Housebuilder Redrow has posted a 15% drop in pre-tax profit for the six months ending 31 December, to £157m.
The results come as executive chairman John Tutte plans to step down to a non-executive chairman role from July 2020, and retire before the next AGM in 2021.
Operations director Matthew Pratt will be promoted to chief executive this summer.
Revenue fell 10% to £870m, while earnings per share similarly fell by 10% to 37.2p. The housebuilder said there was a 14% drop in legal completions to 2,554, compared with 2,970 in the previous year.
However, there was an 18% rise in private net reservations, reaching £936m.
Redrow cited “constrained outlet growth” last year, as well as the timing of apartment block completions.
It added that private reservations since the start of the year are 15% ahead of the equivalent period last year.
Tutte said: “Redrow has once again delivered a robust operational and financial first-half performance consistent with our expectation that revenue will be considerably more weighted than usual to the second half.”
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
