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Redrow revenue up 26 per cent as profit and completions jump

Redrow has joined the list of housebuilders posting bumper results as it records a 26 per cent rise in revenue to £604.8m and profits above expectations.

The number of homes legally completed by the group for the financial year was 2,287, up 15 per cent from 2012, with private completions up 15 per cent to 2,474.

The average selling prices also jumped from £204,100 to £227,300.

Profit is expected to be “above the top end of the range of analysts’ estimates”, meaning a figure around £65m is likely.

High turnover and favourable land purchase terms also resulted in a debt position of £91.1m at 30 June 2013, significantly above last year’s £14m.

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