Revenue increased 5.8pc to £479m in the year to June 30, driven by a 15pc increase in average selling prices from £164,800 to £189,900. Profit was up from £31.2m in 2011 to £48m, with post-tax profit climbing from £13.5m to £30.2m.
As of June the company had a landbank of 12,350 plots awaiting construction.
Steve Morgan, founder and chairman of Redrow, as well as ownder of Wolverhampton Wanderers Football Club, has told shareholders that he plans to take over the company and is currently leading a £562m bid.
After founding Redrow in 1974 and floating it in 1994 he left the company in 2000, only to return nine years later after a boardroom coup. His attempt to take the company private is seen as a vote of confidence in the prospect for the UK housebuilding industry.
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