Redrow hikes interim dividend by 50% as profits rise
Source - SMW
House builder Redrow posted a rise in first-half profit and hiked its final dividend after legal completions increased and margins improved.
Pre-tax profit in the six months through December rose 26% to £176m, as revenue rose 20% to £890m.
The company declared a final dividend of 9p per share, up 50% on the previous corresponding period's 6p.
'Reservations in the first five weeks of the second half have been in line with the strong comparable period last year,' chairman Steve Morgan said.
'We entered the second half with a record order book, and customer traffic and sales remain robust.'
'Given the strength of both our order book and land holdings, together with the robust sales market, our growth strategy remains on track. This gives me every confidence it will be another year of significant progress for Redrow.'