8th Sep 2015 06:33
LONDON (Alliance News) - Housebuilder Redrow PLC on Tuesday posted big rises in pretax profit and revenue and doubled its dividend payout as its 2015 financial year saw it selling more houses at higher prices.
The FTSE 250 company said its pretax profit for the year to the end of June was GBP204.0 million, up from GBP133.0 million a year earlier, while revenue increased to GBP1.15 billion from GBP864.0 million.
On the back of the results, the group said it will pay a final dividend of 4.0 pence per share, double the payout it made a year earlier, bringing its total dividend to 6.0 pence per share, also double the year before.
Redrow said its legal completions rose 12% in the year to 4,022, up from 3,597, with a boost coming from the UK government's Help to Buy mortgage guarantee scheme. In addition to selling more houses, the company said its average selling price rose by 13% to GBP269,800.
The company said its order book at the end of the year was GBP565.0 million, up 13% from the same time a year earlier, while its owned and contracted land bank at the close of June had increased to 18,216 plots, up from 16,724 a year earlier.
"Redrow is in great shape, and I am looking forward to another year of significant progress," said Steve Morgan, Redrow's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
RDW.L