RE: FY result day14 Sep 2022 08:58
Housebuilder Redrow said revenue in the financial year to July 3 rose 10% to GBP2.14 billion from GBP1.94 billion the year prior. However, pretax profit fell 22% to GBP246 million from GBP314 million after booking exceptional fire safety costs of GBP164 million. Excluding these costs, underlying pretax profit rose 31% to GBP410 million. Redrow's final dividend was lifted to 22.0p, up 19% from 18.5p the year before. This took its total payout for the year to 32.0p, up 31%. The homebuilder said its order book has placed it in an "excellent" starting position for the 2023 financial year, but added: "Given rising inflation and higher interest rates it is not surprising the buoyant housing market has moderated recently and demand has returned to historically average levels." In the first ten weeks of the new financial year, demand has moderated to historic levels.