More houses for developer Redrow

British house builder Redrow has announced plans to reinstate a dividend following successful results for the first half of 2013. (Release)

In the year to June, pretax profit was up 63 per cent to £70m with group revenue increasing 26 per cent to £604.8m.

As a result of improved figures, Redrow's board has proposed reinstating a final dividend of 1p per share.

The company said Help to Buy has made a significant contributions to forward sales but highlighted private completions of just 3 per cent.

The New Heritage Collection, a new set of homes inspired by the Arts and Crafts movement, represented 85 per cent of private turnover, compared with 67 per cent in 2012.

Chairman of Redrow Steve Morgan commented:

Market confidence is returning to more normal levels, and we have started the new year well with reservations up 54%. However, the pace at which we can continue to increase output is very much dependent on our ability to increase the number of outlets through the planning system, which continues to be bureaucratic, costly and time consuming.

With the ongoing assistance of good mortgage availability and Help to Buy, we expect Redrow will continue to make further strong progress."