Redrow reports record half-year profit

Housebuilder Redrow has posted record pre-tax profit and revenue in its latest set of half-year results.

In the six months to 31 December 2015, Redrow’s revenue was up 8% on the same period the previous year to £603m, while pre-tax profit was up 14% to £104m.

Completions were up by 18% to 2,178 compared to the same period last year, while the average selling price was up 11% outside of London to £300,000.

Redrow chairman Steve Morgan (pictured) said central London was the only area where the housebuilder has seen a slowdown in demand for new homes.

He added: “However, this is only having a limited effect on the group as we made the decision some time ago to re-focus our London business on outer London where the demand is from the local market and remains robust.”

Morgan said the firm has also invested significantly in its land bank, adding 5,700 plots to its land bank to take its total at the end of December to 21,435, up 18% compared to the previous six months.