British homebuilder Redrow says cost pressures eased in first half

The company logo of construction company Redrow is pictured on a flag at a new housing development near Manchester northern England, April 7, 2016. REUTERS/Phil Noble - Copyright Phil Noble(Reuters)

By Reuters

Published on 06/02/2019 - 09:04•Updated 11/05/2024 - 02:30

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(Reuters) - Redrow Plc said on Wednesday cost pressures reduced in the first half for the British homebuilder as subcontract, materials and labour markets eased.

The company's pre-tax profit rose 5 percent to 185 million pounds in the six months to Dec. 31, while revenue rose 9 percent.

Redrow, one of the top homebuilders in the U.K., said the market, in the run up to the festive period and the first two weeks of 2019, was subdued by macroeconomic and political uncertainties.

However, sales bounced back over the last three weeks, with reservations running at similar levels to last year's strong market activity.

(Reporting by Arathy S Nair and Adil Bhat in Bengaluru; Editing by Arun Koyyur)

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