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Redrow profits rise on success of new range

8 September 2011

How great to see Redrow reporting a surge in profit and revenue for the year to June on the back of the success of the firm's New Heritage Collection range. The

Heritage Collection made up 41% of private turnover in the second half of the year and more than 50% by value and Chairman Steve Morgan said: "Through decisive management action, particularly the introduction of the New Heritage Collection, we have been able to increase average selling prices and margins by changing mix and keeping costs under control."

He also said that "The outlook for the industry remains challenging due to the lack of mortgages. With five new jobs being created for every new home built, it is strongly in our country's interest to resolve the mortgage issue," he said.

How great it will be to see an increase in lending to enable more sales.

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