Financial highlights
Group revenue rose 54% to a half year record of £560.6m driven by an 18% increase in legal completions and a 14% increase in private average selling price to £300,000 (2014: £262,000)
Gross margin rose to 22.4% (2014: 20.3%)
Record half year pre-tax profit of £91.2m, up 92%
Earnings per share up 93% to 19.9p
Return on capital employed improved to 21% (2014: 14%)
Net debt reduced to £140m (June 2014: £173m) giving gearing of 18%
(June 2014: 25%)
Interim dividend of 2p per share, double that of last year
Operational highlights
Legal completions rose 18% to 1,850 (2014: 1,565)
Average number of outlets increased to 101 (2014: 93)
Record number of employees at 1,550, up 900 from 2009 levels
London Division contributed £145m of turnover, both residential and commercial (2014: £41m)
Current land bank 16,950 plots (Dec 2013: 16,250)
Regional private order book up 30% at £334m (Dec 2013: £256m)
Steve Morgan, Chairman of Redrow, said
"I am delighted to report Redrow has again generated outstanding results. Our policy of retaining capital to concentrate on growth continues to reap the benefit, with a further substantial rise in both turnover, up 54% and pre-tax profits, up 92%.
As a result of this strong performance, whilst we continue first and foremost to invest in the ongoing growth of the business, we have also doubled the interim dividend to 2p per share.
Whilst we are only at the beginning of the spring selling season, demand for new homes is strong and the welcomed changes to stamp duty will undoubtedly help home buyers within our market segment. We started the second half with a very strong order book and are expecting to increase the number of active outlets to 115 by June 2015, a 12% increase.
Redrow is in great shape and I am confident this will be another strong year of growth for the business."
