Welsh housebuilder Redrow pre-tax profits up to £380m

Wales’ largest housebuilder Redrow has announced another year of record pre-tax profits – up 21% to £380m.

It is the fifth year in a row the Flintshire-based company has announced increases in annual profits.

The firm said the demand for new homes had been driven by a competitive mortgage market and the UK government’s Help to Buy scheme.

However, it said clarity over Brexit and the future of the house-buying scheme could help boost the market.

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The company said it had completed building just under 6,000 new homes in 2017-18 – an increase of 9% on the previous year.