Redrow warns self-isolating subbies impacting building
House builder Redrow bounced back from the first lockdown period last year to deliver record first-half revenue and legal completions that were both up 20%.
But the house builder warned that it is now seeing homes production increasingly being impacted by growing numbers of self isolating workers in 2021.
The strong bounce back last year saw Redrow deliver pre-tax profits up 11% to £174m from revenue up to top £1bn in the period from June to December.
As the house builder accelerated completions to just over 3,000 units net cash improved rising to £238m compared to net debt of £126m at the end of June 2020.
Matthew Pratt, group chief executive of Redrow, said that following the UK’s exit from the European Union, Redrow had not experienced any disruption to its supply chain and anticipate cost inflation to remain at around 2% to 3%.
But he added: “Operating within a further national lockdown continues to present challenges.
“There has been some impact on build as an increasing number of subcontractor colleagues are unable to work whilst self isolating. We expect to see this situation improve as the country’s overall Covid-19 infection rate decreases.”
Source: Construction Enquirer