Another record year for Redrow
Redrow, the housing group founded by former Wolves owner Steve Morgan, has delivered a third consecutive year of record results.
For the year to the end of June pre-tax profit was up 23 per cent from £204 million to £250m on revenue which rose 20% to £1.38 billion, which was driven by a 17 per cent increase in legal completions to 4,716 and a seven per cent increase in average selling price to £288,600.
Redrow chaiman Steve Morgan, who recently sold Wolves to Chinese company Fosun, said: "I am delighted to report that for the third consecutive year Redrow has delivered a record set of results."
He said Redrow had entered the new financial year with a record private order book of £807m, up 54 per cent year on year.
"Sales in the first 10 weeks are very encouraging and up eight per cent on a strong comparator last year. Our strategy of continued growth for the business is on track and I am confident this will be another year of significant progress for Redrow," he added,
As a result of the continuing growth of the business, it has expanded its workforce in the last 12 months from just over 1,600 to just under 2,000 adding more than 300 direct jobs.
"The record performances we have achieved in recent years have only been made possible by the hard work and commitment of our people and I would like to thank them for all their efforts in support of the business," he added.
