Redrow Plc Annual Earnings Fall, But Sales Rise; Ups FY24 EPS Outlook
Redrow Plc (RDW.L), a British house builder, on Wednesday posted a fall in earnings for the fiscal 2022, amidst an increase in cost of sales and administrative expenses. However, the company recorded a rise in sales.
For the 53-week period to July 3, the Ewloe-headquartered company posted a pre-tax profit of 246 million pounds, compared with 314 million pounds a year ago.
After tax, income was at 197 million pounds or 57.5 pence per share, compared with 254 million pounds or 73.6 pence per share of 2021.
Operating profit stood at 250 million pounds as against last year’s 321 million pounds.
Administrative expenses for the period climbed to 102 million pounds from 93 million pounds a year ago. Cost of sales also increased to 1.78 billion pounds from 1.52 billion pounds last year.
The company’s revenues rose to 2.14 billion pounds from 1.93 billion pounds of last fiscal.
For 2022, the Board has proposed a final dividend of 22 pence per share, against last year’s 18.5 pence per share. The dividend will be paid on November 16, to the shareholders of record on September 23.
Looking ahead, for the fiscal 2024, Redrow still expects its sales to be in the range of 2.3 billion pounds to 2.4 billion pounds.
For the fiscal 2024, due to the benefit of the share buyback, the house builder now expects EPS of over 96 pence, higher than its previous outlook of greater than or equal to 92 pence per share.
For the year 2024, the firm now projects its dividend per share or DPS to be over 32 pence, against its previous dividend expectation of greater than or equal to 31 pence per share.
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