Redrow sales keep rising
House-builder Redrow has issued an upbeat trading statement ahead of the company's annual general meeting today, in a hotel just next door to its Deeside head office.
Reporting on progress, chairman Steve Morgan said: “I am pleased to say that the encouraging sales trend I reported in the September Prelims has continued. Currently, net private reservations are 6% ahead at 1,660 and the sales rate for the 19 weeks to 4 November 2016 is 0.71 per outlet per week, up 4% on last year. Demand remains strong across the majority of our sites with buyers continuing to make purchase decisions well ahead of build programmes. Our private order book is currently £941m, a 29% increase on this time last year.
“The average selling price of private reservations for the financial year to date is £355,000 (2016: £334,000) including the sale of the last of the high value apartments in Central London. Excluding these apartments, the average selling price was still up at £341,000.
“Our balance sheet remains strong. Net debt is currently £92m and is expected to be at similar levels at the end of December 2016.
“With this robust sales performance and strong balance sheet, I remain confident this will be another year of significant progress for Redrow.”
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This article was published on 9 Nov 2016 (last updated on 9 Nov 2016).