Uk news
There are 59 blocks that Redrow has built that had been later stumbled on to hold safety failings within the aftermath of the 2017 Grenfell Tower fire. Works hold started on only 28 of them.
Redrow chief executive Matthew Pratt acknowledged: “Redrow continues to actively progress all 59 identified structures with known exterior and/or interior works. Contractors are on field at 28 of those structures with the balance of 31 expected to open inside the subsequent 12 to 18 months. Our fire safety provision remains ample for the works we are required to total including the authorities’s additional requirement to undertake additional works to interior common components.”
He used to be speaking as Redrow posted half-12 months outcomes exhibiting a 27% tumble in income to £756m for the six months top 31st December 2023. Pre-tax profit shrank 56% from £198m final time to £84m.
Matthew Pratt described the outcomes as “resilient”, given market conditions, and acknowledged things had been starting to survey up.
“In most up-to-date weeks the housing market has proven indicators of enchancment, with rising mortgage approvals and decreased mortgage charges with bigger competition amongst lenders,” he acknowledged. “This in flip has improved homebuyer confidence and raised the possibilities of a return to a more stable sales market.”
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