Deeside based housebuilder Redrow expects turnover for 2021 to be near £2bn

Deeside based housebuilder Redrow expects turnover for its 2021 financial year to be £1.94bn, following strong sales in the housing market and the tapering of the stamp duty holiday.

The Ewloe headquartered firm issued a trading update today for the financial year ended 27 June 2021, ahead of the annual results in September.

Redrow said: “The continuing strong sales market combined with the tapering of the stamp duty holiday at the end of June has resulted in Homes turnover in the regional businesses being ahead of expectations.”

“In addition, in June the Group completed the final phase of a PRS (private rented scheme) in London ahead of schedule adding £43m to turnover in the 2021 Financial Year.”

“Also in June, the Group has sold the final two London sites it decided not to build out, albeit one of those disposals was at the start of the 2022 Financial Year.”

“The proceeds of these disposals will be reinvested in the Group’s regional businesses, including the new Southern division, which is expected to contribute to turnover in the 2023 Financial Year”

“As a result, the Group now expects turnover for 2021 to be £1.94bn up from £1.34bn in 2020 with legal completions of 5,620, up 39% on the previous year. 

“At the end of the financial year the Total Order Book stood at £1.43bn, in line with June 2020.”

 “The Group has entered the 2022 Financial Year with a very strong Order Book and the sales market remains robust.”

“The Group expects 2022 turnover to be above £2bn. The operating margin is expected to improve to c18%.”