- Redrow PLC reported record interim revenue as the housebuilder continues to ride the UK property market boom
Sales in the first half of its financial year, ended January 2, edged up to £1.05 billion from £1.04 billion year-on-year.
This revenue growth, combined with the operating margin strengthening to 19.5% from 17.1%, helped pretax profit jump 17% to £203 million from £174 million.
House price inflation continues to run ahead of build cost inflation, the firm said, with the average private selling price rising 8% to £419,000 in the period.
The second half of the year has also started well, with the value of private reservations per outlet per week for the five weeks to February 6 averaging £417,000 in total and £367,000 excluding a bulk deal in London.
‘Redrow continued to perform strongly in the first half, delivering record revenue for the period, which demonstrates the ongoing success of our strategy. Our premium quality product is more in demand and attractive to customers than ever before and is perfectly suited to accommodating the blending of family and work life that many of us are experiencing,’ said Chief Executive Matthew Pratt.
The company lifted its interim dividend to 10.0 pence from 6.0p.
Shares in Redrow were up 2.1% at 638.20p in London early Thursday.
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