The FTSE 250 firm said its “trading and performance continues to be robust, as a consequence of a record order book and a further increase in legal completions, combined with better than anticipated increases in average selling prices.” Yet another housebuilder has given a bullish outlook this morning, with () revealing a strong year-to-date performance. In a brief update just six weeks after reporting its first-half results, the FTSE 250 firm said its “trading and performance continues to be robust, as a consequence of a record order book and a further increase in legal completions, combined with better than anticipated increases in average selling prices.” Redrow added that given the “strong year-to-date performance” it is confident that the group is on track to deliver full-year pretax profits of at least £306mln, an increase of 22% compared to the previous financial year. On February 8, Redrow posted first-half pretax profits of £140mln, up 35% from the £104mln reported at the same stage a year earlier, as revenues rose by 23% to £739mln from £603mln. Yesterday FTSE 250 peer PLC () reported a 9.3% rise in its pretax profit to £247.6mln for the half-year to January 31 2017, up from £226.6mln a year earlier.
An increase in legal completions and a better-than-anticipated uptick in average selling prices have enabled a strong year-to-date performance from Redrow, according to a company statement. The firm is confident that it will see full-year pretax profits of at least £306m ($382m), an increase of 22% compared to the previous financial year. This positive forecast comes as Redrow looks to further encourage Bovis Homes shareholders to reconsider a merger with the company.