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Homebuilder Redrow upgraded its forecast on revenue, forecasting that results for fiscal 2022 would approach those achieved in 2019 amid rising house prices and an increase in its order book.
'With the strength of our order book, ongoing sales rates and the increase in private average selling prices, we now expect our turnover for 2022 to be [about] £2.1bn, and our operating margin to be[about] 9%,' the company said.
The value of net private reservations in the 19 weeks to 5 November 2021 was 2% above the prior year at £672 million, up from £658 million.
The private revenue per outlet per week was £309,000 compared to £298,000 last year.
Reservations per outlet per week for the period were a more normal 0.68 compared to the unusually high 0.75 last year. Help to Buy accounted for only 9% of private reservations in the period.
Homes turnover for the 19 weeks to 5 November 2021 was 4% below the exceptional level last year at £666 million, and the forward order book was at a record £1.51 billion, up from £1.48 billion.