Housebuilder Redrow's profits take a hit

Housebuilder Redrow has reported that profits tumbled by almost two-thirds over the year to June after construction work and sales were impacted by the coronavirus pandemic.
By Ismail Mulla
Published 16th Sep 2020, 07:56 BST
Updated 16th Sep 2020, 08:02 BST
Pre-tax profits slid by 65.5 per cent at Redrow to £140m for the year.Pre-tax profits slid by 65.5 per cent at Redrow to £140m for the year.
Pre-tax profits slid by 65.5 per cent at Redrow to £140m for the year.

It said that pre-tax profits slid by 65.5 per cent to £140m for the year, as revenues dived by 37 per cent to £1.34bn.

However, the company said it now has a "record order book" and has completed "substantially more homes in the first few weeks of the new financial year" than during the same period last year.

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John Tutte, executive chairman of Redrow, said: "The Covid-19 pandemic had a profound impact upon the group's performance in the 2020 financial year but we entered the new financial year in a position of strength.

John Tutte, executive chairman of Redrow, said: "The Covid-19 pandemic had a profound impact upon the group's performance".John Tutte, executive chairman of Redrow, said: "The Covid-19 pandemic had a profound impact upon the group's performance".
John Tutte, executive chairman of Redrow, said: "The Covid-19 pandemic had a profound impact upon the group's performance".

"This was due in part to increased investment earlier in the year in anticipation of strong demand for the Help to Buy scheme ahead of changes to the scheme next year.

"The group is well placed to deliver a robust performance."

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