Redrow to celebrate 5% increase in sales
HOUSEBUILDER Redrow is to report positive trends in the property market with sales up 5% on last year.
Chairman Steve Morgan will tell the good news at the company’s annual meeting which takes place at St David’s Park Hotel in Ewloe, Flintshire at noon today.
He will tell the meeting the positive sales trend forecast in its September preliminary report have continued with net private reservations 28% ahead at 1,560 and the sales rate for the 19 weeks to 6 November at 0.68 per outlet per week, up 5% on last year.
The average selling price of private reservations for the financial year to date is £334,000, an 18% increase mainly driven by better quality outlets coming on stream to replace lower priced sites, he will say.
“With this strong sales performance, I am confident this will be another year of significant progress for Redrow,” he will say.
In September, Redrow reported it had broken through the £1bn revenue barrier for the first time and pre-tax profits also hit record levels, up 53% to £204m.
The company’s year-end results to June 30 saw turnover at £1.15bn – 33% ahead of last year’s £864m figure.
Earnings per share rocketed 56% to 44.5p and the boar has proposed a final dividend of 4p share, double the final dividend paid in 2014.
The Group’s strong performance was aided by a 12% boost in legal completions, spurred on by the Government’s Help to Buy scheme and the number of staff rose 23% to 1,650.
