Redrow withholds dividend after profit halved
Housebuilder Redrow said it had secured a new 450 million pound debt facility until 2011, but withheld its final dividend due to the deterioration of the housing market.
Premier Foods cuts dividend and rejigs debtRedrow also said in a statement on Tuesday it expected the housing market to remain difficult for the foreseeable future.
The group added that it had agreed a new covenant package appropriate to the current trading environment but said it does not see the credit squeeze improving the availability of financing to home buyers before 2010.
Redrow posted a near halving of full-year pretax profit before exceptional items to 65.5 million pounds in the year to end-June, on revenues down 22 percent to 650 million pounds.
Redrow added it had prudently reviewed the value of its land and work under progress, resulting in 259.4 million pound exceptional charge.
(Reporting by Dan Lalor and Simon Meads; Editing by Louise Ireland)
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