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Housebuilder Redrow expects home value rises to return to historic common charges

Housebuilder Redrow has reported a surge in 12 months finish revenues however stated that the UK housing market has moderated in current months and expects gross sales to return to historic ranges within the present monetary 12 months.

For its monetary 12 months to the top of June this 12 months the Flintshire headquarterd Inventory Market listed enterprise present revenues climb 45% on the earlier 12 months to £1.94bn – though nonetheless 8% beneath the pre-pandemic determine for the 12 months to the top of June, 2019.

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The housebuilder stated through the 12 months it noticed 5,620 authorized completions, in comparison with 4,032 a 12 months earlier. Pre-tax earnings rose 124% from £140m to £314m – though 23% down on the £406m for 2019

The housing sector has been boosted by Covid response stamp responsibility holidays which finish subsequent month.

Chairman John Tutte stated: “In opposition to a background of a lot uncertainty firstly of the monetary 12 months, I’m delighted to have the ability to report the group delivered a wonderful efficiency within the 12 months to the top of June 2021 with higher than anticipated outcome

“The buoyant housing market has moderated in current months and we anticipate gross sales charges will return to traditionally common charges over the course of the present monetary 12 months.

“It’s on this foundation we have now deliberate for the long run and we’re assured our well timed funding in land, mixed with sturdy demand for our Heritage properties, will assist our longer-term progress aspirations. Moreover, our report order e-book additionally offers us with a wonderful platform for the long run with over £1.3bn of income already secured for the present monetary 12 months. In consequence, the enterprise is well-placed to ship one other set of sturdy outcomes.”

The group reversed a gap web debt place of £126m to finish the 12 months with web money of £160m after making a big funding in new land.

The board is proposing a ultimate dividend of 18.5p making a complete of 24.5p for the 12 months.

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