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Redrow profits up 50 per cent
HOUSEBUILDER Redrow posted a 50 per cent rise in first-half profit yesterday and said it was cautiously optimistic for the second-half as the housing market stabilises.
Chairman Steve Morgan, who led a failed takeover bid for the group last year, said improvements in the mortgage market as well as a focus on margins had aided Redrow’s performance, with profit before tax rising to £23m in the six months to the end of December.