New group ceo for Redrow

Matthew Pratt has been promoted to Redrow group chief executive from July this year with executive chairman John Tutte stepping down to the non-executive role while the firm seeks a new independent non-exec chair. Pratt was appointed chief operating officer last March.

The firm revealed the changes as it announced its interim results for the six months to December 2019 which saw pre-tax profit down 15% to £157 million on revenue of £870 million, down 10%. Completions were down 14% to 2,554 (2,970), but the firm explained that revenue would be weighted “more than usual” to the second half of the year. The firms said that the balance of homes turnover was weighted to the second half with a 40:60 split (2019: 46:54).

Redrow reported that private net reservations were up 18% to £936 million (£795 million) and second half private net reservations are also up, 15% higher at £180 million.

John Tutte, executive chairman of Redrow, said: "Redrow has once again delivered a robust operational and financial first-half performance consistent with our expectation that revenue will be considerably more weighted than usual to the second half.

“The market in the first five weeks of the second …