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08Oct92 UK: REDLAND REVEALS A 12% RISE IN 1992 INTERIM PRETAX PROFITS TO £88.5M.

Strong trading in Germany and the acquisition of Steetley earlier this year helped roof tile giant Redland unveil a 12 per cent rise in pre-tax profits to £88.5 million for the half ending June.But earnings per share fell 11 per cent and the UK prospects for the rest of the year remain poor.Fears have also emerged in the City that the company may cut its dividend next year. The interim dividend was held and will be maintained for the current full year.Chief executive Robert Napier said the restructuring of the Steetley and Redland aggregates and brick businesses would provide further opportunities for cost savings.Cost savings from the £624 million acquisition of Steetley have been higher than expected and should now produce annual economies of £31 million. The largest savings will come in the UK brick business.German trading remained strong with profits up 25 per cent to £41.1 million and the outlook remains good. But markets in France were declining. In the US, Maryland and southern California remain depressed but in Texas and Colorado profits were improving.The Australian housing market continued to recover. First half turnover rose 28 per cent to £787 million.