StockMarketWire.com - House builder Redrow posted a 15% fall in first-half profit after it completed a smaller number of homes.

The company also announced that executive chairman John Tutte would step down to the role of non-executive chairman in July and retire ahead of the company's 2021 annual general meeting.

Current chief operating officer Matthew Pratt would be appointed chief executive from 1 July 2020.

Pre-tax profit for the six months through December declined to £157m, down from £185m on-year.

Revenue fell 10% to £870m, as legal completion fell 14% to 2,554.

Redrow reiterated that it expected legal completions to be weighted to the second half, on a roughly 40-to-60% split.

Redrow declared an interim dividend of 10.5p, up 5% on-year.

Tutte said the market in the first five weeks of the second half had been resilient, with the value of reservations up 15% at £180m.

'Current market conditions, combined with our very strong order book give me confidence this will be yet another year of progress for Redrow and our expectations for the full year remain unchanged,' Tutte said.

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