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....

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