Housebuilder forecasts profit rebound

Housebuilder Redrow has reported encouraging sales activity for the first six months of 2010, leading it to forecast a return to profit in the second half.
Sales were “comfortably ahead” of the same period a year ago, it said.

Redrow shares were up 2.5% in early trading as a result, whilst Barratt Developments climbed 6% and Taylor Wimpey rose 3.9%.

Shares in Bellway and Persimmon were also up by about 3%, after the latter reported sales 20% ahead of this time last year at £1.15bn.