Redrow has announced records profits despite the market’s challenging conditions. Turnover for the year to June 2005 increased by 17% from £670.3 million to £781 million while operating profits grew from £132.7 million to £151 million, a leap of 14%. Completions were up 2% to 4,372 from 4,284. Redrow chairman Robert Jones said: “Redrow has delivered another year of progress in a more challenging trading environment reflecting our strategy of building a strong forward sales position and increasing our outlets. Consumer confidence will be a key factor in determining the strength of the housing market in the short term. However, the fundamentals for our industry are so sound and we have a high quality land bank, effective product range and strong management team which in the medium term provide a platform for growth and the capability to deliver shareholder value.”