Redrow News
Redrow plc today announces preliminary results for the 12 months to 30 June 2006
Tue, Sep 12th 2006, 07:00
Highlights
"A YEAR OF STRATEGIC PROGRESS WITH EXTENDED DIVIDEND COMMITMENT"
· Profit before tax at £120.5m (2004/05: £139.0m)
· Homes operations delivered a stronger second half with turnover up 12% and operating profit up 2%
· Basic earnings per share at 52.9p (2004/05: 60.7p)
· Dividend per share increased by 20.0% to 13.0p (2004/05: 10.8p) with a further commitment to increase the dividend by 20% in 2006/07 and 2007/08
· Gearing at 25% (June 2005: 23%) with interest cover of 11.5 times provides capacity to grow the business
· Current land bank increased by over 20% to 21,000 plots (June 2005: 17,300) representing over four years' supply
· In the first full year Debut has made significant progress with 213 completions, and is on track to deliver 2,000 legal completions per annum by 2010
· Reservations in the first 9 weeks of 2006/07 up over 10% for the core Signature and In the City range
Robert Jones, Chairman of Redrow plc, said:
“The results reflect a sound financial performance against the backdrop of a challenging market. The second half achieved good momentum in turnover and operating profit with increased profits in the Homes operations. During the last twelve months, we have taken significant steps to position Redrow for future growth. Our land bank has been further strengthened, Debut is already delivering incremental growth and we are progressing strategic schemes in mixed use and regeneration.
The financial performance and our strategic progress gives us confidence for the future and I am pleased to announce the Board’s intention to sustain its commitment to a 20% annual increase in the dividend for a further two years.”
Enquiries:
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Redrow plc |
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Neil Fitzsimmons, Chief Executive |
0207 404 5959 (12 September) |
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David Arnold, Group Finance Director |
01244 520044 (thereafter) |
Brunswick |
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Patrick Handley / Nina Coad |
0207 404 5959 |
There will be an analyst and investor meeting at 08:45 BST. A live audio webcast and slide presentation of this event will be available at 08:45 BST on www.redrowplc.co.uk and www.cantos.com.
Participants can also dial-in to hear the presentation live at 08:45 on:
+44 (0)20 7138 0836
Playback will be available online through www.redrowplc.co.uk from 13.00 BST or by phone until 26th September on the following dial-in number:
+44 (0) 207806 1970; Passcode 4092784#.
