In the year to 30th June 2019 Redrow made a pre-tax profit of 拢406m (2018: 拢380m), an increase of 7%. Revenue was up 10% from 拢1.9bn last time to 拢2.1bn, driven by a 13% increase in legal completions to 6,443 units, passing the 6,000 milestone for the first time (2018: 5,718).
The operating profit margin was slightly down at 19.5% (2018: 19.9%), reflecting the investment in the new Thames Valley division which became fully operational at the beginning of July 2019.
Executive chairman John Tutte said: 聽鈥淪ince the start of the new financial year, trading has been encouraging and the demand for our homes is strong with reservations running ahead of last year. Additionally, we have exchanged contracts for a further PRS scheme at Colindale Gardens adding 347 plots to an already substantial order book.鈥�
He added that although residential property transactions across the UK are running well below historical levels, 鈥渢he new homes market has been less affected and remained comparatively resilient鈥�.
He said: 鈥淣otwithstanding the political and economic uncertainty we face, we have every reason to be confident that 2020 will be another successful year for the group.鈥�
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