Redrow has reported a 22% drop in pre-tax profits to £53.4 million for the second half of 2005 as a result of tougher market conditions. Chief executive Neil Fitzsimmons said the results were \"in line with expectations,\" and the company is in good shape to improve performance this year on the back of an \"encouraging\" forward order book. Fitzsimmons told Housebuilder: \"One of the factors influencing the results was that due to the timing of construction programmes, our higher priced In the City schemes delivered fewer legal completions in the first half of the year. This had an effect on the profit weighting. \"The primary reason for the [8%] fall in our average selling price [to £163,100] is the increasing proportion of apartments we are building, which is driven by the planning system. This has influenced the size of dwellings and put net income under some pressure. But our 2006 pricing is more robust. More buyers seem to be out there at the moment, so this is easier.\" Privately owned housebuilder, Miller Group, has fared better, announcing year-end results that saw profits up 40% to £76 million and operating margins up by 16% in a year in which it made …