Redrow plc (RDW.L) a developer of residential and mixed-use properties, Tuesday reported higher income for the first half, on the back on an increase in private average selling price.
For the period, the firm posted profit before tax of 23 million pounds, up from 15.3 million pounds last year.
Profit after tax for the period totaled 15.5 million pounds, up from 9.2 million pounds. On a per share basis, profit for the first half from continuing operations amounted to 4.2 pence, up from 3.0 pence a year earlier.
On an adjusted basis, earnings per share rose to 4.8 pence from 3.7 pence in the corresponding prior-year period.
For the six months, the firm clocked a revenue of 257 million pounds, higher than the prior-year's revenue of 232.8 million pounds.
The company attributed the rise to a 10 percent increase in private average selling price to 224 thousand pounds. This increase can largely be attributed to the sale of a greater proportion of traditional family homes and the continuing success of The New Heritage Collection, added the company.
The firm has refrained from proposing any dividend for the ended half year period.
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