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Redrow reinstates dividend as profit rises 11%
StockMarketWire.com
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House builder Redrow reinstated its dividend after it notched an 11% rise in first-half profit, underpinned by a recovery in demand partly driven by the looming end of the UK government's Help-to-Buy subsidy.
Pre-tax profit for the six months through 27 December increased to £174 million, up from £157 million year-on-year, as revenue climbed 20% to £1.04 billion.
The company declared an interim dividend of 6p per share.
Home completions rose 20% to 3,065 and Redrow's order book grew 8% to £1.3 billion.
'The group delivered a strong first-half performance whilst continuing to operate under strict Covid-secure procedures,' chief executive Matthew Pratt said.
Sales had been driven by a a combination of pent-up demand from the first national lockdown, the introduction of a stamp duty holiday and the impending end of the Help-to-Buy scheme for existing home owners, Pratt added.
'The acceleration of changing buyer trends, which are completely aligned to Redrow's strategy, point to a positive outlook for the business,' Pratt said.
'Our private forward sold position of £750 million beyond the end of both the original Help-to-Buy scheme and the stamp duty holiday, demonstrates the resilience of our target market and the desirability of our product and the places we create.'
'These fundamentals mean we can look confidently to the future and fulfilling our ambitions to rebuild and grow the business.'
Story provided by StockMarketWire.com
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