Redrow FY23 Profit Climbs, Revenues Nearly Flat; Cuts Dividend; Re-introduces FY24 View

British house builder Redrow Plc (RDW.L) reported Wednesday higher profit before tax in fiscal 2023, amid nearly flat revenues.

For the year, profit before tax surged 61 percent to 395 million pounds from last year’s 246 million pounds. Earnings per share were 91.2 pence, up 58 percent from 57.7 pence a year ago.

On an underlying basis, profit before tax dropped 4 percent from last year’s 410 million pounds, and earnings per share fell 5 percent from 96.0 pence in the prior year.

Revenue for the year was 2.13 billion pounds, compared to last year’s 2.14 billion pounds.

Legal Completions in the year declined 5 percent to 5,436 units from prior year’s 5,715 units.

The Board is proposing a final dividend of 20.0p, making a total of 30.0p for the year, down from last year’s 32.0p. Subject to shareholder approval at the Annual General Meeting on November 10, the dividend will be paid on November 16 to all shareholders on the register at September 22.

Further, the company re-introduced its 2024 guidance. The company had withdrawn its outlook in February citing then changes in market conditions.

For the fiscal 2024, Redrow expects profit before tax of 180 million pounds to 200 million pounds, earnings per share of 14 pence, and revenues of 1.65 billion pounds to 1.7 billion pounds.

The company said that as expected, the sales market over the summer has been challenging. This has resulted in sales per outlet per week for the first 10 weeks of the new financial year of 0.34, compared to last year’s 0.61.

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