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Redrow hopes to reinstate dividends at half year and reports £115m net cash
StockMarketWire.com
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British housebuilder Redrow continues to expect to reinstate dividend payments at the half year and to be cash positive for the remainder of the financial year, according to a trading update for the period ending 30 October.
The update, which will be presented at its AGM today by chairman John Tutte, will say that Redrow's balance sheet is strong and at the end of week 18, it had net cash of £115 million compared to net debt £32 million in 2019.
Tutte will say that the housebuilder 'entered the new financial year in a position of strength', which has been 'reinforced with strong trading since the start of the year'. Also, there has been resolute demand for homes with more space to live and work as customers reflect on their lockdown experiences.
Redrow is also making good progress on scaling-back its operations in London. It has now exited three of the six sites that it decided not to develop and it continues to make headway on the balance.
Story provided by StockMarketWire.com
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