Author Topic: Redrow profit beats expectations  (Read 5794 times)

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Redrow profit beats expectations
« on: September 09, 2011, 12:37:47 pm »
Redrow reported a rise in pre tax profit, which followed a 10% increase in the selling price of their homes. However they warned the property market was "challenging".
Redrow posted a pre tax profit increased from £700,000 last year to £25.3million in the year to 30 June 2011.
Legal completions also rose 1.5% to a total of 2,626 new homes with the average selling price rising to £164,800.

Berkeley Group also said they envisage hitting their profit target two years earlier than expected with  Bovis also reporting a doubling of profit in the first half-year.

However house building continues to be hit by low mortgage approvals and poor consumer confidence.
Mortgage companies say house prices continued to fall in August.
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