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Redrow PLC on Thursday posted an interim report with figures that were similar to a year ago, while net cash more than halved as the UK housebuilder noted economic uncertainty.
The Ewloe, Wales-based company said pretax profit in the half-year to January 1 edged down to £198 million from £203 million a year ago, while revenue fell to £1.03 billion from £1.05 billion.
Redrow announced an interim dividend of 10.0 pence per share, unchanged from a year ago.
The order book however fell by 27% to £1.1 billion from £1.5 billion. Further, net cash more than halved to £107 million from £242 million.
Redrow noted economic and political uncertainty, reporting that the sales rate of private reservations per outlet per week decreased by 41% to 0.38 in the first half of financial 2023 from 0.64 a year ago.
For all of financial year 2023, which ends in early July, Redrow expects revenue to fall to £2.05 billion from £2.1 billion in financial 2022, with an operating margin between 18% and 18.5%, down from 19.3%.
Redrow shares were 0.8% lower at 540.50 pence each in London on Thursday morning.
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