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Redrow celebrates 40 years with record turnover and profits General

Redrow celebrates 40 years with record turnover and profits

02/09/2014 - 10:32:28
Berkeley sales back to normal levels in London General

Berkeley sales back to normal levels in London

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Top Story
Redrow celebrates 40 years with record turnover and profits

House builder Redrow has embarked on a major expansion drive as housing sales soared over the year by 27% to 3,597.

The boom in completions in the year to June saw Redrow hire more than 230 directly employed staff, boosting its overall headcount by 21% to 1,346.

A 13% rise in average selling price to £239,500, also helped to lift turnover 43% to a record £864.5m and deliver record pre-tax profits for the group, nearly double that of the previous year at £132.6m.

As a result operating margin soared from 12% last time to 16% in 2014.
In November, Redrow celebrates 40 years since chairman Steve Morgan founded the business.

Since coming back from retirement five years ago he has presided over a 186% rise in turnover while large losses have become record profits.

The workforce has doubled and Redrow has regained its reputation as a 'premium' homebuilder with the Heritage Collection.

Morgan said: “While this is clear evidence of the success of our strategy it also shows the positive impact of the Government’s Help to Buy Scheme.

During the year 1,023 of Redrow’s private legal completions were under the Help to Buy scheme, most to first-time buyers and over half in the north of England.

Morgan added that new Mortgage Market Review rules had undoubtedly moderated the market, which has 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.”
He added that material and trade shortages drove like-for-like build cost increases of around 5% over the year.

Redrow’s London division made its first significant contribution, generating £124m of revenue in the year from 293 completions.

To further expand its presence in the south, Redrow opened a new West Country division in July operating from an office in Exeter to capitalise on the exceptional growth achieved in the South West.

This builds on the new Southern Counties division base in Camberley opened at the start of the financial year.

Net debt increased to £173m from £91m in 2013, due to running investment in land and work in progress.

As a result, Redrow's owned and contracted land bank at year-end stood at 16,724 plots, up 18% on last year.

The average plot cost has risen to £63,000 from £57,000 last year, primarily as a result of a higher percentage of land being in the south.  This figure represents 23% of our current average selling price, still broadly in line with previous years.

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Housing Summit 2014
Housing summit
Tuesday 21st October 2014
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Keynote speakers include:
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