UK property market: Redrow share price rises as it posts 91 per cent profit increase

Lynsey Barber
Follow Lynsey
Property market boom helped Redrow record record profit (Source: Getty)

Despite recent signs of slowing growth in house prices, housebuilders are still riding a healthy property market wave - Redrow is the latest to post stellar results, with a 91 per cent rise in profits.

Help to Buy helped the housebuilder make a record £132.6m pre-tax profit for the year to June, compared with £69.4m in 2013. Earnings per share grew 83 per cent to 28.6p.

Completions jumped 27 per cent, with the government’s flagship Help to Buy scheme representing more than a third of all completions, more than half of which were in the North of England.

Revenue also hit a record high of £864.5m, £124m of which came from London, though the developer said there were signs price rises “are now moderating” particularly in London.

Redrow chairman Steve Morgan said: “Market conditions have returned to a more seasonal pattern of activity. We have substantially increased our land bank, which should see a good growth in the number of outlets during the year. This, combined with our strong order book, leaves me confident that the group will see another year of significant progress."

Related articles