9th Feb 2023 08:52
(Alliance News) - Redrow PLC on Thursday posted an interim report with figures that were similar to a year ago, while net cash more than halved as the UK housebuilder noted economic uncertainty.
The Ewloe, Wales-based company said pretax profit in the half-year to January 1 edged down to GBP198 million from GBP203 million a year ago, while revenue fell to GBP1.03 billion from GBP1.05 billion.
Redrow announced an interim dividend of 10.0 pence per share, unchanged from a year ago.
The order book however fell by 27% to GBP1.1 billion from GBP1.5 billion. Further, net cash more than halved to GBP107 million from GBP242 million.
Redrow noted economic and political uncertainty, reporting that the sales rate of private reservations per outlet per week decreased by 41% to 0.38 in the first half of financial 2023 from 0.64 a year ago.
For all of financial year 2023, which ends in early July, Redrow expects revenue to fall to GBP2.05 billion from GBP2.1 billion in financial 2022, with an operating margin between 18% and 18.5%, down from 19.3%.
Redrow shares were 0.8% lower at 540.50 pence each in London on Thursday morning.
By Tom Budszus, Alliance News reporter
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