10 February 2021 | 07:08am
StockMarketWire.com - House builder Redrow reinstated its dividend after it notched an 11% rise in first-half profit, underpinned by a recovery in demand partly driven by the looming end of the UK government s Help-to-Buy subsidy.
Pre-tax profit for the six months through 27 December increased to £174 million, up from £157 million year-on-year, as revenue climbed 20% to £1.04 billion.
The company declared an interim dividend of 6p per share.
Home completions rose 20% to 3,065 and Redrow s order book grew 8% to £1.3 billion. The group delivered a strong first-half performance whilst continuing to operate under strict Covid-secure procedures, chief executive Matthew Pratt said.
Sales had been driven by a a combination of pent-up demand from the first national lockdown, the introduction of a stamp duty holiday and the impending end of the Help-to-Buy scheme for existing home owners, Pratt added.
10 February 2021 | 12:00pm
StockMarketWire.com - The FTSE 100 made steady gains on Wednesday, up 0.3% to 6,548.39 by midday supported by strength in the mining sector as investors looked towards a recovery from the pandemic.
Sentiment was also supported by the new record highs marked by US and Asian stocks overnight.
Housebuilder Persimmon dipped 0.3% to £27.74 after it identified unsafe cladding materials in high-rise buildings and flagged a £75 million charge to pay for replacement work.
Persimmon s review comes in the wake of the Grenfell Tower disaster in 2017, which saw a high-rise residential building catch fire, killing 72 people.
Permission had found 26 buildings that it had developed that may need work.