Redrow beats crash concerns

Housebuilder Redrow defied worries of a house price crash yesterday by returning to profit, boasting to the market that its shift towards traditional family homes has paid off. The FTSE 250 firm posted a £8.5m pre-tax profit for the last six months of 2010, compared to a £8.7m loss last year, with a 15 per cent rise in revenue to £216.1m. However, economists are predicting another tough year for the housebuilders with muted growth at best.