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Redrow Plc H1 Profit Rises; Group Revenue Up 20% - Quick Facts

Redrow plc (RDW.L) reported profit before tax of 176 million pounds for the six months to 31 December 2017 compared to 140 million pounds, prior year. Profit for the period increased to 143 million pounds from 112 million pounds. Earnings per share from continuing operations 39.3 pence compared to 30.8 pence.

First-half revenue increased to 890 million pounds from 739 million pounds, a year ago. Group Revenue rose by 20% due to the increase in legal completions, including the first 82 apartments at Colindale Gardens, the Group's new Urban Village in North London. There was also a 9% rise in average selling price.

Steve Morgan, Chairman of Redrow, said "Reservations in the first five weeks of the second half have been in line with the strong comparable period last year. 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."

The Board has decided to pay an interim dividend of 9 pence per share, a 50% increase on last year's interim dividend.

by RTTNews Staff Writer

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