Redrow saw its half year revenues top £1bn thanks to pent up demand from lockdown, the stamp duty holiday and impending end to the Help to Buy scheme.
The Flintshire developer saw revenues of £1.04bn in the six months to end-December 2020 - up 20% from £870m in the previous year.
First half pre-tax profit were up 11% at £174m.
Earnings per share was up 10% to 41.0p and dividends reinstated with an interim dividend of 6p per share.
Sales completions rose by 20% to 3,065 units and reservations in the second half has also been strong, with a rise of 6% over this time a year ago to £819m, with the total order book now worth £1.3bn.
Matthew Pratt, group chief executive of Redrow, said: "The Group delivered a strong first-half performance whilst continuing to operate under strict COVID-secure procedures.
"During a period of intensive activity to rebuild output, it is pleasing to report we have maintained high levels of customer satisfaction and I am grateful to our teams for their ongoing hard work and commitment during these challenging times.
"We have seen a strong sales market during the first half driven by a combination of pent-up demand from the first national lockdown, the introduction of the Stamp Duty holiday and the impending end of the Help to Buy scheme for existing home owners."
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Ben Nuttall, Senior Analyst at Third Bridge, said: “Redrow has achieved a record first half revenue and legal completions, they benefitted from a strong order book going into the year, and have maintained a strong order book which should help them into second half of the year.
“One tailwind for Redrow is that the stamp duty cliff edge many predicted simply hasn't materialised. Indeed house prices remain relatively stable, although some price deceleration now seems likely as we look further into 2021.
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“Redrow has successfully navigated the challenges of socially distanced building techniques and its build rates are recovering to pre-COVID levels.
“April's changes to the government's Help To Buy scheme may be Redrow's next challenge. The new scheme will only provide equity loans at a lower house price and this could trigger increased competition in Redrow’s core focus, families aspiring to a larger home market.
“In addition, new environmental building regulations are expected to add around £5k to each house build. Specialists we speak with expect, this is unlikely to hit Redrow's profitability and the cost is more likely to be shared by house buyers and land values.”
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