Housebuilder posts record pre-tax profit and revenue in first half of its financial year
Housebuilder Redrow has posted record pre-tax profit and revenue in its latest set of half-year results.
In the six months to 31 December 2015, Redrow鈥檚 revenue was up 8% on the same period the previous year to 拢603m, while pre-tax profit was up 14% to 拢104m.
Completions were up by 18% to 2,178 compared to the same period last year, while the average selling price was up 11% outside of London to 拢300,000.
Redrow chairman Steve Morgan (pictured) said central London was the only area where the housebuilder has seen a slowdown in demand for new homes.
He added: 鈥淗owever, this is only having a limited effect on the group as we made the decision some time ago to re-focus our London business on outer London where the demand is from the local market and remains robust.鈥�
Morgan said the firm has also invested significantly in its land bank, adding 5,700 plots to its land bank to take its total at the end of December to 21,435, up 18% compared to the previous six months.
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