Group revenue rose 33% to a record £1.15bn driven by a 12% increase in legal completions and a 13% increase in Average Selling Price to £269,800
Gross margins rose to 23.8% from 21.7% in 2014
Record pre-tax profit of £204m, up 53%
Earnings per share up 56% to 44.5p
Return on Equity of 26.4% (2014: 20.5%)
Return on Capital Employed of 22.8% (2014: 18%)
Net debt reduced to £154m vs £172m in 2014
On the basis of these strong results, the Board is proposing a final dividend of 4p per share, double that of the final dividend paid in 2014
Legal completions up 12% to 4,022 (2014: 3,597) spurred by Help to Buy
Outlets increased 14% to 117 (2014: 103)
Number of employees up 23% to 1,650
Order Book including JV up 13% at £565m (£524m up 9% excluding JV)
The owned and contracted land bank at the end of June 2015 was 18,216 plots
(June 2014: 16,724 plots)
Steve Morgan, Chairman of Redrow, said:
"I am pleased to announce another set of record results. For the first time in our history, we generated turnover in excess of £1bn, up 33% on last year. We built and sold over 4,000 homes across the UK last year, up 12% from the year before and around 42% more than in 2013. Pre-tax profits also reached record levels, up 53% as we saw the benefit from our early site acquisitions post the downturn. This strong performance has led the Board to propose a dividend of 4p per share, double that paid in the last financial year.
Looking ahead, we have a strong pipeline of attractive sites in excellent locations and a high quality industry leading product. We have entered the year with a record order book and reservations to date are running 5% ahead of last year at 0.68 sales per outlet per week. We have secured 820 private reservations in the first 10 weeks, some 28% ahead of last year.
Redrow is in great shape and I am looking forward to another year of significant progress."