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LONDON STOCK EXCHANGE
One
of the most successful organisations in the UK development industry
A
multi faceted national group with interests in private UK housebuilding
and commercial developments
A
major plc with a turnover in excess of £570 million
A
dynamic forward thinking company providing direct employment for over 1,300
people nationwide
http://www.redrow.co.uk/
Redrow
plc Preliminary results for the twelve months ended 30 June 2008 PDF
Redrow
has taken decisive actions to most effectively manage the business through
very challenging markets
•
Adjusted
strategy to focus on cash flow - £128.9m of cash generated pre land
payments, tax and dividends in 2007/08
•
Reduction
in administrative expenses of 22% in 2007/08 with further cost reductions
announced since 1 July 2008 equating to an annual cash saving of £15.1m
•
Restricted
activity in current land market to limit cash outflow and exposure to falling
land values - current land bank plots 16,450 (2007: 20,200)
•
Forward
land bank increased to 26,150 plots (2007: 24,900) provides pipeline of
potential land supply for the medium term
•
Secured
new £450m three year debt facilities until 2011
•
Prudent
review of net realisable value of land and work-in-progress to properly
reflect market conditions - exceptional provision of £259.4m
•
Total
dividend per share for the year of 9.3p paid on 2 May 2008 (2007: 15.6p)
reflects strategy to focus on cash flow.
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