Redrow reports half-year profit

| February 17, 2011 | 0 Comments
Redrow reports half-year profit

Housebuilder Redrow, which is the fifth largest housebuilder in the UK by volume, has today reported a profit for the six-month period to 31 December.

The company said net income for the period was £3.5 million against a loss of £6.3 million a year earlier.

Meanwhile, the company based in St. David’s Park, Wales, said revenue was up 15% to £216.1 million.

Steve Morgan, founder and chairman of the company, has described trading conditions as “encouraging”, adding customers are “more confident”.

Home reservations in the first six weeks of the year are 10% higher than the same period a year ago, added Morgan.

The company sold 1,312 homes in the six-month period, against 1,266 a year earlier while the average selling price up 16% to £170,500.

The figures will be a welcome boost to the housing market which is suffering amid falling prices and the ongoing lack of mortgage availability.

In addition, many experts are predicting that the housing market will remain subdued throughout 2011 as a result of economic uncertainty.

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