Redrow hikes H1 pretax profit by 35%

Redrow has hiked its H1 pretax profit by 35% to £140m, from £104m in the year-earlier same period, in what it penned as a robust performance.

Interim dividend vaulted 50% higher to 6p a share, from 4p.

The company's group revenue improved to £739m, from £603m.

"Redrow delivered a robust performance in the first half, producing another set of record results," said chairman Steve Morgan.

In the last six months legal completions increased 13% to 2459, adding to the country's much needed supply of new homes, he said.

"At the beginning of February we purchased Radleigh Homes a regional housebuilder based in the East Midlands.

"Radleigh is an excellent fit given its geographical location and high quality market position. Radleigh will form the basis of a new division for the Group."

Redrow, said Morgan, had entered H2 with a record order book, while customer traffic and sales remained robust.

"Given the strength of our sales position and land holdings our growth strategy is firmly on track, giving me every confidence this will be another year of significant progress for Redrow."