Housebuilder posts record results

Housebuilder Redrow has posted another set of record results and forecast a year of significant growth.

The group said revenue rose 23 per cent in the first half of the year to £739m, helping pre-tax profit surge 35 per cent to £140m.

Redrow, which said in September it had seen “very little impact” from the Brexit vote, saw private legal completions grow 13 per cent to 2,459 in the six months to December 31.

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Founder and chairman Steve Morgan - who until recently also owned Wolverhampton Wanderers Football Club - 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.”

The company added that demand for new homes remains strong throughout the country, off the back of improved mortgage availability and competitive rates.

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

However, Mr Morgan also pointed out there remains a “shortage of skilled labour in the industry”.

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