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Redrow has defended paying 拢216,000 in bonuses to four executives this year.

The bonuses were criticised by some in the industry when they were announced last month, as the housebuilder has made 550 redundancies and fallen 拢194m into the red after land writedowns of 拢259m.

However, speaking ahead of a trading update on Wednesday that described the market in September and October as 鈥渆xtremely fragile鈥�, a company spokesperson said: 鈥淩edrow鈥檚 remuneration policy is based on strict performance criteria being met. Consistent with this policy, the remuneration package awarded to the company鈥檚 directors is in line with their contractual entitlements, with the awards earned in 2007/08 related to the achievement of individual objectives.鈥�

Neil Fitzsimmons, chief executive (pictured), took a 3% salary cut from 拢534,000 to 拢518,000 but the figure included a 拢73,000 bonus, down from 拢114,000 last year.

David Arnold, finance director, took a 拢66,000 bonus, although total executive pay dropped 16% from 拢2.5m to 拢2.1m.

One City analyst said a comparison with Barratt, where directors didn鈥檛 take a bonus, was not possible. 鈥淏arratt bosses didn鈥檛 hit their targets, simple as that. This is bad PR from Redrow, not good PR from Barratt.鈥�

In its trading update on Wednesday, Redrow said the outlook for 2009 was 鈥渧ery weak鈥� because of limited mortgage availability.

On the upside, it said there was a 鈥渕odest seasonal upturn鈥� in trading in September and October and that cash flow was on track.

Charlie Campbell, an analyst at Liberum Capital, said: 鈥淐ash flow is the key measure for investor confidence at the moment and it bodes well for the sector.鈥�

Redrow added that the residential land market was 鈥渋nactive鈥� but it was exploring 鈥渁 number of non-residential opportunities鈥� for parts of its landbank.

Rachael Waring, an analyst at Panmure Gordon, said the statement was broadly in line with forecasts. She said: 鈥淲e believe pricing is worse than our expectations at this stage of the cycle, constrained by low levels of mortgage liquidity and low consumer confidence.鈥�