RNS Number : 1319S
12 November 2021
FOR IMMEDIATE RELEASE
12 November 2021
ANNUAL GENERAL MEETING
Redrow plc is holding its Annual General Meeting (AGM) at 10am
today in the Innovative Room at etc. venues, 1st Floor, 200
Aldersgate Street, London EC1A 4HD and providing a trading update
for the period ending 7 November 2021.
At today's AGM, Richard Akers, Chairman, will say:
"We entered the new financial year with a robust housing market
and trading has remained strong.
The value of net private reservations in the 19 weeks to 5
November 2021 was 2% above the prior year at GBP672m (2021:
GBP658m). The private revenue per outlet per week was GBP309k
compared to GBP298k last year. Reservations per outlet per week for
the period were a more normal 0.68 compared to the unusually high
0.75 last year. Help to Buy accounted for only 9% of private
reservations in the period.
Our Heritage range of houses in great locations fits people's
requirements perfectly for quality, well designed homes with more
space to live and work. This is increasingly reflected in the
pricing of our homes and in combination with geographical and
product mix, increasing desire of our customers to personalise
their homes, and general house price inflation, has resulted in the
average selling price of private reservations for the first 19
weeks being up 14% on the equivalent period last year at GBP453,000
As expected, the Group has operated from an average of 114
outlets in the year to date (2021: 116). Due to the ongoing
strength of the sales market, we continue to expect the average
outlets for the full financial year will be 112, in line with the
guidance we gave in September.
Despite the well publicised material shortages and supply
interruptions facing the industry we are working successfully with
our longstanding supply partners to ensure build output remains at
normal levels. We estimate that overall build cost inflation will
be c5% for the current financial year.
Homes turnover for the 19 weeks to 5 November 2021 was 4% below
the exceptional level last year at GBP666m (2021: GBP690m) and the
total forward order book is a record GBP1.51bn (2021:
With the strength of our order book, ongoing sales rates and the
increase in private average selling prices, we now expect our
turnover for 2022 to be cGBP2.1bn, and our operating margin to be
During the period we have added 1,400 plots to our current land
holdings and 95 plots to our forward land holdings (2021: 457 plots
and 119 plots).
Our balance sheet remains strong and at the end of week 19 we
had net cash of GBP297m (2020: GBP150m). We continue to expect to
have net cash of around GBP200m at the end of June 2022.
As a result of our strategy to grow the business outside London,
with a strong focus on our industry leading product and
placemaking, we expect to deliver results in the 2022 financial
year approaching those achieved in 2019.
Sir Michael Lyons will step down from the Board today after
almost seven years service. On behalf of the Board I would like to
thank Michael for his contribution throughout his tenure and, in
particular, his stewardship of the Placemaking and Sustainability
Committee which he chaired."
Richard Akers, Chairman 01244 527411
Matthew Pratt, Group Chief Executive 01244 527411
Barbara Richmond, Group Finance
Director 01244 527411
Instinctif Partners 0207 457 2020
Tim Linacre, Deputy Chairman 07949 939237
Bryn Woodward, Associate Partner 0207 457 2045
The next scheduled trading update will be the interim results
for the 27 weeks ending 2 January 2022, which are due to be
announced on Wednesday 9 February 2022.
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(END) Dow Jones Newswires
November 12, 2021 02:00 ET (07:00 GMT)
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