Yet another housebuilder has given a bullish outlook this morning, with Redrow plc (LON:RDW) revealing a strong year-to-date performance.
In a brief update just six weeks after reporting its first-half results, the FTSE 250 firm said its “trading and performance continues to be robust, as a consequence of a record order book and a further increase in legal completions, combined with better than anticipated increases in average selling prices.”
Redrow added that given the “strong year-to-date performance” it is confident that the group is on track to deliver full-year pretax profits of at least £306mln, an increase of 22% compared to the previous financial year.
READ: Redrow raises the roof …
On February 8, Redrow posted first-half pretax profits of £140mln, up 35% from the £104mln reported at the same stage a year earlier, as revenues rose by 23% to £739mln from £603mln.
Yesterday FTSE 250 peer Bellway PLC (LON:BWY) reported a 9.3% rise in its pretax profit to £247.6mln for the half-year to January 31 2017, up from £226.6mln a year earlier.