黑洞社区

Profit at housebuilder Redrow has fallen 13% in the year ending in June. The firm blamed the fall on the weak housing market in the first half of the year.

Pre-tax profit was 拢120m compared with 拢139m in 2004/05. Turnover was down 1% to 拢770m.

Robert Jones, the chairman of Redrow, said: 鈥淭he results reflect a sound financial performance against the backdrop of a challenging market.鈥�

The company said most of the decline was in the mixed-use and regeneration sectors. Turnover here fell more than 80% to 拢4.6m, compared with 拢27m in the year ending June 2005.

Neil Fitzsimmons, Redrow鈥檚 chief executive (pictured above), said the firm intended to focus on the design quality of its output, and that there would be no more product launches in the near future.

Redrow鈥檚 last big development was in March last year, when it premiered its Debut range, aimed at first-time buyers.

He said: 鈥淲e鈥檝e given ourselves the objective of 2000 Debut homes a year by 2010 and we already have a total of 1100 plots with planning.鈥�

Fitzsimmons refused to be drawn on Redrow鈥檚 interest in acquiring David Wilson鈥檚 stake in housebuilder Wilson Bowden.

He added that Redrow had committed itself to increasing its dividend 20% for the next two years.

鈥� Bovis Homes has reported an 18% profit rise for the first half, boosted by a steady housing market.

Pre-tax profit rose to 拢53m for the six months to 30 June, compared with 拢45m last year. Turnover increased 17% to 拢250m, with housing turnover rising 22% to 拢238m.