Redrow PLC AGM Statement (6612O)

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RNS Number : 6612O

Redrow PLC

09 November 2016

Redrow plc

9 November 2016

ANNUAL GENERAL MEETING

Redrow plc is holding its Annual General Meeting today at 12 noon at St David's Park Hotel, Ewloe, Flintshire.

At today's AGM Steve Morgan, Chairman will say:

"I am pleased to say that the encouraging sales trend I reported in the September Prelims has continued. Currently, net private reservations are 6% ahead at 1,660 and the sales rate for the 19 weeks to 4 November 2016 is 0.71 per outlet per week, up 4% on last year. Demand remains strong across the majority of our sites with buyers continuing to make purchase decisions well ahead of build programmes. Our private order book is currently GBP941m, a 29% increase on this time last year.

The average selling price of private reservations for the financial year to date is GBP355,000 (2016: GBP334,000) including the sale of the last of the high value apartments in Central London. Excluding these apartments, the average selling price was still up at GBP341,000.

Our balance sheet remains strong. Net debt is currently GBP92m and is expected to be at similar levels at the end of December 2016.

With this robust sales performance and strong balance sheet, I remain confident this will be another year of significant progress for Redrow.

The next scheduled trading update will be Redrow's half-yearly results for the six months ending 31 December 2016, which are due to be announced on Wednesday 8 February 2017."

Enquiries:

Redrow plc

   Steve Morgan, Chairman                                              01244 527411 
   Barbara Richmond, Group Finance Director                 07767 252627 
   John Tutte, Group Chief Executive                                01244 527411 
   Instinctif Partners                                                          0207 457 2020 
   Mark Garraway                                                            07771 860 938 
   Helen Tarbet                                                                 07825 609 737 
   James Gray                                                                   07583 936 031 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 09, 2016 02:00 ET (07:00 GMT)