Redrow PLC AGM Statement (9721V)
November 09 2017 - 2:00AM
UK Regulatory
TIDMRDW
RNS Number : 9721V
Redrow PLC
09 November 2017
Redrow plc
9 November 2017
ANNUAL GENERAL MEETING
Redrow plc is holding its Annual General Meeting today at 12
noon at St David's Park Hotel, Ewloe, Flintshire.
At today's AGM Steve Morgan, Chairman will say:
"I am pleased to report that for the first 18 weeks of the
current financial year, Redrow has traded in line with
expectations. The sales market was buoyant in the first quarter,
however ongoing political and economic uncertainty has resulted in
a slight slow down in sales in recent weeks in comparison to a very
strong sales market last year. I don't anticipate that last week's
interest rate increase will have any adverse impact on the market
as mortgage rates by historical standards remain low and very
competitive.
Despite recent slower market conditions, net private
reservations in the 18 weeks to 3 November were 2% above last year
at 1,548. The sales rate over the period was 0.67 per outlet per
week, marginally below the 0.68 in the same period in the 2017
financial year. The average selling price of private reservations
for the financial year to date is GBP371,000 (2017:
GBP352,000).
Our total order book (including our Croydon Joint Venture)
remains strong and is currently at a record high of GBP1.2bn, a 3%
increase on this time last year.
I am also pleased to report we have this week legally completed
the first 20 apartments at our 3,000 home Colindale Gardens
development in London. Colindale, which has a substantial order
book, will for the first time make a significant contribution to
our results in 2018.
Our balance sheet remains strong. Net debt is currently GBP25m
(2016: GBP92m) and despite a number of major land purchases is
expected to be below GBP100m at the end of December 2017 and
cGBP60m in June 2018.
With this strong forward sales position and balance sheet, I
remain confident this will be a year of further progress for
Redrow.
The next scheduled trading update will be Redrow's interim
results for the six months ending 31 December 2017, which are due
to be announced on Wednesday 7 February 2018."
Enquiries:
Redrow plc
Steve Morgan, Chairman 01244 527411
Barbara Richmond, Group
Finance Director 07767 252627
John Tutte, Group Chief
Executive 01244 527411
Instinctif Partners 0207 457 2020
Mark Garraway 07771 860 938
Helen Tarbet 07825 609 737
James Gray 07583 936 031
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMFSUFWAFWSESF
(END) Dow Jones Newswires
November 09, 2017 02:00 ET (07:00 GMT)
Redrow (LSE:RDW)
Historical Stock Chart
From Apr 2024 to May 2024
Redrow (LSE:RDW)
Historical Stock Chart
From May 2023 to May 2024