” … FTSE 250 housebuilder Redrow continues to shrug off fears of a post-Brexit slowdown, looking forward to ‘another excellent year’ in 2017 after clocking up its third straight year of record results in the 12 months to June 30.
Redrow is the FTSE 250’s top riser this morning, with shares up 6.45 per cent or 24.80p to 409.10p.
The Flintshire-based firm reported a 23 per cent surge in pre-tax profits to £250 million for the year to June 30 after revenues rose 20 per cent to £1.38 billion, with average selling prices of homes up 7 per cent to £288,600.
Redrow said it had £807million worth of private orders at the start of the financial year, up 54 per year-on-year.
Steve Morgan, Redrow’s chief executive, told the BBC today he had ‘not seen any blip whatsoever’ from Britain’s Brexit vote.
Chris Millington, an analyst at Numis, said: ‘Redrow’s full year results are marginally ahead of Numis’ estimates and we are leaving our forecasts for 2017 unchanged.
‘The company has seen strong trading post the EU Referendum and the private forward order book stands 54% up yoy, which gives a good underpinning to 2017. Whilst Redrow’s shares have recovered much of the reduction seen post Brexit and now only trade c.10% below 23/06, they still look good value.’ ”
East Devon Watch 