Redrow to build on record results

John Tutte, CEO of Redrow
John Tutte, CEO of Redrow
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Housebuilder Redrow ​is forecasting a year of significant ​growth after it posted record​ half year​ results.

​The firm, which ​​has developments across all​ ​parts of Yorkshire​, said revenue ​jumped 23​ per cent​ ​​to £739m​ in the ​six months to December 31 ​and pre-tax profits leapt

35​ per cent​ to £140​m.

Redrow, which said in September it had seen "very little impact" from the Brexit vote, ​reported a 13 per cent increase in​ private legal completions to 2,459 in the ​second half of 2016.

Founder and chairman Steve Morgan ​ said: "Redrow delivered a robust performance in the first half, producing another set of record results.

"We entered the second half with a record order book, and customer traffic and sales remain robust.

"Given the strength of our sales position and land holdings our growth strategy is firmly on track, giving me every confidence this will be another year of significant progress for Redrow."

Redrow’s Wakefield-based Redrow Homes (Yorkshire) division has developments across Yorkshire​, the Humber and North Lincolnshire.

​Its​ key focus is ​on ​developments in the ​"​golden triangle​"​ encompassing York, Harrogate and North Leeds.

Ongoing developments include​ ​Horsforth, Leeds​ where its ​Horsforth Vale​ site​ has three neighbouring developments on former​ ​industrial land close to the River Aire, Leeds-Liverpool Canal and open countryside​. The site ​​is six miles north-west of Leeds.

​In​ York​, ​Redrow has two neighbouring developments off Water Lane, Clifton, on land that was​ ​formerly a grain store and previously an RAF base.

T​he​ ​developments have three and four-bedroom family homes​,​ ​some smaller two-bedroom properties​ and Georgian-inspired townhouses​.​

​Its​ Harrogate​​ development is​ 10 minutes’ walk from the town centre ​and includes townhouses and detached family homes on a​ ​site previously occupied by Harrogate Rugby Club​.

​In ​Sherburn in Elmet, near Selby​,​​ it has​ two neighbouring developments​ offering three and four-bedroom family homes.

The Wakefield-based Yorkshire division is also active in Morley, near Leeds, with its recently​ ​launched Weavers Chase development; in Steeton, near Keighley with Manor Fields; and​ ​the almost complete old Papyrus Works in Newton Kyme, near Boston​ ​Spa.

It has also just finished a 19-property​ ​scheme in Wickersley, near Rotherham​,​ and has three developments coming to a​ ​close in the Wakefield area.

Looking ahead Redrow ​will create 300 new homes at Thorpe Park,​ ​East Leeds, ​on ​a 20 acre mixed use site, and has submitted plans for 34 family homes in​ ​Oughtibridge, near Sheffield.

​Redrow said that demand for new homes remains strong throughout the country, off the back of improved mortgage availability and competitive rates.

​It now expects to deliver turnover of £1.9​bn in 2019.

However Mr Morgan​, ​who until recently also owned Wolverhampton Wanderers football club​,​​ pointed out​ that there remains a "shortage of skilled labour in the industry".

The group recently acquired homebuilder Radleigh Homes, which will now become a new division within Redrow.