Redrow surge

Redrow saw completions surge 13% year on year in the six months to the end of 2016 with the firm delivering 2,459 homes in the half year. Revenue was up 23% to £739 million and profit before tax up 35% to £140 million.

Redrow chief executive John Tutte told Housebuilder that the firm had updated its medium term target and now aimed to reach annual turnover of £1.9 billion in 2019 which, on an average selling price of around £300,000, would see more than 6,000 homes delivered in the year.

• Redrow boss Steve Morgan has donated £200 million to his family's charitable foundation in the form of 42 million Redrow shares, an 11.36% stake. Morgan set up The Morgan Foundation in 2001 to support causes across North Wales, Merseyside, West Cheshire and North Shropshire.

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