Redrow shows optimism as profits jump in first half

House builder Redrow saw a strong rise in profits in the first half and seems cautiously optimistic about the housing market during the rest of the year.

House builder Redrow saw a strong rise in profits in the first half and seems cautiously optimistic about the housing market during the rest of the year.

Pre-tax profit jumped 80% from £8.5m to £15.3m, ahead of expectations of £14m (Panmure Gordon), helped by increased average selling prices, improved margins and lower financial expenses and net financing costs. Gross margins improved from 13.4% to 15.4%.

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