Redrow's interims show revenue similar to the record first-half last time at 拢1,031m (2022: 拢1,052m). Pre-tax profit was also down only fractionally at 拢198m (2022: 拢203m).
The numbers relate specifically to the 26 weeks to 1st January 2023, which is the first half of Redrow鈥檚 2023 financial year.
Chief executive Matthew Pratt said: 鈥淩edrow鈥檚 proven business model has played an important role during a time of significant political and economic uncertainty. We have award-winning homes and places, a strong forward order book, land acquired in the last few years at good margins, and current cash reserves of 拢107m. This is despite completing a 拢100m share buyback exercise on 13th January 2023, just after the financial half-year under review.
鈥淲e have experienced a positive start to second half trading. Whilst 2023 will be a challenging year as the market resets, early indications are better than anticipated and the market appears to be finding a new, natural level.
鈥淲e entered the second half with a total order book of 拢1.1bn, of which 拢0.8bn was private. Our net private reservation rate for the first 5 weeks of the second half was an encouraging 0.51 compared to 0.38 in the first half.聽 We therefore expect to achieve revenue of around 拢2.05bn for the full financial year, with an operating margin in the region of 18% to 18.5%.鈥�
Redrow recently became the first large house-builder to begin selling homes fitted with air source heat pumps as standard. Underfloor heating will also now be standard on the ground floor in Redrow鈥檚 detached homes.
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