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Redrow cuts jobs

Wednesday, 9 July 2008

Housebuilder Redrow is to cut 40 per cent of its staff.However, it say it still expects to meet expectations for the full year despite a sharp increase in cancellations.

The group said it sold 3,925 homes in the year to 30 June, a decline of 19% from the same period the year before. The average selling price dropped 2% to £157,000.

Second half reservations fell as much as 55% while cancellations increased significantly, the group said, as mortgage availability dropped.

Group forward sales at 30 June were 45% lower than the year before at 1,189 while net debt stands at £225m.

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