LONDON (dpa-AFX) - Residential property developer Barratt Developments PLC (BDEV.L) Wednesday reported profit before tax of 95.2 million pounds for the first half, significantly lower than 501.5 million pounds in the same period last year, mainly hurt by lower home sales.
Separately, Barratt today said it has agreed to acquire its rival Redrow plc in a 2.5 billion pounds transaction, to be paid in stock. The acquisition price is a premium of 27.2 per cent over the closing price of Redrow shares as on February 6. Upon closing the deal, nearly 67.2 per cent of the combined company will be owned by Barratt shareholders.
Net profit for the first six months declined to 68.8 million pounds or 7p per share from 380.5 million pounds or 37.1p per share a year ago.
Revenue for the period decreased to 1.851 billion pounds from 2.784 billion pounds in the previous year.
The Board meanwhile has declared an interim dividend of 4.4 pence per share, to be paid on May 17 to shareholders on the register on April 12.
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