By Millie Turner
Housebuilder Redrow’s revenue has climbed above pre-Covid-19 levels, as it continues its withdrawal from the London market.
The London-listed company, like most housebuilders in the UK, has been boosted by a rising house prices and demand.
Revenue grew 10 per cent to a record £2.14bn in the year to 3 July. While profit before tax hit £246m, down from the £314m, it reported a year prior due to one-time fire safety costs of £164m.
The group is expected to have completely exited the capital’s property market, except the Colindale development in north west London, by the end of the year.
“In addition to the record revenue achieved, the group still ended the year with an order book of £1.44bn,” non-executive chairman Richard Akers said in a statement.
“Excellent progress has been made during the year executing our strategy to grow in the regions. The new Southern business, based in Crawley, officially opened at the end of June but the team has been active in the land market for some time. This division is expected to make a positive contribution to profits in the current financial year.”
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