4th Sep 2018 08:14
LONDON (Alliance News) - FTSE 250-listed housebuilder Redrow PLC said on Tuesday that the rising number of legal completions and in the average selling price saw double digit rises in profit and revenue for its recently ended financial year.
For the year to the end of June, Redrow reported a record pretax profit of GBP380 million, up 21% from GBP315 million the year before, on revenue that grew by 16% to GBP1.92 billion, from GBP1.66 billion.
Legal completions, including joint ventures were up 9.0% during the year at 5,913 from 5,416 the prior year, and the average selling price rose by 7.0% to GBP332,300 from GBP309,800, coming from faster growth of Redrow's southern businesses.
The company has proposed a final dividend of 19 pence per share, leading to a total payout of 28p, a 65% hike from 17p the year before.
During the year, Redrow acquired new land and planning permission for its forward land holdings, bringing its owned and contracted land bank to 27,630 plots from 26,100 plots the year before, while the forward land bank was raised to 30,700 plots.
Redrow's order book, excluding the Croydon joint venture also saw growth, rising by 10% to GBP1.1 billion from GBP1.0 billion.
"Redrow is committed to growing our output to help the country's requirement to increase the number of new homes built. We have a very strong forward order book, first class land holdings, an excellent balance sheet and we are able to react quickly to changing circumstances. However, there is no doubt that clarity over Brexit and the future of Help to Buy would improve market sentiment. Given that clarity, we will continue to deliver," said Chairman Steve Morgan.
Shares in Redrow were up 1.9% at 567.00 pence on Tuesday.
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