Redrow profits rise by a fifth

Housebuilder Redrow has unveiled a rise in first-half pretax profits of 21% today (Thursday) after what it described as a "very satisfactory" performance in the current financial year.

Pre-tax profit for the six months to 31 December 2002 leapt to £51.5m from £41.6m.

The company added that sales in first two months of 2003 are ahead of corresponding period last year.

Chairman Robert Jones said: "I am pleased to report that Redrow remains in excellent health. We have made strong progress in the past six months and both our half year forward sales and current land bank are at record levels.

"We remain confident that Redrow is well positioned to respond to any changes in the market and that the group will deliver another very satisfactory performance in the current financial year."