Those “poor” developers get richer

“[Redrow’s] Pre-tax profits rose 26 per cent to £315m in the year to the end of June, Redrow said today, against revenues of £1.66bn, up 20 per cent on last year’s figures.

Legal completions – the number of homes bought – rose 15 per cent to 6,416, while its order book rose 14 per cent to £1.1bn. Average selling price increased seven per cent to £309,800.

Meanwhile, its number of outlets increase three per cent to 132, while it added 5,419 plots to its land bank.

So good was its performance, it has raised guidance to turnover of £2.2bn by 2020, while pre-tax profit is expected to hit £430m. Dividend will rise to 32p per share.

Today it hiked its dividend by 70 per cent to 17p. Shares rose 5.8 per cent to 655.9p in the first minutes of trading.”

http://www.cityam.com/271378/redrow-has-hiked-its-dividend-70-per-cent-after-profits

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s