Redrow has announced its Chairman, Steve Morgan, is to step down from his position and take up a non-executive role.

The news comes after the company reported its revenue has risen 20% to a record £1.66 billion in its final results for the year to 30 June 2017.

In addition, the Group recorded record pre-tax profit of £315m (a 26% increase from £250m in 2016) with net debt also being reduced form £139m in June 2016 to £73n in June 2017.

Elsewhere, the company's operating margin rose to 19.4% (2016: 18.9%).

The rise in turnover is attributed to the combination of the increase in legal completions to 5,416, combined with a 7% rise in average selling prices to £309,800 (2016; £288,600).

Steve Morgan, Chairman, said: "Redrow has continued to build much-needed new homes across England and Wales with completions up 15% to over 5,400.

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"Our growth strategy has delivered record financial results for the fourth consecutive year. Pre-tax profits were £315m, up 26% on the prior year, with a 27% increase in earnings per share to 70.2p.

"Redrow began the current financial year with a record order book, up 14% year on year to £1.1bn. Sales in the first 9 weeks are very encouraging, up 8% on a strong comparator last year.

"Based on the strength of our current performance and the robust demand that we are seeing, we are today updating our medium term guidance. We now expect turnover in 2020 of c£2.2bn and pre-tax profit of c£430m. We expect the dividend in 2020 to rise to 32p per share.

"Our strategy of continued growth for the business is on track. I am confident this will be another year of significant progress for Redrow."

Speaking on his decision to step back from the business, Mr Morgan continued; "Eight years after returning to Redrow, I have decided to ease back from a full time Executive role towards a Non-Executive role; the transition is to take place during the current financial year.

"It is my intention to continue to focus with the Board on the strategic development of the business and I will retain my keen involvement with the product and key important projects.

(LM/MH)