Redrow PLC - AGM Statement
ANNUAL GENERAL MEETING
Redrow plc is holding its Annual General Meeting (AGM) at
At today's AGM,
"We entered the new financial year in a position of strength and this has been reinforced with strong trading since the start of the year. There has been resolute demand for homes with more space to live and work as customers reflect on their lockdown experiences. In the Heritage Collection, we have an award winning product that meets these changing priorities and is attractive to a wide range of buyers.
The value of net private reservations in the 18 weeks to
Pricing has remained firm with modest gains in the regions. The average selling price of private reservations for the first 18 weeks was 2% up on last year at
Homes turnover for the 18 weeks to
Our balance sheet is strong and at the end of week 18, we had net cash of
I am pleased to report we are making good progress on scaling-back our operations in
Our build teams are operating safely and normally in accordance with our COVID protocols and we expect them to continue to do so throughout the current lockdown. However, ongoing planning delays are affecting the rate at which outlets are coming on-stream during a period when closures have come forward due to the strong sales rate. The Group has operated from an average of 116 outlets in the year to date (2020: 125) and we expect the average for the financial year will be 118, in-line with the guidance we gave in September. Our sales offices will remain open during the lockdown, other than in
The Group's strategy to focus its future growth in the regions means it is well-positioned to capitalise on the evident shift in buyer priorities as a result of lockdown experiences. This, combined with our disciplined approach to operations, a healthy balance sheet and a strong forward order book, creates a solid platform for the future and puts Redrow on course to deliver a robust set of results this financial year.
It is disappointing that the arrangements for our AGM have been affected by the pandemic, but as with our wider operations, the safety and welfare of everyone remains our priority."
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0207 457 2020
The next scheduled trading update will be the interim results for the six months ending
3.1 Additional regulated information required to be disclosed under the laws of a Member State
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