A great result from Redrow

Redrow is the first of our Key Investments to report figures in 2015, with their half year's accounts to December being even better than we anticipated and reflecting the strong management team created by chairman Steve Morgan

The highlights for the period as compared with the same six months of last year are

             Sales increased by 54%.  to £560m

             Profit increased by 92%.   to £91m

             Earnings per share now 19.9p   ( 10.3 p )

             Dividend per share now 2.0p    ( 1.0 p )       

             Dividend covered nearly 10 times

Redrow remains one of the most attractive of our key investments with a  product range to attract buyers at all their sites throughout the country and it looks as if the second  six months  profits  may be even better than today's results.
The next few weeks will see figures from some of our other key investments in the building and construction industry: Gallifordtry, Persimmon, TaylorWimpey. All should all produce record profits and increased dividends!  Although perhaps not quite as good as Redrow?