Housebuilder Redrow says its revenue has increased 20% to £1.4bn and operating profit rose 23% to £261m in the year to June 2016.
The housebuilder posted a positive set of results, driven by national, rather than London focused sales, which it says have been supported by government policy.
In his chairman’s statement, Steve Morgan said that demand was strong throughout the year, with growth in output benefiting from the government’s Help to Buy scheme.
He said that central London was far slower, due initially stamp duty hikes, but Redrow’s exposure was minimal.
He said: “Activity in this section of the market remains sluggish; however, Redrow’s exposure is very limited and all other areas in which we operate, including Outer London, have shown strong growth. We have seen very little impact as a result of the Brexit vote.”
The housebuilder reported a 17% increase in legal completions, to 4,716 and a 7% increase in Average Selling Price to £288,600.
Its order book was up by 54% to £807m, while its contracted land bank was up by 43% at 26,000 plots.
Morgan, was also largely positive about trading since the end of June.
“Redrow entered the new financial year with a record private order book of £807m, up by 54% year on year,” he said.
“Sales in the first 10 weeks are very encouraging and up by 8% on a strong comparator last year. Our strategy of continued growth for the business is on track and I am confident this will be another year of significant progress for Redrow.”
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