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Redrow FY21 Profit Surges, Declares Dividend; Sees Growth In 2024

Homebuilder Redrow Plc. (RDW.L) reported Wednesday that its fiscal 2021 profit before tax climbed 124 percent to 314 million pounds from last year's 140 million pounds.

Profit before tax declined 23 percent from the pre-pandemic 2019.

Earnings per share grew to 73.7 pence from prior year's 32.9 pence.

Revenue for the year was 1.94 billion pounds, 45 percent higher than 1.34 billion pounds a year ago. Revenues declined 8 percent from 2019.

Legal completions increased 39 percent to 5,620 units from 4,032 units a year ago. Legal completions declined 13 percent from 2019.

Further, the Board is proposing a final dividend of 18.5p making a total of 24.5p for the year, in line with the company's policy of three times dividend cover.

Looking ahead, the company reported encouraging trading since the start of the new financial year.

Further, the company said it is able to resume medium term guidance, expecting fiscal 2024 revenue above 2.2 billion pounds, operating margin of about 19.5 percent and earnings per share of in line or above 90 pence.

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