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UK builder Redrow lifts outlook further as profits jump
September 5, 2017 / 6:30 AM / 19 days ago

UK builder Redrow lifts outlook further as profits jump

Signage is seen on a house on a Redrow housing development in Church Greasly, Britain, September 9, 2008. REUTERS/Darren Staples/File Photo

LONDON (Reuters) - British housebuilder Redrow (RDW.L) said it expected revenue and profit expectations to continue to rise into 2020, after posting better-than-expected 2016-17 pre-tax profits of 315 million pounds ($416 million).

The firm said it now expected to report turnover of around 2.2 billion pounds in 2020 and profit of around 430 million pounds. It had previously guided that it would post revenue of 1.9 billion pounds in 2019.

But the firm also warned the government that the country needs to reach an early agreement as part of Brexit talks to secure the key role of European Union construction workers.

Reporting by Costas Pitas; editing by Kate Holton

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