Housebuilder Redrow has continued its run of record financial results and remains confident on the outlook despite Brexit uncertainty.
In the sixth consecutive year of record financials, the FTSE 250 business, which has its headquarters in Flintshire, has reported a 7% rise in pre-tax profits to £406m for its last financial year to the end of June, 2019.
During the year, there were 6,443 house legal completions, up 13% on the year, while revenues soared 10% to £2.1bn.
The business said the current financial year had started strongly. And while caution on a post-Brexit future and the impending changes to the Help to Buy scheme, it said it had every reason to be confidence for 2020.
It is proposing a final year dividend of 20.5p per share.
Its executive chairman John Tutte, said: "I am delighted to report that Redrow for the sixth consecutive year has delivered record results. The group completed 6,443 homes, 13% up on the previous year and passing the 6,000 milestone for the first time. Revenue reached £2.1bn and pre-tax profit increased by 7% to £406m.
"The excellent trading performance led to strong cash generation and we ended the year with net cash of £124m after making the 'B share' payout in April. As a result we are proposing a final dividend of 20.5p per share giving a full year dividend of 30.5p per share, 9% up on last year.
"We are understandably cautious about the post-Brexit future and also the eventual impact of the impending changes to the Help to Buy scheme. We do however, have a clear strategy to continue to grow.
Since the start of the new financial year, trading has been encouraging and the demand for our homes is strong with reservations running ahead of last year. Notwithstanding the political and economic uncertainty we face, we have every reason to be confident that 2020 will be another successful year for the group."
