Half year results show revenue at housebuilder climbing to 拢187.2m as legal completions rise 21.5%

Housebuilder Redrow saw its group revenue rise 25% in the six months to 31 December 2009, compared with the same period a year ago.

The news was revealed in the group鈥檚 half yearly results, which showed that the its revenue climbed to 拢187.2m from 拢149.5m in 2008.

Redrow attributed the growth in revenue to its 21.5% rise in legal completions, with around 1,266 homes completed compared with 1,042 in the six months a year ago.

It also saw an increase in its average selling price, at 拢145,500, which is 3.6% higher than the same time last year.

The housing market has continued its steady recovery and as a result we have increased our legal completions by 21.5%

Steve Morgan, chairman of Redrow

Meanwhile, its loss before tax also fell, from 拢46.2m to 拢8.7m.

Commenting on the results, Steve Morgan, chairman of Redrow said: 鈥淭he housing market has continued its steady recovery and as a result we have increased our legal completions by 21.5% to 1,266. However, it is difficult to see further substantial progress until mortgage availability improves significantly.鈥�

He added: 鈥淗aving reduced gearing to 11%, the New Heritage Collection was launched on 11 February 2010 and brings traditional family housing back to the forefront of the Redrow product range. It has been greeted with huge enthusiasm by our customers, staff, subcontractors and suppliers alike.

鈥淭he only negative point,鈥� he said, 鈥渋s that the roll out is being constrained by the time taken by local authorities to give planning permission on both existing and new developments.鈥�

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