Pete Redfern, Chief Executive, commented:
"We have delivered a strong operational and financial performance with continued growth in profitability, building over 6,000 new homes across the country during the first half of 2016.
One month on from the EU Referendum, current trading remains in line with normal seasonal patterns. Customer interest continues to be high, with a good level of visitors both to our developments and to our website. We are monitoring customer confidence closely across a number of metrics, including appointment bookings, and these continue to be solid. Whilst it is still too early to assess what the longer term impact from the Referendum result on the housing market may be, we are encouraged by the first month's trading and by continued competitive lending from the mortgage providers as well as the positive commentary from Government and policymakers.
With a strong order book which has grown to over £2.2 billion as at 24 July, we are c.90% forward sold for 2016. We remain fully committed to the Dividend Policy we announced earlier this year which will deliver increased returns to shareholders."
H1 2016 UK operational performance
Completed a total of 6,019 homes, excluding joint ventures, up 3.0% (H1 2015: 5,842)
5.8% increase in total average selling price to £238k (H1 2015: £225k), excluding joint ventures
12.1% increase in profit before tax and exceptional items to £266.6 million (H1 2015: £237.9 million)
Strong order book representing 8,683 homes (28 June 2015: 8,120) with a total value of £2,156 million (28 June 2015: £1,859 million), excluding joint ventures, which has continued to grow to £2,237 million as at 24 July (2015 equivalent period: £2,005 million)
Short term landbank of c.78k plots with over 60% sourced from the strategic land pipeline
H1 2016 returns to shareholders announced
Interim maintenance dividend of 0.53 pence per share (H1 2015: 0.49 pence per share) to be paid on 7 October 2016, bringing 2016 total dividends to c.£356 million or 10.91 pence per share
Remain fully committed to the Dividend Policy announced on 17 May 2016:
o Enhanced ordinary dividend from 2017 of approximately 5% of Group net assets and at least £150 million per annum through the cycle
o Special dividend of £300 million (c.9.20 pence per share) to be paid in July 2017 (July 2016: £300.2 million and 9.20 pence per share)
