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....

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.