Housebuilder Redrow has reported document revenues and income in its newest monetary 12 months, with its outcomes passing pre-Covid ranges.
Within the 53 weeks to the three July 2022, the enterprise delivered 5,715 authorized completions, up from 5,620 within the prior 12 months.
The completions generated income of £2.1bn, up from £1.9bn and underlying revenue earlier than tax of £410m which elevated from £314m.
Income was forward of 2019 ranges of £2.11bn, whereas pre-tax income additionally surpassed the 2019 determine of £406m.
The enterprise entered its new monetary 12 months with an order e book of £1.44bn and has made additional progress within the land market with about 6,000 plots added to present land, and about 5,000 to ahead land.
Because of rising inflation, the group mentioned that the housing market has moderated lately and, as supplies availability and shortages start to ease, additional moderation is predicted.
Richard Akers, non-executive chairman of Redrow, mentioned: “I’m delighted to report a 12 months of robust progress which has resulted in our underlying income returning to the document ranges achieved in 2019 previous to Covid.”
He added: “Glorious progress has been made throughout the 12 months executing our technique to develop within the areas. The brand new Southern enterprise, primarily based in Crawley, formally opened on the finish of June however the staff has been lively within the land marketplace for a while. This division is predicted to make a constructive contribution to income within the present monetary 12 months.
“On the finish of this monetary 12 months our whole land holdings stood at 67,400 plots, in contrast with 60,100 on the finish of the 2019 monetary 12 months. Though the planning system is troublesome at current, this provides us a powerful pipeline of latest shops to proceed our progress.”
Akers added: “Given rising inflation and better rates of interest it isn’t shocking the buoyant housing market has moderated lately and demand has returned to traditionally common ranges.
“It’s on this foundation we’ve ready our medium-term plan and we’re assured our well timed funding in land, mixed with robust demand for our Heritage houses, will help our continued progress. As well as, our opening order e book of over £1.4bn has put us in a wonderful beginning place for the 2023 monetary 12 months. In consequence, the enterprise is nicely positioned to ship one other set of robust outcomes.”
The outcomes observe the corporate launching a share buyback of as much as £100m which is predicted to finish by 31 July 2023.