Covid-19 has had a “profound impact” on Redrow’s H1 financial results, according to the housebuilder, as revenue dipped by 37%.
For the year to 28 June, Redrow’s revenue fell from £2.1bn to £1.3bn and profit before tax fell by 66% to £140m from £406m due to “Covid-19 and costs and impairments in connection with the scaling-back of the London business”, the housebuilder said.
However, Redrow’s order book grew by 39% compared to the year before, from £1.02bn to £1.42bn, and executive chairman John Tutte said the company is “well-placed to deliver a robust performance” post-pandemic.
He said: “We have completed substantially more homes in the first few weeks of the new financial year than during the same comparable period last year while maintaining a record order book.
“This, combined with reduced investment in London, will deliver strong operating cash flow over the coming months to support our regional growth plans and, subject to market conditions, allow dividend payments to resume in 2021.”
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