit

Redrow reports record profit
Redrow completed its 100,000th home last October

Housebuilder Redrow have reported a pre-tax profit of £185 million for the first half of the year; an increase of 5%. Revenue rose by 9% to £970 million. The total order book was up 11% to a record £1.162 billion.

As a result of Redrow’s strong performance dividends will be raised by 11% to 10p per share with a cash payment of 30p per share.

Steve Morgan, Chairman of Redrow, said: “In this, my final report as Chairman, it gives me great pleasure to announce that Redrow has once again delivered record results for the first half of the financial year. During the period legal completions increased by 12% to 2,970, whilst pre-tax profits were up 5% to £185m.”

“It is nearly 45 years since I founded Redrow and when I step down as Chairman next month it will be exactly 10 years since I returned to the business. I am proud of the legacy I leave behind having completed over 6,000 homes for the first time in 2018 and handed over our 100,000th Redrow home last October.”

The average selling price of Redrow’s homes increased by 4% from £375,000 to £391,000.

Net cash at the end of December was £101m, up from £63m in June 2018.