Housebuilder reports 14% profits rise for past year.
Redrow today reported a solid set of results for the year to 30 June 2005, bucking the recent trend among the volume housbuilders.
Pre-tax profit rose 14% to £141.1m, prompting Redow’s shares to rise by almost 6p, or 1.5%, to 426p.
Chief executive Neil Fitzsimmons said: “We continue to experience a challenging and competitive environment as the sector goes through a period of adjustment during the transition to more normal markets.”
“The degree of competitiveness or otherwise within the market will have a significant impact on the outturn for the first half. Looking ahead, consumer confidence will be a key factor in determining the strength of the housing market in 2006.”
Turnover rose by 17% to £781m, and the board recommended a dividend of 10.8p a share, up 20%.
Redrow repeated its intention to increase the dividend by a further 20% in 2006.