Redrow sees surge in pre-tax profits

Wales' biggest housebuilder Redrow has increased its pre-tax profits by 23% to £250m in the year to 30 June.

Revenues at the construction company rose 20% to £1.38bn, with the average selling price of homes up 7% to £288,000.

Steve Morgan, chairman of Redrow, said: “I am delighted to report that for the third consecutive year Redrow has delivered a record set of results.

“Pre-tax profits were £250m, achieved by completing over 4,700 much needed new homes, a 17% increase over last year.”

The announcement represents another set of annual results bucking industry fears about a possible decline in business following the UK’s vote to leave the European Union.

Morgan added: “Redrow entered the new financial year with a record private order book of £807m, up 54% year on year.

“Sales in the first 10 weeks are very encouraging and up 8% on a strong comparator last year. Our strategy of continued growth for the business is on track and I am confident this will be another year of significant progress for Redrow.”