Morgan eases back role as Redrow breaks records

Redrow chairman Steve Morgan is to ease back his involvement with the company from being full time chairman to a non-executive role during this financial year.

Morgan made the announcement as the firm released record financial results for the year to the end of June 2017.

“Eight years after returning to Redrow, I have decided to ease back from a full time executive role towards a non-executive role,” said Morgan. “The transition is to take place during the current financial year. It is my intention to continue to focus with the board on the strategic development of the business and I will retain my keen involvement with the product and key important projects.”

Redrow’s results show that group revenue is up 20% to a record £1.66 billion driven by a 15% increase in legal completions to 5,416 and a 7% rise in average selling price to £309,800. Operating margin is up from 18.9% to 19.4% with pre-tax profits rising by £65 million to £315 million.

Morgan said: "Redrow has continued to build much-needed new homes across England and Wales with completions up 15% to over 5,400. Our growth strategy has delivered record financial results for the fourth consecutive …