Dividend cut at Redland

Redland, one of Europe's largest suppliers of roof tiles, blocks and bricks, cut its dividend by a third yesterday despite a 34 per cent rise in pre-tax profits to £373m. The final payment of 11.17p compared with last year's 16.75p and a similar cut in next year's interim payout will follow. The shares, which had largely discounted a cut despite the company's claim throughout the recession that it would not be needed, fell 22p to 475p.

Investment Column page 42