Pre-tax profit jumps 50% to 拢204m
Housebuilder Redrow has posted a jump in pre-tax profit of over 50% to 拢204m in full-year results to June 2015, while its revenue broke through the 拢1bn barrier.
Redrow reported that a 12% rise in legal completions, along with a 13% rise in average selling price, helped boost revenue by 33% to 拢1.2bn from 拢864m in 2014, with gross margins rising to 23%.
Redrow鈥檚 results cap a buoyant few months for housebuilders. Last month Persimmon reported a profit surge of 31% to 拢272.8m on the back of an 11% revenue jump for the first six months of 2015. Half-year revenue at housebuilder Bovis Homes also jumped 9% to 拢350m on the back of record number of completions.
Redrow chairman Steve Morgan said: 鈥淚 am pleased to announce another set of record results. For the first time in our history, we generated turnover in excess of 拢1bn, up 33% on last year. We built and sold over 4,000 homes across the UK last year, up 12% from the year before and around 42% more than in 2013.
鈥淧re-tax profits also reached record levels, up 53% as we saw the benefit from our early site acquisitions post the downturn. This strong performance has led the Board to propose a dividend of 4p per share, double that paid in the last financial year.
鈥淟ooking 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.鈥�
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