Redrow declares special dividend as profit rises 5%

Writer, Stock Market Wire
Wednesday, February 6, 2019 - 07:14

House builder Redrow posted a 5% rise in first-half profit and declared a special dividend after it completed more homes compared to a year earlier.

Pre-tax profit for the six months through December rose to £185m on-year, as revenue climbed 9% to £970m.

The company declared an interim dividend per share of 10p per share, up 11% on-year, and an additional cash payment of 30p per share.

Legal completions increased 12% to 2,970, while the company's order book rose 11% to £1.16bn.

'The market during the run up to the festive period and the first two weeks of 2019 was subdued by macroeconomic and political uncertainty,' chairman Steve Morgan said.

'However, sales over the last three weeks have bounced-back with reservations running at similar levels to last year's strong market activity.'

Private sales for the first five weeks of 2019 were £156m, down from £166m on-year.

'Nevertheless given our record £1.2bn order book, our strategy remains on track giving me every confidence that this will be another year of significant progress for Redrow,' Morgan said.


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