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House builder’s profit slumps
House builder Redrow (RDW.L) saw its profits slump by two thirds last year as COVID-19 disrupted construction and sales.
Pre-tax profit at the business fell 66% to £140m ($180.5m) in the 12 months to 28 June 2020, the company said. Revenue dropped 37% to £1.3bn.
Chief executive John Tutte said the pandemic had “a profound impact upon the Group’s performance in the 2020 financial year but we entered the new financial year in a position of strength.”
“We have a record order book and brought forward very high levels of work in progress,” he said. “This was due in part, to increased investment earlier in the year in anticipation of strong demand for the Help to Buy scheme ahead of changes to the scheme next year.”