Housebuilder Redrow has actually hailed a record order book for brand-new houses however warned that it anticipates sales rates to cool to more normal rates next year.
he London-listed group informed financiers on Wednesday that it has actually developed an order book of ₤ 1.43 billion after gaining from the pandemic real estate boom.
The company likewise exposed that earnings leapt by 45% to ₤ 1.94 million for the year to June 27, versus the very same duration in 2015, which was depressed after the pandemic prevented activity.
However, sales were still 8% listed below pre-pandemic levels from 2019.
Versus a background of much unpredictability at the start of the fiscal year, I am thrilled to be able to report the group provided an exceptional efficiencyJohn Tutte, Redrow
The group highlighted that its current sales rate had actually moderated considering that the phasing out of the Federal government’s stamp responsibility.
Redrow stated its sales rate for the very first 11 weeks of the present fiscal year balanced at 0.66 house sales per website, compared to 0.84 from the previous year.
John Tutte, chairman of Redrow, stated: “The resilient real estate market has actually moderated in current months and we expect sales rates will go back to traditionally typical rates throughout the present fiscal year.
” It is on this basis we have actually prepared for the future and we are positive our prompt financial investment in land, integrated with strong need for our Heritage houses, will support our longer-term development goals.”
The company likewise stated that pre-tax revenue more than doubled to ₤ 314 million, exceeding expert expectations.
Mr Tutte included: “Versus a background of much unpredictability at the start of the fiscal year, I am thrilled to be able to report the group provided an exceptional efficiency in the year to the end of June 2021 with better-than-expected outcomes.”
Shares in the business were 0.5% greater at 703.8 p after early trading.