Half year results reveal fall in profit to 拢53.4m as housebuilder banks on regeneration work to remain profitable.
Redrow is "confident" that it will remain profitable for shareholders despite a 22% drop in profits to 拢53.4m in first half results.
Interim figures announced this morning for the second half of 2005 show that the housebuilder's forward order book stood at 1,816 units in January, representing four months' sales.
The firm said that its increased land bank, at 18,400 plots in December 2005 compared to 17,500 a year earlier, would be a key to growth.
It is banking on its 拢750m pipeline of work in Redrow Regeneration, including the Barking town centre project recently acquired from Urban Catalyst.
Redrow is also planning to expand its Debut initiative for first-time buyers, with more than 300 homes on three sites planned.
Redrow chairman Robert Jones said: "In the short term, the increase in our sales rate per outlet in the early weeks of 2006 is encouraging.
"Looking further ahead the growth strategies we have put in place together with our high quality land bank and a product offering that maximises its potential, makes us confident in our ability to deliver value for our shareholders in the future."
