Housebuilder reports strong performance with profit set to beat expectations

Housebuilder Redrow has said a strong performance, with revenue up 26%, is expected to see it post profit higher than analysts’ expectations.

In a trading update for the year to 30 June 2013, the firm said group revenue rose 26% to £604m,

The update, which comes ahead of its full results announcement on 18 September, said the number of homes completed rose 15% to 2,827, of which 2,474 were private homes – up from 2,126 the previous year.

The firm said the average selling price of private homes was £227,300, up from £204,100 the previous year.

The firm said that following the higher revenue, profit is expected to come in at more than the £61m analysts expected.