There are 59 blocks that Redrow has built that were later found to have safety failings in the aftermath of the 2017 Grenfell Tower fire. Works have started on only 28 of them.
Redrow chief executive Matthew Pratt said: “Redrow continues to actively progress all 59 identified buildings with known external and/or internal works. Contractors are on site at 28 of these buildings with the balance of 31 expected to commence within the next 12 to 18 months. Our fire safety provision remains adequate for the works we are required to complete including the government’s additional requirement to undertake further works to internal common parts.”
He was speaking as Redrow posted half-year results showing a 27% fall in revenue to £756m for the six months top 31st December 2023. Pre-tax profit shrank 56% from £198m last time to £84m.
Matthew Pratt described the results as “resilient”, given market conditions, and said things were starting to look up.
“In recent weeks the housing market has shown signs of improvement, with increasing mortgage approvals and reduced mortgage rates with greater competition amongst lenders,” he said. “This in turn has improved homebuyer confidence and raised the prospects of a return to a more stable sales market.”