Wednesday 7 July 2021 8:03 am

Redrows expects turnover to hit nearly £2bn following strong house sales

UK housebuilder Redrows expects turnover for its 2021 financial year to be £1.94bn, following strong sales in the housing market this year.

A turnover of £1.94bn would be a marked increase from 2020’s £1.34bn, but below 2019’s £2.11bn.

In an market update this morning, Redrows said legal completions are expected to be 5,620 for the year, the results of which will be released in September, up on 2020’s 4,032 but below 2019’s 6,443.

In February, Redrows  reported a jump in revenue and profit in the first half of the year, as shifting customer demand for bigger homes outside of London during the pandemic buoyed its regional business.

It posted a profit after tax of £141m for the first half of the year.

Today Redrows confirmed it had sold two London sites it had decided not to build on, following its decision to exit four other London sites in the first half of 2021.