Half year results show revenue at housebuilder climbing to £187.2m as legal completions rise 21.5%
Housebuilder Redrow saw its group revenue rise 25% in the six months to 31 December 2009, compared with the same period a year ago.
The news was revealed in the group’s half yearly results, which showed that the its revenue climbed to £187.2m from £149.5m in 2008.
Redrow attributed the growth in revenue to its 21.5% rise in legal completions, with around 1,266 homes completed compared with 1,042 in the six months a year ago.
It also saw an increase in its average selling price, at £145,500, which is 3.6% higher than the same time last year.
The housing market has continued its steady recovery and as a result we have increased our legal completions by 21.5%
Steve Morgan, chairman of Redrow
Meanwhile, its loss before tax also fell, from £46.2m to £8.7m.
Commenting on the results, Steve Morgan, chairman of Redrow said: “The housing market has continued its steady recovery and as a result we have increased our legal completions by 21.5% to 1,266. However, it is difficult to see further substantial progress until mortgage availability improves significantly.”
He added: “Having reduced gearing to 11%, the New Heritage Collection was launched on 11 February 2010 and brings traditional family housing back to the forefront of the Redrow product range. It has been greeted with huge enthusiasm by our customers, staff, subcontractors and suppliers alike.
“The only negative point,” he said, “is that the roll out is being constrained by the time taken by local authorities to give planning permission on both existing and new developments.”