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Redrow shares jump on record profits

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Shares in Redrow opened up 6% after the housebuilder reported record results for the fourth year in a row.Pre-tax profits for the year to 30 June jumped 26% to £315m at the FTSE 250 firm, with revenues up 20% at £1.66bn.Chief executive John Tutte called the results “exceptional” given “an uncertain political and economic backdrop as a result of Brexit” and an industry-wide skills shortage.The government’s Help to Buy scheme has been a big boost for housebuilders.However, the scheme – which aims to help first-time buyers – is due to end in 2021. Redrow’s chairman, Steve Morgan, told the BBC the company was taking to the government about an extension of the programme.Redrow was not the biggest riser in the FTSE 250 index. Shares in Aveva leapt by a quarter after it announced it had agreed a deal to merge with the software arm of French energy group Schneider Electric.The benchmark FTSE 100 index was up 16.89 points at 7,428.36 in early trade.Retailers were the biggest risers on the FTSE 100, with Next up 1.7% and Marks and Spencer rising 1.3%.A report from the British Retail Consortium said retail sales rebounded last month, helped by sales of autumn fashion ranges and back-to-school kit.On the currency markets, the pound fell 0.2% against the dollar to $1.2914, while against the euro it edged up 0.1% to 1.0877 euros.
Source: BBC