Redrow shares surged today after it projected turnover would top £2bn for 2022, on the back of a “very strong” order book and “robust” sales market.
The FTSE 250 housebuilder said operating margin is expected to improve to around 18% in its current financial year, while its total order book stood at £1.4bn at the end of the financial year, in line with June 2020.
Its share price was 648p at the close of trading on Wednesday, up 2.9% on the previous close.
Fellow housebuilder Countryside also saw a rise, after it outlined plans to focus solely on its social housing and private rental arm.
The company said it would focus all of its resources on its Partnerships business, which concentrates on mixed-tenure communities in partnership with housing associations, public bodies and institutional private rental operators. As a result, its share price was up 0.6% at the close, valued at 501p.
Elsewhere, the biggest property risers were Shaftesbury, with a 2.1% rise to 599p, and Capital & Counties, with a 2.4% increase to 171p.
But Hammerson fell 3.2% to 38p, as investors anticipated tough first half trading figures next month.
On the blue chip index, SEGRO rose 1.6% to 1,154p, British Land rose 0.7% to 504p and Landsec fell 0.4% to 680p.
The FTSE 100 finished 0.7% up at 7,250 points, while the FTSE 250 finished 0.3% up at 22,965 points.
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