Revenues of £1.38bn for Redrow
Redrow has announced "record" revenues of £1.38bn for 2016, 20% more than the previous year. The value of private reservations was up 46% on 2015, while legal completions rose by 17% and private completions rose by 12%. The average selling price was £328,500. It is too early to say whether the Brexit will affect the business, but Redrow said in a statement: "There is a long-term underlying demand for new homes following decades of under supply. This chronic shortage of housing leaves market fundamentals unchanged".

Something went wrong, please try again later.

Invalid email Something went wrong, please try again later.

Keep up to date with the latest stories with our WalesOnline newsletter

Housebuilder Redrow said it was too early to say whether the vote to leave EU referendum result would impact on future house sales, as it confirmed record revenues of £1.38bn.

The FTSE 250 listed business, which has its headquarters in Flintshire, said its current strong performance meant that is now expected that pre-tax profits would be at the top end of analysts' estimates, currently at £240m.

In a trading statement the company said: " In the run up to the EU referendum there was no impact on house sales or visitor levels.

"Although it is too early to tell whether Brexit will have any effect on future sales, initial feedback is that sites remain busy, reservations continue to be taken and, indeed, we witnessed long queues and strong reservations at new sites launched last weekend.

"The fact remains that there is a long term underlying demand for new homes following decades of under supply. This chronic shortage of housing leaves market fundamentals unchanged. "

Redrow will publish its full year results for the year to the end of June, 2016, on September 6.

Redrow financial figures for year to end of June, 2016 £1.38bn Turnover 4,716 home legal completions £328,000 Average selling price Redrow

However, it said that the new homes market remained strong throughout the period as the mortgage market continued to improve.

The value of private reservations achieved for the year, driven by strong regional growth, was a record £1.56bn, up 46% on 2015 (£1.07bn).

The private order book at the end of June 2016 iwas £807m, up over 50% on June 2015.

Record figures

Redrow said: "As a result of the group's strong sales position, turnover for the financial year totalled a record £1.38bn, 20% up on 2015 (£1.15bn).

"The number of homes legally completed increased by 17% to 4,716 (2015: 4,022), with private completions increasing by 12% to 3,882 (2015: 3,451)."

The average selling price of private homes was £328,500 (2015: £297,300).