The increase in Tay margins and the group’s average selling price helped Redrow record an 18% rise in pre-tax profit from £72.1m to £85.1m. The group’s turnover rose from £421.3m to £573.3m, an increase of 36%.
Pedley said integrating Tay had cost the group £4.3m. “But it really boosted what we’re doing in Yorkshire and Scotland,” he added. “We’re now seen as a major player and we get more opportunities.”
Redrow increased its land bank significantly during the year. The group, which spent £110m on land during the period, had 15,600 plots at 30 June compared with 14,300 the same time last year.