Redrow posts record profit

Redrow has unveiled a record annual pre-tax profit of £124m, an increase of 17% on the previous year.
Results for the 12-month period to 30 June show turnover ahead at £670m. The average selling price of £155,000 was achieved on 4,300 house sale completions.
In the previous year, Redrow's average sale price was £148,000.
Chief executive Paul Pedley pointed to areas of future growth. Redrow's geographic coverage has already been extended with the recent formation of two new divisions in the south Midlands and the West Country.
The plan is so extend coverage further to encompass the East Midlands in the near future while, at the same time, establishing a regeneration team to focus on the East Thames Corridor "so as to capitalise on this major area of growth".
Operating margin continued to rise, from 19.5% in the first half to 20% in the second half.