House builder Redrow enjoyed a strong first six months of its financial year, with increases in revenue and pre-tax profit, the company said today.
Group revenues rose in the first half of the financial by 7.7% to £232.8m (2010: £216.1m).
Redrow said this was driven by the success of the New Heritage Collection introduced in 2010, and an increase in average selling prices (ASP), with private ASPs up 19% to £204,000.
The New Heritage Collection, a selection of 34 homes, inspired by the Arts and Crafts movement comprised over 60% of private turnover (2011: 30%) and now features on over 70% of developments (2011: 50%)
Redrow reported profit before tax rose by 80% to £15.3m (2011: £8.5m)In addition, the NAV per share increased to £1.50.
Steve Morgan, Chairman of Redrow, said:
While the outlook for the industry undoubtedly remains fragile there is increasing confidence in the housing market, including first time buyers. This should be helped further when the availability of 95% mortgages kicks in under the NewBuy scheme at the end of March.
We believe that we are well positioned for the future and the second half has started encouragingly with the value of private reservations up 11% to £69m and with a strong portfolio of sites in the pipeline. Provided we can overcome the delays in the planning system and short of a crisis in the Eurozone damaging confidence Redrow is set to continue along our path of recovery.”
Network with other industry heavyweights at the newly launched RESI Awards. Taking place on 15 May 2012, the awards will reward success and achievement in the residential property industry. Look out for the announcement of the shortlist in the next couple of weeks.
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