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Quitting London market pays off for Redrow

Redrow determined to stop the capital two years in the past with just one main scheme in Colindale nonetheless to be accomplished.

Non-executive chairman Richard Akers mentioned: “The group has continued its withdrawal from the London market and that’s anticipated to be full by the top of calendar yr 2022, aside from the continuing Colindale growth.

“Glorious progress has been made throughout the yr executing our technique to develop within the areas.

“Capital launched from London within the final two years has been reinvested in land to assist develop the regional companies.”

For the 53 weeks to July 3 2022 Redrow recorded a pre-tax revenue of £246m from turnover of £2.14bn as completions edged as much as 5,715.

Headline income have been decreased by an distinctive cost of £164m to fulfill Authorities calls for for builders to fund the substitute of unsafe cladding on buildings of 11m and above.

Akers is assured Redrow will proceed its sturdy efficiency regardless of headwinds within the economic system.

He mentioned: “Given rising inflation and better rates of interest it’s not stunning the buoyant housing market has moderated lately and demand has returned to traditionally common ranges.

“It’s on this foundation we’ve ready our medium time period plan and we’re assured our well timed funding in land, mixed with sturdy demand for our Heritage properties, will help our continued development.

“As well as, our opening order ebook of over £1.4bn has put us in a wonderful beginning place for the 2023 monetary yr. Consequently, the enterprise is properly positioned to ship one other set of sturdy outcomes.”

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