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UK homebuilder Redrow half-year profit jumps 17%; flags tax hit on earnings

UK homebuilder Redrow half-year profit jumps 17%; flags tax hit on earnings
UK homebuilder Redrow half-year profit jumps 17%; flags tax hit on earnings   -   Copyright  Thomson Reuters 2022
By Reuters

– Britain’s Redrow Plc reported an about 17% rise in interim profit on Thursday, helped by firm house prices, but the homebuilder warned future earnings would be impacted by the introduction of the residential property developer tax in April.

The FTSE 250 company, which mainly builds standalone houses, said profit before tax for the 27 weeks to Jan. 2 was 203 million pounds ($274.74 million) and also raised its 2024 revenue outlook by 100-200 million pounds from 2.2 billion pounds guidance provided in September last year.

($1 = 0.7389 pounds)