Redrow revenue up 16% to record £1.9bn

Flintshire-based house builder Redrow said on Tuesday its revenue rose 16% to a record £1.92 billion in the year to June 30 driven by higher legal completions and a 7% increase in average selling price to £332,300.

Redrow said its pre-tax profit rose 21% to a record £380 million, and it is proposing a final dividend of 19p per share, making 28p for the full year, up 65%.

Legal completions were up 9% to 5,913, employees rose 5% to 2,300, and Redrow has a record order book of £1.1 billion.

Redrow, however, called for more clarity over Brexit and on the future of the Help to Buy scheme to help it plan.

Redrow chairman Steve Morgan said: This excellent trading performance enabled us to achieve strong cash generation such that we ended the year with net cash of £63m.

“As a result we are proposing a final dividend of 19p which would give a full year dividend of 28p per share, 65% up on last year.

Redrow is committed to growing our output to help the country’s requirement to increase the number of new homes built.

“We have a very strong forward order book, first class land holdings, an excellent balance sheet and we are able to react quickly to changing circumstances.

“However, there is no doubt that clarity over Brexit and the future of Help to Buy would improve market sentiment.

“Given that clarity, we will continue to deliver.”