Redrow reports positive sales trend 

REDROW, the housebuilding firm run by Wolves owner Steve Morgan, has reported positive news in terms of sales. 

At today’s annual general meeting Morgan will say: “I am pleased to report that this year’s positive sales trend, which I announced in the September Prelims, has continued. 

“Currently, net private reservations are 28% ahead at 1,560 and the sales rate for the 19 weeks to 6 November 2015 is 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.

“With this strong sales performance, I am confident this will be another year of significant progress for Redrow.”

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. 

Aggreko maintains full year forecasts

PORTABLE power provider Aggreko has said it is maintaining its full year forecasts despite a challenging market.

In a trading update covering the period from July 1, 2015 to November 8, 2015 chief executive Chris Weston said: “I am pleased that we are maintaining our guidance for 2015 full year profit before tax of between £250 and £270m.

“Whilst we are at an early stage in delivering the specific actions identified at our business review in August, I am encouraged with the progress we are making which, regardless of the prevailing market conditions, will strengthen Aggreko and position it well for the future.”

Underlying revenue for the third quarter was 7% behind last year with reported revenue down 6%.  

Rental Solutions revenue was down 1% on last year. The on-going weakness in the oil and gas and mining sectors, has been largely offset by continued growth in other sectors, such as petrochemical and refining.

The Cannock-based group also saw a strong temperature control season in North America and Continental Europe.

Power Solutions revenue was 11% lower than the same period last year. Within this, Industrial was 12% higher, including the successfully executed European Games.

The group also saw solid growth in its Russian and African businesses. However, the continuing weak economic backdrop in Brazil is having an impact on the business.

In outlook, it said it expected the underlying revenue trend in H2 would be similar to that in H1, reflecting the on-going challenging market conditions.

National Grid applies to increase US distribution rates

MIDLANDS-based utility National Grid has filed a request with the Massachusetts Department of Public Utilities (DPU) to update its electricity distribution rates for its Massachusetts Electric companies. This is the first time since 2009 that the company has filed such a request.

In the filing, National Grid said the requirements for system investment had been increasing as customers required a more resilient power grid.

In addition, it said the need to accommodate growing levels of distributed energy resources was leading to ever increasing needs.

National Grid is requesting an approximate $143m per annum increase in electricity delivery revenue to cover increased operating costs and investments made in its electric delivery network.