11th Feb 2015 07:41
LONDON (Alliance News) - FTSE 250-listed housebuilder Redrow PLC on Wednesday said its pretax profit nearly doubled in the first half of its financial year on the back of surging revenue, stronger margins, and a rise in house sales, resulting in it doubling its interim dividend.
Redrow said its pretax profit for the six months to the end of December was GBP91.2 million, up from GBP47.5 million last year. Revenue in the half rose to GBP560.6 million from GBP363 million, with gross margins rising to 22.4% from 20.3%.
The jump in pretax profit prompted the group to double its interim dividend, up to 2 pence per share from 1 pence last year.
The group said its legal completions in the half rose by 18% to 1,850 from 1,565, with its regional private order book sitting at GBP334 million at the end of the half, up from GBP256 million from a year earlier.
"I am delighted to report Redrow has again generated outstanding results," said Redrow Chairman Steve Morgan.
"Whilst we are only at the beginning of the spring selling season, demand for new homes is strong and the welcomed changes to [UK] stamp duty will undoubtedly help home buyers within our market segment," Morgan added.
By Sam Unsted; [email protected]; @SamUAtAlliance
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