Redrow PLC AGM Statement (5520G)
07 November 2018 - 6:01PM
UK Regulatory
TIDMRDW
RNS Number : 5520G
Redrow PLC
07 November 2018
Redrow plc
7(th) November 2018
ANNUAL GENERAL MEETING
Redrow plc is holding its Annual General Meeting today at
11.30am at the offices of Instinctif Partners, 1st Floor, 65
Gresham Street, London EC2V 7NQ.
At today's AGM Steve Morgan, Chairman, will say:
"For the first 18 weeks of the current financial year, Redrow
has traded in line with expectations. We continue to see good
demand in our regional businesses with most sites sold well in
advance. However, the London sales market has remained subdued
affected by excessively high Stamp Duty tax and Brexit
uncertainty.
The value of net private reservations in the 18 weeks to 3
November was in line with last year at GBP588m (2018: GBP586m). The
sales rate per outlet per week over the period was 0.64 compared
with 0.67 last year, with the slight reduction entirely due to the
London market.
The average selling price of private reservations for the first
18 weeks is up 4.6% at GBP388,000 (2018: GBP371,000). Our total
order book remains very healthy at GBP1.2bn, an 11% increase on
this time last year.
Our operational cashflow is strong with net cash currently
standing at GBP132m (2017: Net Debt GBP25m).
We broadly welcome the extension, announced in the Budget, of
the highly successful Help to Buy scheme which has enabled to date
the purchase of almost 170,000 properties, over 80% of which were
first-time buyers. We would, however, urge the government to review
the regional price caps that markedly disadvantage the North and
Midlands in favour of the South of England.
We have announced today that I will be retiring from the Board
at the end of March 2019, exactly 10 years to the day after I
returned to the business. I will be leaving the business in
excellent hands with John Tutte, our Group Chief Executive,
succeeding me as Executive Chairman. I have worked closely with
John over the last 10 years and believe that his appointment will
ensure the stability and continuity so important to a business like
Redrow. We have also announced that Matthew Pratt, who is currently
CEO of Redrow's Southern businesses and a member of the Group
Executive Board, will be appointed Chief Operating Officer and join
the Board at the end of March 2019.
Redrow has an industry leading, highly desirable product, an
excellent forward sales position and a very healthy balance sheet.
We are in great shape to deliver another year of progress for the
business."
Enquiries:
Redrow plc
Steve Morgan, Chairman 01244 527411
Barbara Richmond, Group Finance Director 01244 527411
John Tutte, Group Chief Executive 01244 527411
Instinctif 0207 457 2020
Mark Garraway 07771 860 938
James Gray 07583 936 031
Note:
The next scheduled trading update will be the interim results
for the six months ending 31 December 2018, which are due to be
announced on Wednesday 6 February 2019.
LEI Number:
2138008WJZBBA7EYEL28
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END
AGMFSLFAMFASEDF
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