Profit more than doubles at Redrow

Redrow completed 5,620 homes in the year to June 27 2021, 39% up on last year, as the firm saw profit more than double in the period to £314 million (2020: £140 million). Revenue rose 45% to £1.94 billion, according to final results announced today (September 15).

“The group delivered a strong performance during the year as long-term social trends continued to underpin demand for our premium homes and places,” said Redrow ceo Matthew Pratt.

Pratt told Housebuilder that Redrow is “well-positioned for future growth” despite build cost inflation and pressure on materials including cement, timber and polymer. “We are coming to the peak of that with factories getting back on line.” Pratt also confirmed that labour shortages are a challenge – “symptomatic of a market that is incredibly strong” - and revealed that Redrow has had at times to resort to sending its own lorries to collect materials because of the shortage of HGV drivers.

Redrow said that its Heritage Collection Homes were “perfectly aligned to the increased demand from customers for high-quality, well-designed homes.” Pratt took the opportunity to express his disappointment at the government’s plans on design as espoused in the National Model Design …