Redrow revenue hits new high as homebuilder continues London exit
Housebuilder Redrow’s earnings have exceeded pre-Covid-19 levels as it continues its withdrawal from the London market.
The London-listed company, like most UK homebuilders, has been boosted by rising house prices and demand.
Revenue rose 10% to a record £2.14billion in the year ending July 3. While pre-tax profit rose to £246m, up from £314m it reported a year earlier due to one-time fire safety costs of £164m.
The group is expected to have completely exited the capital’s property market, with the exception of the Colindale development in north-west London, by the end of the year.
“In addition to the record turnover achieved, the group still ended the year with an order book of £1.44 billion,” said non-executive chairman Richard Akers in a statement.
“Excellent progress was made during the year in executing our regional growth strategy. The new Crawley-based Southern venture officially opened at the end of June, but the team have been active in the land market for some time. This division should make a positive contribution to the profits of the current financial year.