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Commercial Property

Redrow reports strong financial year as profits return to pre-Covid levels

However the housebuilder has cautioned over a cooling housing market amid the cost-of-living crisis

Redrow's headquarters in Ewloe Flintshire(Image: Ian Cooper/Daily Post Wales)

Housebuilder Redrow's annual profits have returned to pre-pandemic record levels. The FTSE 250 business saw a strong financial year to 3 July 2022, but cautioned over a cooling housing market amid the cost-of-living crisis.

In its financial results, the Flintshire-headquartered firm reported a 31% rise in pre-tax profits to £410m, returning to the all-time highs seen before the pandemic struck (2019: £406m).

During the year there were 5,715 house legal completions, up from 5,620 in 2021, while revenues soared 10% to £2.14bn.

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Redrow said its strong forward order book of £1.44bn has put it in an "excellent starting position for the 2023 financial year" and is "well placed" to deliver another set of strong results.

On a statutory basis, pre-tax profits fell 22% to £246m, knocked by £164 million put aside due to Redrow's pledge to address high-rise block fire safety issues across England only in the wake of the Grenfell Tower tragedy.

The company is proposing a final year dividend of 22.0p per share, making a total of 32.0p for the year.

Non-executive chairman Richard Akers said: "I am delighted to report a year of strong growth which has resulted in our underlying profits returning to the record levels achieved in 2019 prior to Covid.