Redrow optimistic on starts
Published: 27 February, 2013
Housebuilder Redrow has reported a 50% jump in pre-tax profit during the second half of 2012. Steve Morgan, chair of Redrow, says reservations were up 8% the start of 2013 against 2012 and the company was on track to increase outlets from 82 to 90 by June.
“The backdrop remains challenging, but the stability of the housing market, the gradual improvement in both the planning environment and the mortgage market, together with our distinct focus on our high-quality, differentiated family housing range has meant that we have continued to make good progress.”
Mr Morgan said that the Welsh market was lagging behind England because there were no government schemes like NewBuy designed to increase lending in the housing market. He said the South Wales region was the only one in the firm not experiencing “notable growth”.
In a statement to the City the firm reported a profit of £26.2m in the six months to 31 December 2012, up from £15.3m over the same period of 2011. Revenue rose to £257m, up from £233m over the period.