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 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.