Redrow revenue tops £1bn

Housebuilder Redrow recorded a turnover of £1.15bn for the year to June 2015, up 33% on 2014, and pre-tax profit of £204m, an increase of 53%.

Turnover in 2014 was £864m, while pre-tax profit was £133m.

According to the final year results posted to the stock market this morning, the rise in revenue was due to a 12% increase in legal completions and a rise in average selling prices.

Around 1,300 of Redrow’s private legal completions used the Help to Buy scheme.

The Redrow order book was up by 13% to a value of £565m, including joint venture projects. As of June 2015, its owned and contracted land bank was 18,219 plots across the country. Investment in land increased over the year to £1.02bn, up from £802m in 2014, with investment in strategic sites including in Woodford, South Manchester.

Due to the results, Redrow announced plans to increase the final dividend to shareholders of 4p per share, totalling 6p for the full year.

Shares in Redrow were up by 11.3p to 493.3p.