Preliminary results for the twelve months ended 30 June 2007

Tue, Sep 11th 2007, 07:00

Operational Highlights

• Legal completions increased by 1.9% to 4,823 (2006: 4,735)
• Owned land bank with planning increased by 5.7% to 17,700 plots
• Secured first income and profit in Redrow Regeneration
• Forward sales position at year end increased 6.4% to 2,148 homes
• Planning position strengthened with 97.5% of anticipated 2007/08 output on sites with implementable consents

 

Financial Highlights

• Group turnover increased by 3.3% to £795.7m (2006: £770.1m)
• Operating profit increased by 2.9% to £136.6m (2006: £132.8m)
• Profit before tax of £120.5m and basic earnings per share of 52.9p both unchanged from previous year
• Dividend increased by 20% to 15.6p per share (2006: 13.0p) with commitment to increase by 20% in 2007/08
• Balance sheet retains capacity to increase investment in land with gearing at 31% (2006: 25%)

 

Alan Bowkett, Chairman of Redrow plc, said:

“Redrow delivered a solid performance in the last financial year against a backdrop of successive interest rate rises and an increasingly inefficient and complex planning system.  We focused on optimising returns from our land bank and positioning our business for 2007/08.

Our continuing long term strategy for land acquisition and our design led approach to our product reaffirms our historic values and strengths.  We are focused on our core competencies to unlock value from development opportunities for the benefit of shareholders."

 

Enquiries:

Redrow plc:
Neil Fitzsimmons, Chief Executive           0207 404 5959 (11 September)
David Arnold, Group Finance Director      01244 520044 (thereafter)
 
Brunswick:
Patrick Handley / Jayne Rosefield           0207 404 5959

 

There will be an analyst and investor meeting at 09:00 BST. A live audio webcast and slide presentation of this event will be available at 09:00 BST on www.redrowplc.co.uk.  Participants can also dial-in to hear the presentation live at 09:00 on +44 (0) 20 7138 0838; passcode: 7749534.
 
Playback will be available by phone until 24th September on the following dial-in number: +44 (0) 20 7806 1970; passcode: 7749534#.