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Redrow H1 Profit Climbs, Lifts FY24 Outlook; Stock Up

Homebuilder Redrow Plc. (RDW.L) reported Thursday that its first-half profit before tax grew 17 percent to 203 million pounds from last year's 174 million pounds.

Earnings per share were 48.1 pence, up from 41.0 pence last year.

Revenue increased to 1.05 billion pounds from 1.04 billion pounds in the prior year.

Operating margin was 19.5 percent, 2.4 percentage points higher than prior year's 17.1 percent.

Further, the company announced interim dividend up 4 pence to 10 pence per share.

Regarding the current trading, the company reported strong start to the second half. The value of private reservations per outlet per week for the 5 weeks to February 6 averaged £417,000 in total.

For the full year, the company expects to deliver a similar margin to the first-half margin of 19.5 percent.

Further, the company updated fiscal 2024 outlook. Revenue is now expected to be 2.3 billion pounds to 2.4 billion pounds, compared to previous outlook of greater than 2.2 billion pounds.

Operating Margin would be 19.5 percent to 20 percent, compared to previous view of around 19.5 percent.

Earnings per share would be in line or above 92 pence, compared to previous view of in line or above 90 pence.

Guidance for active outlets in 2024 has reduced from 137 to 134, mainly due to planning delays.

In London, Redrow shares were trading at 638.02 pence, up 2.02 percent.

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