Redrow's worst results in history

Published:  11 September, 2009

EWLOE: Steve Morgan, chairman of Redrow plc, said: “While I am delighted to be back at the helm of Redrow it is intensely disappointing to me to have to report the worst set of trading results in the company’s history.

The company's preliminary results, published on 10 September show a pre-tax loss of £140.8m.

Mr Morgan continued: "I am determined to ensure that this will not be repeated and, along with the rest of the management team, am clearly focused on steering the business back to delivering the sort of robust performance that it has delivered in the past.

"Clearly the results we are announcing today come on the back of a downturn in the home building industry unlike any other in recent history. Our immediate task is to rebuild our margins and return to profitability.

"I am confident that the actions we have taken in reviewing our product and land bank are the first steps on this road. We are now in a position to move forward from an appropriate base and assuming we experience stability in the market, we do not foresee further net write-downs being required.

"We anticipate that we will need to invest carefully and strategically to enhance our land bank and we continue to keep our capital structure under review to ensure that we are well placed to secure new land capable of generating improved financial returns.

"With the introduction of The New Heritage Collection and our refocus on family housing, we are confident that in time we will re-establish Redrow as one of the market leaders in our sector.”

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