Redrow PLC AGM Statement (6612O)
09 November 2016 - 6:00PM
UK Regulatory
TIDMRDW
RNS Number : 6612O
Redrow PLC
09 November 2016
Redrow plc
9 November 2016
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 say that the encouraging sales trend I reported
in the September Prelims has continued. Currently, net private
reservations are 6% ahead at 1,660 and the sales rate for the 19
weeks to 4 November 2016 is 0.71 per outlet per week, up 4% on last
year. Demand remains strong across the majority of our sites with
buyers continuing to make purchase decisions well ahead of build
programmes. Our private order book is currently GBP941m, a 29%
increase on this time last year.
The average selling price of private reservations for the
financial year to date is GBP355,000 (2016: GBP334,000) including
the sale of the last of the high value apartments in Central
London. Excluding these apartments, the average selling price was
still up at GBP341,000.
Our balance sheet remains strong. Net debt is currently GBP92m
and is expected to be at similar levels at the end of December
2016.
With this robust sales performance and strong balance sheet, I
remain confident this will be another year of significant progress
for Redrow.
The next scheduled trading update will be Redrow's half-yearly
results for the six months ending 31 December 2016, which are due
to be announced on Wednesday 8 February 2017."
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
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