Housebuilder Redrow has posted a 21% increase in profit and a surge in its dividend earnings.
Pretax profit for the year to 30 June 2018 rose to £380m, up from £315m as revenue rose by 16% to £1.92bn.
The company reported a full-year dividend of 28 pence per share, up 65% from 17 pence a year ago.
Redrow boosted its revenue amid a 9% increase in legal completions and a 7% increase in the average selling price to £332,300.
Company chairman Steve Morgan said: “Redrow is committed to increasing our output to help the country’s requirement to increase the number of new homes built. We have a strong forward order book, first class land holdings, an excellent balance sheet and we are able to react quickly to changing circumstances.
“However, there is no doubt that clarity over Brexit and the future of Help to Buy would improve market sentiment. Given that clarity, we will continue to deliver.”
Last month, Redrow entered into a partnership with Catalyst to deliver a £180m scheme in Brentford, west London.
In July, it also completed a second forward-funding deal with a PRS developer. M&G Real Estate paid £82.7m to take 186 new homes at the housebuilder’s £1.2bn, 2,900-home Colindale Garden scheme in Colindale, north London.
The 450-home scheme in the borough of Hounslow is on Capital Interchange Way and will include commercial and retail elements.
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