National housebuilder Redrow has announced a ‘record breaking’ financial year for the Group.
Redrow’s total group revenue rose by 20% to £1.38bn in the last financial year, helped by an increase in private homes revenue to £1,275m up 24% on the previous period. The company also reported a 10% increase in average selling price. Gross Profit increased by £60m in the year to £334m. The growth was described as ‘exceptional’ by Chief Executive John Tutte.
Discussing the overall market John Tutte commented: “The market throughout the year was stronger than the previous year which resulted in our average sales per outlet per week increasing by 6% to 0.72 with a seasonally stronger performance in the second-half.” Mr Tutte went onto note that the top end of the market did suffer from the impact of SDLT increases, particularly in London.
Looking to the future Mr Tutte said: “We have an excellent product with a strong brand, we have an operational structure with capacity to grow and expand and a land bank with which to do so. I am confident 2017 will be another excellent year for the business.”
Image: An artist’s impression of homes at the Redrow development at Pennine Grange