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Redrow lauds "strong year-to-date performance", with orders, completions, selling prices up

Published: 07:27 22 Mar 2017 GMT

Housebuilding
Redrow added it is confident it is on track to deliver full-year pretax profits of at least £306mln

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.

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