Landbank increases 12%
Redrow posted a reported a 1.7% increase in pre-tax profit to £54.3m for the six months ending 31 December. Its strategic landbank increased 12% to 16,850 plots compared the same period in 2005 while group turnover grew 8% to £366.2m.
Redrow said it will undergo a restructuring this year. The housebuilder wants become more cost efficient and will also reorganise it management structure from 1 July.
The housebuilder also announced that executive deputy chairman Paul Pedley is going to retire from the company on 30 September after 22 years at Redrow. In other management changes, earlier this week Redrow said it had appointed David Smith as the new managing director for Redrow Homes (south Wales). He joins from Westbury Homes.
Robert Jones, chairman, said: “The housing market, while stable, remains competitive. Interest rate rises have not to date had a discernible impact on our sales performance. However, while the fundamental drivers of growth for our industry remain sound, the inefficiency, and increasing complexity of the planning system constrains the ability to open new outlets.
“Against this backdrop, Redrow’s strategy is to optimise returns from our existing land bank which is enhancing in value in the current land market conditions.”