Redrow issues upbeat trading statement

November 9, 2016 / Isla MacFarlane
Redrow issues upbeat trading statement

The housebuilder has reported that net private reservations are 6% ahead of last year at 1,660; and the sales rate for the 19 weeks to 4 November 2016 stood at 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,” said Steve Morgan, Chairman of Redrow, at the housebuider’s Annual General Meeting. “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), Morgan said, 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,” said Morgan. “Net debt is currently £92m and is expected to be at similar levels at the end of December 2016.”

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