Full year results stated:
Profit before tax rose 26% to £315m, above the “at least £306m” guided to in March.
ROCE has risen from 23.7% to 26% and the full-year dividend has been increased 70% to 17p.
Driver of the profit growth was a 15% rise in completions.
7% growth in the average sales price and the EBIT margin progressing 50bp to 19.4%.
Net debt at period end was £73m (2016: £139m)
Redrow has also released new longer term guidance, that it expects revenue of £2.2bn, PBT of £430m and a dividend of 32p in 2020.
As of 8:06 the stock was trading up c.3.15% at c.639.50p