Jump in profits boosts Redrow recovery

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The Independent Online

Redrow said its recovery looked set to continue after a strong start to the second half, as the builder reported an 80 per cent jump in first-half profits, driven by a focus on higher-priced family houses.

Redrow, one of the smaller listed housebuilders, posted a pre-tax profit of £15m in the six months to the end of December 2011.

"While the outlook for the industry undoubtedly remains fragile, there is increasing confidence in the housing market, including first-time buyers," said Steve Morgan, the owner of the Wolverhampton Wanderers football club, who founded Redrow and returned to the builder as its chairman in 2009 after a boardroom coup.