Redrow profit jumps as sales boosted by demand for regional properties during pandemic
UK housebuilder Redrow reported a jump in revenue and profit in the first half of the year, as shifting customer demand for bigger homes outside of London during the pandemic buoyed its regional business.
Redrow this morning posted profit after tax of £141m, up from £128m in the first half of last year.
The development firm secured revenue of £1.04bn in the six months ended 27 December, a jump of 20 per cent from £870m.
Legal completions also surged 20 per cent from 2,554 to 3,065.
Redrow revealed that earnings per share increased 10 per cent from 37.2p to 41p.
The FTSE 250 firm said the acceleration of changing buyer trends during the pandemic were “completely aligned to Redrow’s strategy”, pointing to a “positive outlook for the business”.
It announced last year that it would scale down its London business, retaining one flagship development in Colindale, and would focus on the regions.
In an update today Redrow said it has exited four of the six London sites not in build, and expects to exit the remaining two before the end of the financial year.