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UK housebuilder Redrow's full-year profit nearly doubles
September 2, 2014 / 6:25 AM / 3 years ago

UK housebuilder Redrow's full-year profit nearly doubles

Sept 2 (Reuters) - Redrow Plc’s full-year profit nearly doubled, spurred by the government’s ‘Help to Buy’ housing scheme and strong consumer sentiment, allowing the British housebuilder to double its final dividend to 2 pence per share.

Pretax profit rose to 132.6 million pounds ($219.9 million) in the 12-month period ended June 30, from 69.4 million pounds a year earlier.

“The number of homes we built has increased by 27 percent... Whilst this is clear evidence of the success of our strategy, it also shows the positive impact of the government’s Help to Buy scheme,” Chairman Steve Morgan said in a statement.

Revenue jumped 43 percent to 864.5 million pounds, the mid-sized residential and mixed-use property developer said. ($1 = 0.6030 British Pounds) (Reporting by Esha Vaish in Bangalore; Editing by Gopakumar Warrier)

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