Redrow reports growth but chairman is sick of Brexit indecision

Steve Morgan, the outgoing chairman of housebuilder Redrow, on Wednesday said the country was “sick of” Brexit and urged the Government to “get on with it”.

Redrow warned that the market in the run-up to Christmas “was subdued by macro-economic and political uncertainty” as protracted negotiations and Parliamentary gridlock continues

The outspoken Morgan, who founded Redrow nearly 45 years ago, told the Evening Standard: “We cannot stand this indecision longer. The country is sick of it. My message is, whatever happens, just get on with it.”

The firm still managed to raise pre-tax profits up 5% to £185 million in the half- year to December 31, but chief executive John Tutte stressed that Brexit jitters and stamp duty changes have made selling in London harder.

He said offering incentives to buyers, such as agreeing to pay their stamp duty, “has increased a bit”.

Sales were £10 million lower than last year, at £156 million, in the first five weeks of this year. Half-year sales rose 9% to £970 million.

Meanwhile, Barratt Developments benefited from the Help to Buy scheme as pre-tax profits jumped 19% to £408 million.

Barratt’s boss David Thomas said however that he was talking with suppliers to make sure they have enough building materials in place in case of delays at borders if Britain leaves the EU without a deal.

Shares in Barratt rose 16.2p to 562.6p, and Redrow was up 8.45p to 600.45p.