The interim dividend has been held at 45.0p per share (2022 - 45.0p) and, given the Group's financial strength, the Board expects to maintain the total dividend for financial year 2023, in line with the prior year payment of 140.0p per share.
Other financial highlights include:
Revenue rose by 1.6% to £1,809.3 million (2022 - £1,780.0 million), a half year record level for the Group.
Strong volume output, with the completion of 5,695 homes (2022 - 5,694 homes), and a 1.6% increase in the overall average selling price to £316,929 (2022 - £311,849).
The overall reservation rate reduced by 31.7% to 138 per week (2022 - 202), with weaker private demand partially offset by the Group's programme of accelerating the construction of social homes.
Elevated mortgage rates, particularly during the autumn, and the end of Help-to-Buy have contributed to a 43.8% decrease in the private reservation rate to 91 per week (2022 - 162).
The underlying operating margin was 17.6%2,3 (2022 - 18.7%) and, notwithstanding the Group's ongoing disciplined approach to cost control, the reduction reflects the effect of extended site durations, together with build cost and overhead inflation.
Underlying profit before taxation was £312.1 million2,3 (2022 - £327.2 million).
