Records tumble for housebuilder as revenue soars

Housebuilder Redrow has posted record pre-tax profit and revenue in its latest interim results.

In its interim results for the six months to 31 December 2017, Redrow reported record revenue of £890m, an increase of 20% on last year’s figures, with pre-tax profit up 26% to £176m, also an interim high.

Completions also rose 14% on the same period last year to 2,811 in what Redrow describes as a first half record.

It has also increased its land holdings by 1,500 to 27,600 plots over the last six months.

Chairman Steve Morgan said that customer traffic and sales remained robust for the firm, despite noting concerns over how “ongoing political and economic uncertainty” would affect sales at the firm’s AGM in November 2017.

Last month the housebuilder announced that it is working with Liverpool John Moores University and Coleg Cumbria to establish the UK’s first dedicated housebuilding degree.