Financial highlights
Group revenue up 20% to a record £1.38bn driven by a 17% increase in legal completions and a 7% increase in Average Selling Price to £288,600
Operating margin rose to 18.9% (2015: 18.5%)
Record pre-tax profit of £250m, up 23% (2015: £204m)
Earnings per share up 24% to 55.4p
Private Order Book up 54% at £807m
Return on Capital Employed up 6% to 24.2% (2015: 22.8%)
Net debt reduced to £139m from £154m in 2015
Proposed final dividend of 6p per share, making 10p for the full year, up 67%
Operational highlights
Continuing to deliver on growth strategy
Legal completions up 17% to 4,716 (2015: 4,022) spurred by Help to Buy
Outlets increased 9% to 128 (2015: 117)
Number of employees up 19% to 1,962
Owned and contracted land bank at the end of June 2016 was up 43% at 26,000 plots (2015: 18,216 plots)
Steve Morgan, Chairman of Redrow, said:
"I am delighted to report that for the third consecutive year Redrow has delivered a record set of results. Pre-tax profits were £250m, achieved by completing over 4,700 much needed new homes, a 17% increase over last year.
Redrow entered the new financial year with a record private order book of £807m, up 54% year on year. Sales in the first 10 weeks are very encouraging and up 8% on a strong comparator last year. Our strategy of continued growth for the business is on track and I am confident this will be another year of significant progress for Redrow."
