Redrow (housing breaking out of a rectangle trading range at 220p on very high positive volume.

Resistance at 250p as shown on chart and then a move up to 300p on the cards?.

"
Chart showing resistance points....

thanks sticky ...... hope you got my e-mail the other day

herebelow a couple of charts for dopes like me ..... on the 2-year chart i have marked in sticky's (correct) resistance at 220, which sp is now challenging

Good to have this thread GF ,Hav'nt bought in yet ,BOK's on the move at last.

i bought several linked stocks at the same - this one, BDEV and SVS ..... have now banked the modest profits on the other two - see my comment on FTSE thread

Moving on up like a red hot potatoe...... or is that sausage?.

Yep jimmy tempted on bok.

cyners no not seen your e- mail will check.... cheers.

Check our rex rexham lads and the volume.

Got a touch of vertigo at the moment so not really able to punch chart up.

Will try a little later.

Moving up nicely this morning.

good call of mine wasn't it, albeit from a point of doing no specific research or anything else!

surprised Kate Barnes hasn't been on here to make useful and intelligent comment

This morning's broker upgrade:

"Redrow upgraded to neutral from sell at UBS, TP raised to 230p from 150p."

Looks to have made that and more.

yep Toya it looks like the broker is a bit behind the ongoing market action.

hi Toya ..... shall send you a truly wonderful pic from france saturday/sunday in full cycling gear! .... pls text or e ur number as have misplaced

Is she ready for this shocker cynic!!

she's seen you as an emu, so i dare she is now shock-proof

fyi - sold 50% this afternoon, partly to lock in profit while travelling and also because RDW has, along with many others, had a stupendous rise in the last few weeks ..... despite some encouraging "real world" news, the markets have anticipated all this several times over; i still predict a serious retrenchment in the coming weeks

i fear i am beginning to sound like Strawbs, though unlike him, i do actually put money into the market!

You're right Balerboy - think I'd better be the one wearing a crash helmet when I see the pix, in case I keel over with shock!

cycling gear cyners, is that code for your S@M outfit?............ or should that be M@S.

if i can work out how to blank my face, i'll post a pic on here when i get back .... that'll cheer your day!

LOL.......

A video I think, Cynic - just to prove you've not cheated and travelled in the motor instead

i'll certainly be taking video, and my pal john, who is the official court photographer will do stills

Toya.... you mean a bit like David Cameron cheating...LOL.

Hi GF, BB, et al: I have the much-heralded pic of Guess-Who-Himself but now cannot upload it! The only way is to click below:

Guess Who!

Certainly the cycle gear is very smart, but as yet I have no evidence of any cycling having taken place. Wining and dining, yes...

Bulletin from Cynic's Cycle Tour - he's not letting on what happened on Day 1!

"Day 2
Tournus to Julienas by our convoluted route was near enough 50 miles. More than enough for old farts as the 14 miles after lunch was predominantly uphill.

After that excessive effort have booked a plot in the rather picturesque Julienas cemetery."

Click here for a view of said cemetery

"I thought the sign just outside it was somewhat curious, for fairly obvious reasons."

Click here to see the reason why...

LOL.

cynic staying in youth hostels!!!!!!!!!

whats the world coming too.

I can't answer for him GF. Don't forget, he was only posing for a pic - one mustn't jump to conclusions... the wife might be checking up on where he's spending all those (ill-gotten) gains. He's probably told her he's going on a cheap holiday!

Bu**er, thats done it now!! He's always said he was "an old fart" and took him at his word..... turns out he's better looking than me!! shant believe a word he's says again. lol

Cynic's Cycle Tour - Day 3 [from The-Man-Himself]
"Another glorious sunny day beckoned us all to enjoy the delights of the Beaujolais countryside. And so we did, though there is inevitable regular hill-work to be undertaken. We pretty much use just the most minor of roads, so traffic is significantly less than minimal.
As we left Julienas we could see groups of happy peasants[!!] bending their backs to the beneficial toil of harvesting the grapes. After a brief 'lost in the wilderness' we soon came to Chenas followed by Moulin a Vent - see pic - and Morgon, Brouilly etc. In due course, we reached our most southerly point in Beaujolais and turned south-east to Belleville. In the founding fathers' eyes only I fear!
Being Monday, all the decent shops were shut so we had to make do with the hypermarket for picnic lunch provisions. UK supermarkets have so much to learn about quality produce!
Having taken goodies on board, it was across the Saone and a quick stop in a nearby village for a well-earned beer. Another 40 minutes' cycling and lunchtime beckoned. Both the food and the bottle of Chenas slipped down a treat!
While eating, we noticed the wind picking up. And by golly it had, so that the last 10 miles were truly murderous as we cycled into a 20mph side/head-wind.
Though the whole day was only just under 40 miles, we were all totally whacked by the end.
Dinner was typically French - for me a huge platter of local and fresh frogs' legs - and an early night was the popular choice - I am afraid the delectable young waitress had been spoken for already; can't win 'em all if ever!"

[My comment: Cynic, don't kid yourself - sounds like that waitress took one look at you and saw you were too whacked for her!]

Moulin a Vent, near Chenas

[Sorry chaps: Cynic did not supply a pic of the waitress]

Cynic's Cycle Tour - Day 4 [from The-Man-Himself]
"Last night I stupidly forgot to identify the destination - Villars en Dombes.
It's only a small town without a great deal to commend it, though the 10th-century church was a most interesting and curious jumble of original stuff and additions.

Ribotel, where we stayed, was pretty much all that was on offer. The hotel bit was pretty horrid - tatty Crossroads Motel or worse - but the attached restaurant was leagues higher with a well-deserved local reputation. The staff were also talented as mentioned previously!

Yesterday's wind had not much abated, but today it was pretty much at our backs. What a treat!

We bowled along at a fair lick with man-made lakes to left and right. Most are very shallow. Hence the plenitude of frogs to be found on local menus. Historically it's quite an interesting area, so if you want to know a bit more, just google Les Dombes.

An hour so later found us in the pretty little town of Vonnas. Clearly the local power lies with the family of Georges Blanc. The family owns a number of smart shops, predominantly selling wine and deli stuff as well as a very smart hotel and restaurant. The local bar was perfectly adequate for our own needs!
Having stocked up with picnic goodies, we got under way once more.
By about 12:30, our stomachs decided they needed some sustenance and a suitable wooded spot was soon found. Good bread, assorted terrines from the traiteur, tomatoes, smelly cheese [Langres], fruit and a bottle of St Amour made for a more than satisfactory repast.

As planned, there was only about 12 miles to our destination. But a little less may have been wiser as the terrain was now 'rolling' - aka up hill and down dale - though not viciously so.

Anyway, on reaching St Trivier we got directions to our little gite and resting place for the night. It's an old farm house in totally peaceful surroundings and should fit the bill perfectly.

Good job we arrived quite early as about 40 minutes after arrival a heavy shower + thunder and lightning ensued. Indeed a good hour or so later the thunder still rumbles on, quite probably in the Saone valley whither we are headed tomorrow. Let's hope it clears overnight or our final run back to Chalons on the morrow will be less than fun."

[NB: no pix this time - his attention has probably been diverted... But I'll see if we can get (a decent) one to add to the album]

Thanks Toya for the update, quite look forward to it...... can't think why, must be missing his cynical replies. lol

Came across weather chart for Chalons, tell him to make the most of today as wet for next two. BB

Hi BB - he probably knows that but I'll pass on your message.

You're right: it is rather quiet about these parts without him stirring things up!

Here's a pic of where they stayed last night - I've 'censored' the legs in case any of you get overexcited again!

The gite at St Trivier

The link has no pic in it toya??

Apologies - I've fixed it. Must be because I'd added it to the album map after I'd put in the link here...

Thanks.

doesn't cynic look so young for a 63 year old!!

I'm making no comment Halifax...

Here's a few words from Cynic on today, received at 16:53 [apologies: I've had other things to attend to!], with full report yet to be written:

Cynic's Cycle Tour - Day 5 [from The-Man-Himself]
"This last leg was a pretty simple 40 miles, primarily cutting across to the Saone and then following it back to Chalons to complete the circuit.
Have been back an hour or so and now enjoying une petite pression in the old town.
More to follow and to bore the socks off you all later this evening."

[NB: you may have to wait till the morning guys and gals, as I may not be around to post it - Toya]

Dirty stop out..... hope he was worth it????

Lol - what a giveaway... a cultured evening out...

Cynic's Cycle Tour - Day 5 [from The-Man-Himself] - The Full Report
"Talking of legs, it does worry me greatly that Toya felt it prudent to censor my legs from this morning's pic lest you all got overexcited. Fine examples of shapely manliness they may be, but challenge Betty Grable they assuredly do not!

Last night's lodgings were a delight with an entertaining French couple to boot - or whatever else you might feel such foreigners merit.

Overnight, the thunderstorms worked themselves out so at least the day dawned dry even if cloudy and a bit chilly. Nevertheless, perfectly pleasant for cycling.

Interesting towns and sites are in short supply in this region, but it is still an idyllic countryside through which to pedal one's way.

To avoid main roads entailed some 'interesting' by-ways, portions of which had become somewhat claggy and slippery. As a result, my rear wheel became utterly clogged on a couple of occasions - very dull!

Lunch beckoned after 30 miles so we treated ourselves to a reasonable hostelry on the banks of the Saone. The meal was better than average and definitely enhanced by a couple of bottles of wine.

The last 12 miles were taken at a leisurely pace, in good part enforced by the very variable source of the towpath that we followed in the main.

For publicity, I made a vain effort to slide into the river with my trusty velo, but merely succeeded in acquiring a few minor abrasions.

So ends this year's tour with next year's already in embryo stage.

A few pix from Chalons are attached but without explanation for now - more than enough writing!

One for the album - definitely!

Elephants in Chalons

A view of Chalons

Tomorrow [Thursday] we hurtle back de bonne heure in time for a good lunch in Calais prior to taking the train back to UK.

Normal abuse will resume as soon as possible!"

we've come to the conclusion that the pics of cynic are not the "old Fart" he describes himself as on here, could we see the real old fart please. He writes like an old fart so he should look like one. So tell him he's not fooling me....lol BB

You're right BB - he's probably sent us pix of one of his cycle chums! I expect he's been driving the motor all the while... Never seen him on his bike, have we??

.

.

At last.. this is more like it....

click here

Thanks for getting to the root of Cynic at last BB! - must be a greater likeness of 'The Old Fart'

clearly you bunch of shitbags need a pic of my arse then!

further, be aware that next year's trip is already at an embryonic planning stage - looks like ither Loire Valley or around Gironde/Charente area.

anyway, glad you girls and boys seemed to have enjoyed my jottings, but it really is very hard work writing it up on a blackberry, but sure as hell not going to lug around the laptop on the back of the bike.

seriously good lunch in Calais - Le Channel comes highly recommended for the food, its very interesting and comprehensive wine list - and the loos which are a definite must to visit!

Welcome back Cynic!! Glad you made it - by bike or otherwise...

Praps it'll be a MAM cycle trip next year?

managing 4 bods is quite sufficient thank you!

pays yer money, takes yer choice

RDW = blue
TW. = red
BDEV = green
BVS = black

for myself, i still hold RDW though i sold 50% 7/10 days ago

did hold BDEV, but also sold that at a modest profit, but seeing the chart above, i think it merits re-investigation

Can see your back with vengance cynic. lol still don't believe your that fit !! Kates been drooling all over her laptop and got sticky keys....:))

Wrong cynic,, TW was nicely up yesterday..

hi BB ..... we did a smidge over 40 miles a day which really isn't that much, albeit that the terrain is generally quite varied ..... that sort of distance gives us time to smell the flowers and see the sites or whatever

jimmy .... wakey wakey ..... i posted yesterday, so my comment of yesterday referred to the day before!

BB, Kate: that's why I thought I should censor those muscley legs of his ;)

despite my lack of general coordination and sporting prowess, i do confess that they are still able to deliver a good kick up the arse when necessary

Im well awake its just that your post was at 21.16 so i would assume you were talking about the same day .Dont want to be a day behind in the market...
Anyway a good start for all the housebuilders

cynic - if you are considering loire next year, I can strongly recommend saumur - located between the Loire and Thouet rivers.

i need to do some research, but we don't centre ourselves, but make a big circuit ..... the prob with much of the Loire Valley is that it is industrialised and an awful lot of main roads, which we avoid like the plague ..... however, i recollect there is a good network of "z roads" in the hills + other stuff to see and visit beyond the obvious.

Gironde/Charente has a lot of appeal, but it's a long way to get down there in the first place

Cynicglad to see you are back from your cycling holidaywhilst I admire your fitnessI prefer cruise control rather than crush nuts control when crossing those regionshas the gap between the inside knees extended?

you clearly have not looked at those stunning pix that Toya was kind enough to post, showing those spiffing lycra cycling shorts - the legs are even spiffier, but Toya deemed those unsuitable for viewing before the watershed.

without padded shorts - or double undies! - one is in fact in much more grave danger of becoming a brontesaurus than a hulled hazelnut

Shorts disclosed on BDEV & RDW - somebody thinks they know something!

Trafalgar Asset Managers has taken a 0.302% short position in house-builder Redrow.

Redrow plc
Interim results for the 6 months ended 31 December 2009

Financial performance

Group revenue up 25% at GBP187.2m
Legal completions increased by 21% to 1,266
Average selling price 3.6% higher at GBP145,500
Gross margin of 7.2% (H1 09: 5.6%)
Pre-tax loss reduced by 81% to GBP8.7m
Plot cost ratio at 31 December 2009 of 18.9% (2008: 20.1%)
Net asset value GBP1.41 per share
Net debt of GBP49.3m, with gearing reduced to 11.3% from 73%
Capital turn increased to 0.8 times (H1 09: 0.5 times)

Operating highlights

Successful GBP150m Rights Issue to strengthen balance sheet and reduce
gearing
New strategy being implemented
o New Heritage Collection launched
o Existing and new sites re-planned
o Harrow Estates acquired and integrated into Redrow
Sales and build activity levels increased
Restructuring of management team complete
1,750 plots secured since 1 July 2009
Private reservations per outlet 0.55 (H1 09: 0.28)

RDW looks cheap now at 115p.

Firm Placing of 14.9 million New Shares at 130 pence per New Share and Open Offer of 46.3 million New Shares at 130 pence per New Share

The Board of Redrow (the "Company" or "Redrow") today announces a share issue by way of a Firm Placing and Open Offer to raise gross proceeds of approximately £79.6 million through the issue of New Shares at 130 pence per New Share, an 11.1 per cent. premium to yesterday's close of 117 pence.

· £19.4 million will be raised through a Firm Placing of 14.9 million New Shares to Bridgemere Securities Limited ("Bridgemere"); and

· £60.2 million will be raised through a 3 for 20 Open Offer at 130 pence per New Share, fully underwritten by Bridgemere.

StockMarketWire.com
Redrow reports sales activity since the beginning of January has been encouraging, particularly against the backdrop of a strong first quarter of calendar 2011. The volume of net private reservations for the 16 week period to 20th April was 843 homes, up 2% on a like for like basis and 9% including London.

The Average Selling Price of private reservations for the period was up 12% at £207k excluding London and up 20% at £223k including London. The value of the private net reservations for the period was £188m, up 14% on a like for like basis and 32% including London.

A board statement stated: "the current UK economic outlook appears stable and we have had the long awaited introduction of NewBuy albeit that it has got off to a slow start. Our sales per outlet are at the top end of industry comparables and like for like reservations are ahead of last year.

"The overseas launches of our first major Central London site have been well received and we expect our active outlets to be on target at the end of June. As a consequence, we expect this year's results to continue to show good progress."

Response to Potential Offer Announcement

31 August 2012

Redrow plc ("Redrow" or the "Company") notes the recent announcement by Bridgemere Securities Limited ("Bridgemere"), Toscafund Asset Management LLP ("Tosca") and Penta Capital LLP ("Penta").

Redrow confirms that it received an initial approach yesterday evening (the "Approach") from Bridgemere, Tosca and Penta regarding a possible cash offer of 152 pence per Redrow share.

The Board will now establish a committee of independent directors to consider the Approach.

Shareholders are urged to take no action at this time.

This announcement is not made with the consent of Bridgemere, Tosca or Penta. There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made. A further announcement will be made in due course.

Housebuilder Redrow offers up its full-year results on Wednesday. Analysts expect it to say it completed sales of 2,449 homes during the year, a near-7pc rise, at an average selling price of £181,800 , signalling a 10pc increase. No dividend is forecast. Those watching the group are focused on the proposed offer from founder and chairman Steve Morgan for the rest of the company. No major announcement regarding the 152p potential offer is expected on Wednesday, but the industry widely believes that the deal will take place.

not much headroom then, though the housing market looks to be an interesting sector for investment ..... i currently hold bovis for my sins

Final Results

Financial highlights

· Group revenue increased 5.8% to £479m, driven by 15% increase in average selling prices, with private ASP up by 17% to £204,100

· Operating margin rose from 7.5% (excluding Scotland) to 10% as a result of increased sales from sites purchased since the downturn, improved product mix and the benefit of high profit on land sales and freehold reversion sales (margin was 9% excluding these one off items)

· Pre-tax profit up 70% to £43m and adjusted earnings per share up 80% to 10.8p

· Private net reservations up 4% from £416m to £434m (excluding London) due to a change in mix to larger homes and private order book up 33% to £152m

· Return on capital employed up from 6.1% to 8.7%

· NAV per share up 5% to £1.52 adjusted for the £78m share issue

· Net debt down £61.4m to £14.0m, gearing down to 2% (2011: 16%)

Operational highlights

· New Heritage Collection now firmly established as primary brand and represented 67% of private turnover during the year (2011: 35%)

· Opening of new outlets remains a priority; 82 outlets at year end (2011: 74) should increase to over 90 outlets by the end of the current financial year

· London Division commenced construction on our first two major flatted schemes, One Commercial Street in Aldgate and Kingston Riverside in Kingston upon Thames

· Landbank of 12,350 plots at the end of June 2012 (June 2011: 11,190 plots)

· Reservations in the current year are 16% ahead of the same period last year

· 5 Star Award in HBF 2012 Customer Satisfaction Survey

ANNUAL GENERAL MEETING AND INTERIM MANAGEMENT STATEMENT

"Redrow has continued to make steady progress in what are challenging but stable market conditions. Sales per outlet are marginally up at 0.58 per week, compared to 0.55 in 2011. We have, however, operated from an average of 83 outlets during the year, compared to 72 last year, which has resulted in reservations for the year to date increasing by 17% in the regional businesses and 22% for the Group as a whole, including London. Cancellation rates have remained stable at just over 17%.

The average price of private reservations to date is 13% ahead of the same period last year, at £223,000 excluding London and up 22% at £243,000 when London is included. This reflects both the increased percentage of our sales coming through the very popular New Heritage Collection and the impact of the London business. In the wider market, house prices have remained stable, as indeed they have over the last two years.

Half Yearly Report

Financial highlights

· Revenues rose 10% to £257.0m driven by a 10% increase in private average selling price to £224,000
· Gross margin increased to 18% (2012: 15.4%) as a result of increased sales from sites purchased since 2009, and improved product mix
· Profit before tax up 50% to £23.0m (2012: £15.3m)
· EPS (adjusted) increased 30% to 4.8 pence (2012: 3.7 pence)
· Net debt increased to £65.2m (June 2012: £14m), giving gearing of 11% (June 2012: 2%)
· Volume of private net reservations up 24%
· Return on capital employed increased to 8.6% (2012: 6.4%)

Operational highlights

· The New Heritage Collection comprised 87% of private turnover (2012: 60%)
· Average number of outlets increased to 83 (2012: 72) and expected to rise to 90 by end of June 2013
· London region is making good progress and has now acquired a total of 700 plots with a gross development value of £450m.
· Current land bank at the end of December 2012 was 13,295 plots (June 2012: 12,356 plots) The increase of 939 plots should in turn enable the business to grow volumes for the future
· Volume of private net reservations in the first eight weeks of 2013 up 8% to 443

In this weeks IC as a hold - as most of the good news is now priced in.

Notice of Interim Management Statement
RNS
RNS Number : 0510A
Redrow PLC
14 March 2013

Redrow plc



14 March 2013





Notice of Interim Management Statement



Redrow plc wishes to announce that it will issue its Interim Management Statement on



Wednesday 24 April 2013.

Sold my holding, been in since 153p.(mid Sept 12)

Interim Management Statement


Redrow plc is releasing the following Interim Management Statement regarding trading for the period from 1 January 2013 to 19 April 2013.

Sales activity since the beginning of January has been encouraging and the introduction of the Government's "Help to Buy" equity loan scheme at the beginning of April has already provided a welcome boost to visitor numbers.

The Group operated from an average of 82 outlets in the period, a 14% rise on last year (2012: 72), which was the main driver behind a 20% rise in net private reservations to 1,009 (2012: 843). The average selling price of private reservations for the Group was up 12%, at £235k for the regional business (2012: £207k) and £483k for London (2012: £432k). The value of private net reservations for the period was up 33% at £251m and the average selling price of private legal completions was £225k for the financial year to date. Overall, the housing market continues to be stable and as a result of the improving mortgage market the cancellation rate has reduced to 15% (2012: 17%).

Despite the welcome improvement in the speed of obtaining planning permissions, we are still far too often experiencing frustrating delays in clearing excessive and disproportionate planning conditions. This unnecessary red tape remains a drag on outlet opening and a significant barrier to housing growth and delivery. Frustratingly, the number of active outlets remains at 82, the same number as at December 2012, although we still anticipate having 90 active outlets at the end of June 2013, in line with previous guidance.

As a result of on-going investment in land and work in progress net debt has risen in line with guidance to circa £145m. As previously stated, we expect net debt to be circa £130m at the end of June 2013.

The Company welcomes the two "Help to Buy" initiatives announced by the Chancellor in his recent budget. The launch of the 20% interest free equity loan scheme on 1 April has already generated significant interest from customers and we expect it to achieve its objectives of increasing the affordability and output of new homes over the next three years. The introduction of the Government-backed "Mortgage Indemnity Guarantee Scheme" for high loan to value mortgages for both new and second-hand properties in January 2014 will also provide liquidity in the overall housing market, making it easier for people to move. We believe that both measures will help the housing market return to more normal levels of turnover and provide a significant stimulus to the UK economy.

Outlook

Given the healthier outlook for housing, the increase in outlets and the benefit of the Government's "Help to Buy" equity loan scheme, Redrow expects to show further good progress for the full year.

Citigroup Buy 0.00 220.00 255.00 Upgrades

Jefferies note today:
"Redrow unexpectedly issued a pre close statement, released by the group on recognition the profitability would be significantly ahead of market expectations. Reflecting this new information we have upgraded FY 13 PBT by 15% and FY 14 by 5%. Through H1 13 Redrow has made strong progress in developing its London assets, and the use of strategic land should provide support to the growth in the regions. However, trading at 1.3x 2013E NTAV Redrow’s valuation we see better value elsewhere. HOLD.
In its brief pre close statement, Redrow reported H2 13 turnover 6% ahead of DB ests, and while average selling price appeared slightly weaker, a very strong margin at gross and EBIT appears responsible for driving profit before tax (post exceptional) above current consensus forecasts of £52-62m. The year-end net debt increased slightly more than DB ests to £91.1m from £14m in 2012, driven by continued land buying and investment in London through the period. Reflecting today’s update we have upgraded our FY 13 PBT expectations for the group to £67.2m, reflecting the reported revenue figures and now an expectation of gross margin in excess of 18% and an interest cost of only £5m. With our forecasts for FY 14 already reflecting the impact of London (and hence the impact of the greater profitability in the region) our upgrades to FY 14 are more limited (5.3%).

Final Results

Financial highlights

· Group revenue increased 26% to £604.8m driven by a 15% growth in legal completions and an 11.8% increase in Average Selling Price to £212,300 (due to mix)
· Gross margins rose to 18.8% from 17.3% at June 2012
· Pre-tax profit up 63% to £70m and adjusted earnings per share up 45% to 15.7p
· Value of private reservations up 42% from £472m to £668m
· Help to Buy made a significant contribution to forward sales, but just 3% to private completions
· Return on Capital Employed of 12.2% (2012: 8.7%)
· Net debt increased to £91m vs £14m in 2012, due to our ongoing investment in land and work in progress. We expect net debt to increase further in line with our ongoing investment in inventory
· On the basis of these strong results, the Board is proposing the reinstatement of a final dividend of 1p per share

Operational highlights

· Legal completions rose 15% to 2,827 (2012: 2,458)
· The Heritage Collection now firmly established as primary brand and represented 85% of private turnover during the year (2012: 67%)
· Opening of new outlets remains a priority. In the year to 30 June 2013 our outlets increased from 82 to 92.
· A significant increase in output is anticipated during the current year, with a number of new sites either commenced or in the pipeline
· The owned and contracted land bank at the end of June 2013 was 14,162 plots
(June 2012: 12,350 plots)
· Private reservations per outlet per week in the current year to date are 40% ahead at
0.77 (vs 0.55)

@ 279.44 sold short

Half Yearly Report

Financial highlights

· Revenues rose 41% to £363.0m driven by a 30% increase in legal completions and a 9% increase in average selling price to £232,000 (2013: £212,000)
· Gross margin grew to 20.3% (2013: 18.0%) as a result of increased sales from sites purchased since 2009, and improved mix
· Net debt rose to £149.0m (June 2013: £91.0m) as a result of increased investment in land, giving gearing of 23% (June 2013: 14.9%)
· Value of private net reservations up 72% from £279m to £481m driven by increased demand
· Return on capital employed improved to 14.2% (2013: 8.6%)
· On the basis of our continued strong results the Board has decided to pay the first interim dividend for six years of 1p per share

Operational highlights

· Average number of outlets increased to 93 (2013: 83)
· Current land bank (owned and contracted) at the end of December 2013 was 16,250 plots (June 2013: 14,162 plots). The increase of 2,088 plots includes 1,033 converted from our strategic land bank
· Volume of private net reservations in the first eight weeks of 2014 up 24% to 550
· First significant contribution from London Division with £41.5m of turnover from 133 legal completions
· Significant residential led mixed-use scheme development opportunity for London division on Peel Centre, Hendon
· John Tutte promoted to Group Chief Executive, effective 30 June 2014

Pop.

Final results for the year to 30 June 2014

Financial highlights
· Group revenue rose 43% to a record £864.5m driven by a 27% increase in legal completions and a 13% increase in Average Selling Price to £239,500
· Gross margins rose to 21.7% from 18.8% at June 2013
· Record pre-tax profit of £132.6m, up 91%
· Adjusted earnings per share up 83% to 28.6p
· Value of private reservations up 53% from £668m to £1,021m
· Help to Buy represented 35% of private completions
· Return on Capital Employed of 18% (2013: 12.2%)
· Net debt increased to £172.6m vs £91m in 2013, due to ongoing investment in land and work in progress
· On the basis of these strong results, the Board is proposing a final dividend of 2p per share, double that of the dividend paid in 2013

Operational highlights
· Legal completions rose 27% to 3,597 (2013: 2,827) spurred by Help to Buy
· Number of employees up 21% to 1,346 to meet growing demand
· Number of apprentices increased 14% to 84
· London Division contributed £124m of turnover from 293 legal completions
· Order Book up 85% at £482m
· Outlets increased 12% from 92 to 103
· The owned and contracted land bank at the end of June 2014 was 16,724 plots
(June 2013: 14,162 plots)

Steve Morgan, Chairman of Redrow, said:

"November 2014 marks the 40th anniversary since I founded Redrow, therefore it is quite fitting that I am able to report a significant increase in turnover and pre-tax profits, both of which are a record for the Group.

The number of homes we built has increased by 27% and as a consequence of this ongoing growth, the number of people we employ has risen by 21%. Whilst this is clear evidence of the success of our strategy it also shows the positive impact of the Government's Help to Buy Scheme.

Market conditions have returned to a more seasonal pattern of activity. We have substantially increased our land bank, which should see a good growth in the number of outlets during the year. This, combined with our strong order book, leaves me confident that the Group will see another year of significant progress."

One to watch!

Not sure what I am missing unless it an out of favour builder PEG 0.39 PE~9 Div 6p yield 2.82%

DYOH

16 Jan Credit Suisse 678.00 Outperform
14 Jan RBC Capital... 550.00 Outperform
13 Jan Jefferies... 570.00 Buy
12 Jan Credit Suisse 654.00 Outperform
12 Jan Liberum Capital 600.00 Buy
19 Dec Credit Suisse 654.00 Outperform
19 Dec Liberum Capital 600.00 Buy
19 Dec Cantor... 470.00 Hold
17 Dec Liberum Capital 600.00 Buy
15 Dec Credit Suisse 654.00 Outperform

Fred, looked at BKG?

55011,

Thanks.

Happy new year to you.

Have had a look. Nice yield and PEG , projections good.

I will keep an eye on them.

But looking around for shares for small SBs without "lowish" SP. (I know I can buy less.)

Must meet up sometime. Perhaps end of Feb.


Have spoken with Stan, but I am having some electrics explored over the next week or two and having to test a few things out carefully.

Redrow's H1 pretax profit surges ahead

StockMarketWire.com

Redrow's H1 pretax profit surged ahead to £91.2m, up 92% from £47.5m, thanks to a double-digit spike in legal completions. Revenue was £560.6m, up 54% from £363.0m. It proposed a dividend of 2p a share, up from 1p a year ago.

Chairman Steve Morgan said:

"Whilst we are only at the beginning of the spring selling season, demand for new homes is strong and the welcomed changes to stamp duty will undoubtedly help home buyers within our market segment.

"We started the second half with a very strong order book and are expecting to increase the number of active outlets to 115 by June 2015, a 12% increase.

"Redrow is in great shape and I am confident this will be another strong year of growth for the business."

Operational highlights:

· Legal completions rose 18% to 1,850 (2014: 1,565)

· Average number of outlets increased to 101 (2014: 93)

· Record number of employees at 1,550, up 900 from 2009 levels

· London Division contributed £145m of turnover, both residential and commercial (2014: £41m)

· Current land bank 16,950 plots (Dec 2013: 16,250)

· Regional private order book up 30% at £334m (Dec 2013: £256m)

=========-=-=

UP 9%


Who feels a lucky boy this moning.

Jefferies International lifts Redrow to buy from hold, target raised from 276p to 459p

Redrow giving a statement today to prevent its sp from collapsing....


Redrow plc

28 June 2016

TRADING STATEMENT

Redrow plc is releasing the following statement regarding trading for the 2016 financial year, ahead of its annual results announcement on 6 September 2016, due to its strong performance which will result in pre-tax profit being above the top end of analysts' estimates, currently £240m.

In the run up to the EU referendum there was no impact on house sales or visitor levels. Although it is too early to tell whether Brexit will have any effect on future sales, initial feedback is that sites remain busy, reservations continue to be taken and, indeed, we witnessed long queues and strong reservations at new sites launched last weekend. The fact remains that there is a long term underlying demand for new homes following decades of under supply. This chronic shortage of housing leaves market fundamentals unchanged.

The new homes market remained strong throughout the period as the mortgage market continued to improve. The value of private reservations achieved for the year, driven by strong regional growth, was a record £1.56bn, up 46% on 2015 (£1.07bn). The Private Order Book at the end of June 2016 is £807m, up over 50% on June 2015. The sales rate for the financial year was 0.68 per week, in line with the previous year. The number of active outlets at the year end increased to 128 (2015: 117) in line with previous guidance.

In Central London, the developments at Commercial Street and Amberley Waterfront are now completed and significant progress has been made at Holland Park Avenue and Connaught Place, where just a handful of plots remain. All other London developments, including the Croydon Joint Venture, have sold either in line with or exceeding management expectations. Indeed, at Colindale, in just a few months the order book has reached £116m, including a 211 unit sale to L&Q.

As a result of the Group's strong sales position, turnover for the financial year totalled a record £1.38bn, 20% up on 2015 (£1.15bn). The number of homes legally completed increased by 17% to 4,716 (2015: 4,022), with private completions increasing by 12% to 3,882 (2015: 3,451). The Average Selling Price of private homes was £328,500 (2015: £297,300).

The combination of higher than expected turnover and favourable payment terms on land purchases has resulted in a closing net debt position of £139m, a 10% reduction on 2015 (£154m).

The Group will publish its results for the year to June 2016 on 6 September 2016.

StockMarketWire.com
Redrow has hiked its FY pretax profit by 23% to £250m, from £204m. Revenue was £1.38bn, from £1.15bn. FY dividend was 10p a share, from 6p.

"I am delighted to report that for the third consecutive year Redrow has delivered a record set of results," said chairman Steve Morgan.

"Pre-tax profits were £250m, achieved by completing over 4,700 much needed new homes, a 17% increase over last year. "Redrow entered the new financial year with a record private order book of £807m, up 54% year on year.

"Sales in the first 10 weeks are very encouraging and up 8% on a strong comparator last year. Our strategy of continued growth for the business is on track and I am confident this will be another year of significant progress for Redrow."

Why Redrow is best housebuilder since Brexit vote - By Lee Wild | 8th February 2017
Why Redrow is best housebuilder since Brexit vote A long-awaited government housing white paper, published yesterday, offered ideas to speed up development by the big housebuilders, and open up the market to smaller ones. It generated a mixed response, but sector share prices responded well on a day that Bellway's (BWY) results also triggered upgrades. Now, Redrow's (RDW) forecasts look conservative after impressive half-year results.
Redrow is doing its bit to tackle the country's housing crisis. It increased legal completions by 13% in the final six months of 2016 to 2,459, and at an average selling price of £344,000, 12% more than a year ago.

While higher prices stretch potential buyers financially, some of that increase was down to location, with 47% of turnover now generated in the South East of England where property tends to be more pricey. Last year it was just 38%.

And more potential homeowners are, at least, taking advantage of the government's Help to Buy scheme, up from 746 to 865 of private reservations in the six months.

Brisk business was great for Redrow's top line, with first-half revenue surging 23% to a record £739 million. That shift south alongside natural house price inflation beefed up operating margin by 130 basis points to 19.5%, driving pre-tax profit up 35% to £140 million and earnings per share (EPS) to 31p.

And there's very good reason for investors to remain optimistic. "We entered the second half of the current year with a record order book, with many of our sites sold five to six months in advance," said the firm, and both customer traffic and sales "remain robust".

Given that Redrow's sales rate of 0.73 so far in 2017 is also in line with last year, chairman Steve Morgan has "every confidence this will be another year of significant progress".

Factor in all this, plus lower net debt and the recent purchase East Midlands builder Radleigh Homes from former Derby County owner Peter Gadsby, and Redrow is more bullish on medium-term prospects.

It now tips turnover to hit £1.9 billion in 2019, up from £1.38 billion last year, and increase operating margin to 19.5% and EPS to 77p, from 18.9% and 55.4p in 2016, respectively.

But even management's new target "looks cautious," according to Numis Securities analyst Chris Millington. If market conditions remain favourable it "could be comfortably beat", he says, arguing that the shares appear "too cheap relative to the market".

He's upgraded pre-tax profit forecasts by 14% both for this year and next to £297 million and £325 million. EPS is expected to be 66.5p then 73.4p.

Up over 4% Wednesday to 471p, Redrow shares are now higher than at any time since the dying days of 2015. They're also the best-performing housebuilder since the Brexit vote, up 15% in the past seven months.

However, they still trade on just seven times forward earnings, dropping to an uber-pessimistic 6.4 for the year to June 2018. The dividend yield isn't as impressive as Taylor Wimpey (TW.) or Barratt developments (BDEV), true, but a 50% hike to 6p for the half-year gives a prospective yield of around 4%.

Millington thinks the shares are worth at least 500p.

StockMarketWire.com
House builder Redrow booked a 21% rise in annual profit after the completion of more properties and higher selling prices boosted revenue.

Pre-tax profit for the year through June rose to £380m, as revenue rose 16% to £1.92bn.

The company declared a full year dividend of 28p per share, up 65% on-year.

The revenue improvement was driven by a 9% increase in legal completions and a 7% increase in the average selling price to £332,300.

Operating margin rose to 19.9%, up from 19.4% on-year.

'Redrow is committed to growing our output to help the country's requirement to increase the number of new homes built,' chairman Steve Morgan said.

'We have a very strong forward order book, first class land holdings, an excellent balance sheet and we are able to react quickly to changing circumstances.'

'However, there is no doubt that clarity over Brexit and the future of Help to Buy would improve market sentiment.'

'Given that clarity, we will continue to deliver.'

Despite Brexit uncertainty and the exceptional summer weather, sales revenue in the first nine weeks of the new financial year was in line with last year.

'We expect to continue to grow our land holdings and increase the number of average outlets in the current year by 5% to 130,' Morgan said.

Good results, good yield.

Deutsche Bank today reaffirms its hold investment rating on Redrow PLC (LON:RDW) and raised its price target to 638p (from 622p).

Some info for construction share holders.

The Government risks "pulling the rug out" from beneath the construction industry and would struggle to meet its target of building 300,000 new homes per year if it imposes strict migration rules after Brexit, house builders have warned. The Federation of Master Builders called upon ministers to ensure European bricklayers and carpenters can continue to come to Britain amid rising concern over skills shortages. - Telegraph.

StockMarketWire.com
House builder Redrow said its sales rate in the year-to-date had fallen due to Brexit uncertainty hurting the London property market.

The company also announced that executive chairman Steve Morgan would stand down at the end of March, to be replaced by current chief executive John Tutte.

For the first 18 weeks of the company's financial year, the sales rate per outlet per week was 0.64 compared, down from with 0.67 on-year.

The reduction was entirely due to the London market, Redrow said.

The value of net private reservations inched higher to £588m, up from £586m.

The average selling price of private reservations rose 4.6% to £388k.

Redrow's total order book was p 11% on-year at £1.2bn.

'For the first 18 weeks of the current financial year, Redrow has traded in line with expectations,' executive chairman Steve Morgan said.

'We continue to see good demand in our regional businesses with most sites sold well in advance.'

'However, the London sales market has remained subdued affected by excessively high stamp duty tax and Brexit uncertainty.'

Redrow also announced that the head of its southern business Matthew Pratt would become chief operating officer at the end of March.

Redrow declares special payout as profit rises 5%
StockMarketWire.com
House builder Redrow posted a 5% rise in first-half profit and declared a special payout to shareholders after it completed more homes compared to a year earlier.

Pre-tax profit for the six months through December rose to £185m on-year, as revenue climbed 9% to £970m.

The company declared an interim dividend per share of 10p per share, up 11% on-year, and an additional cash payment of 30p per share.

Legal completions increased 12% to 2,970, while the company's order book rose 11% to £1.16bn.

'The market during the run up to the festive period and the first two weeks of 2019 was subdued by macroeconomic and political uncertainty,' chairman Steve Morgan said.

'However, sales over the last three weeks have bounced-back with reservations running at similar levels to last year's strong market activity.'

Private sales for the first five weeks of 2019 were £156m, down from £166m on-year.

'Nevertheless given our record £1.2bn order book, our strategy remains on track giving me every confidence that this will be another year of significant progress for Redrow,' Morgan said.



Story provided by StockMarketWire.com

Thats a cracking chart there Fred.

One of my lucky ones b at 297 including costs.