Shares of Flintshire-based house builder Redrow rose 4% after it said its revenue rose 20% to a record £1.66 billion and pre-tax profit jumped 26% to a record £315 million in the year to June 30 and said it began the current financial year with a record order book.

Redrow is proposing a final dividend of 11p per share, making 17p for the full year — a rise of 70%.

Redrow said the record revenue was driven by higher legal completions and a 7% increase in average selling price to £309,800.

Operating margin rose to 19.4% from 18.9% in 2016.

Redrow chairman Steve Morgan said: “Redrow has continued to build much-needed new homes across England and Wales with completions up 15% to over 5,400.

“Our growth strategy has delivered record financial results for the fourth consecutive year.

“Pre-tax profits were £315 million, up 26% on the prior year, with a 27% increase in earnings per share to 70.2p.

“Redrow began the current financial year with a record order book, up 14% year on year to £1.1 billion.

“Sales in the first 9 weeks are very encouraging, up 8% on a strong comparator last year.

“Based on the strength of our current performance and the robust demand that we are seeing, we are today updating our medium term guidance.

“We now expect turnover in 2020 of c£2.2 billion and pre-tax profit of c£430 million.

“We expect the dividend in 2020 to rise to 32p per share.”

“Our strategy of continued growth for the business is on track. I am confident this will be another year of significant progress for Redrow.”