Redrow has delivered record financial results for the fourth consecutive year.
In their preliminary results presentation for the year up to 30th June 2017, the British housebuilder has enjoyed record revenue of £1.66 billion which is 20% higher than last year’s figure of £1.38 billion.
Private homes revenue has driven this rise, which itself has increased by 20% to £1.5 billion and profit before tax also hit a first by exceeding £300 million.
The profit before tax level of £315 million was 26% higher in the year to the end of June 2017 than the year before, and the operating profit has seen a similar rise; up 23% to £322 million.
John Tutte, Group Chief Executive, described 2017 as an “excellent year for Redrow,” who are continuing to supply and deliver new homes in the country.
He put the Group’s success down to a continued focus on building responsibly, which not only delivers new homes, but creates new communities.
Redrow’s order book, which includes joint ventures, is also at a record level of £1.1 billion, which is 14% up from the £967 million in the 12 months to June 2016.
And the good news continues with a rise of 15% in the number of completed homes, which reached 5,416 in 2017. The Group is committed to improving the construction industry and economy; £163 million has been promised to improve local communities and given the sector is suffering from skills shortages, it’s encouraging to see that Redrow has been in the top 100 apprenticeship employer list for the last four years.
The Group is focused on developing the skills of its team, while attracting new and existing talent to underpin not only Redrow’s future but also the wider construction industry.
Today’s news has led Steve Morgan, Chairman of Redrow, to announce that the future projections are being upgraded.
“Based on the strength of our current performance and the robust demand that we are seeing, we are today updating our medium term guidance. We n ow expect turnover in 2020 of c£2.2 billion and pre-tax profit of c£430 million.
“We expect the dividend in 2020 to rise to 32p per share.
“Our strategy of continued growth for the business is on track. I am confident this will be another year of significant progress for Redrow.”