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Redrow

  • Redrow revenue hits new record as housebuilder continues London exit

    london-listed

    Housebuilder Redrow’s revenue has climbed above pre-Covid-19 levels, as it continues its withdrawal from the London market. 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. [...]

  • Cladding repair bill hits £1.5bn as Redrow and Barratt latest builders to sign up to fire safety pledge

    CLADDING CRISIS

    The total cost for cladding works for the big nine listed housebuilders has hit £1.5bn, as London-listed firms sign up to a government fire safety pledge. According to analysis from AJ Bell, the country’s biggest builders are planning to set aside another £802m in total to tackle unsafe buildings in the wake of the Grenfell [...]

  • Redrow increases profit as order book hits £1.5bn

    Redrow's results

    Redrow, one of the UK’s largest house builders, has reported a 16.6 per cent increase in profit as the order book hit £1.5bn. In the 27 weeks to 2 January, the FTSE-250 group registered a record revenue of £1.052bn, with operating margins returning to normalised levels of around 19.5 per cent, one year ahead of [...]

  • Redrow touts ‘record’ order book as revenue climbs towards pre-Covid levels

    September 15, 2021

    Revenue at housebuilder Redrow has begun climbing towards pre-pandemic levels, as it touts a “record” order book after reinstating a dividend for loyal shareholders. Revenue hit £1.94bn in the year to 27 June, just eight per cent behind 2019, after it soared 45 per cent from 2020’s supressed figure. Profit before tax surged 124 per [...]

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

    July 7, 2021

    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 [...]

  • Redrow appoints property veteran as new chairman as ex-CEO steps down after 20 years

    May 12, 2021

    Redrow has appointed property industry veteran Richard Akers as its new chairman as former chief executive John Tutte prepares to step down after 20 years on the housebuilder’s board.  Akers, a former director at commercial landlord Landsec, will join Redrow’s board as chair-designate on 1 June before taking on the role permanently from 15 September.  [...]

  • Redrow plans to reinstate dividend as London exit progresses

    November 6, 2020

    Redrow announced it has made progress on pulling out of the London market as the developer focuses on the post-pandemic changes in consumer behaviour,  saying it will reinstate its dividend at its half-year results. The housebuilder said it has exited three of the six London sites it had decided not to develop and is continuing [...]

  • Housebuilder Redrow takes £35m hit on pulling out of London market

    September 16, 2020

    Redrow’s profit sank 66 per cent in the last financial year due to the “profound impact” of the coronavirus pandemic, which prompted the housebuilder to take a £35m hit on pulling out of the London market. The figures  Turnover for the year plunged 37 per cent to £1.34bn as the number of completions plummeted due [...]

  • UK housebuilders race to return to work after government eases restrictions

    May 14, 2020

    Some of the UK’s biggest housebuilders have revealed plans to return to work after the government removed lockdown restrictions on the property market.  FTSE 100 housebuilder Persimmon said this morning that its sales offices in England will reopen from tomorrow with social distancing measures in place. It comes after the government removed restrictions to allow [...]

  • Coronavirus: Redrow secures £300m facility through BoE’s emergency scheme

    April 9, 2020

    Housebuilder Redrow has secured a £300m lending facility under the Bank of England’s emergency coronavirus financing scheme. The developer, which has furloughed 80 per cent of its staff using the job retention scheme, is also in talks to extend its existing revolving credit facility by £100m to £350m.  Redrow said this morning that it expects [...]

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