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Markets News

Homebuilder Redrow's annual revenue slumps 40%, to renew dividend payout next year

Sept 16 (Reuters) - British homebuilder Redrow Plc reported an almost 40% fall in annual revenue and completed sales on Wednesday, while promising to renew dividend payouts next year as it halts investments in London and focusses on its Heritage Collection homes.

The Ewloe, UK-based company’s pretax profit plunged 66% to 140 million pounds ($180.54 million) for the full year ended June 30, as it undertook costs and impairment charges associated with the scaling back of its London business. ($1 = 0.7754 pounds)

Reporting by Samantha Machado in Bengaluru; Editing by Rashmi Aich

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