why has no one got on this??????3 Sep 2014 00:02
Final Results
Tue, 2nd Sep 2014 07:00
RNS Number : 5657Q
Redrow PLC
02 September 2014
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Tuesday 2 September 2014
Redrow plc
Final results for the year to 30 June 2014
REDROW DELIVERS RECORD RESULTS
Financial Results
2014
2013
Change
Revenue
£864.5m
£604.8m
+43%
Operating Profit
£137.5m
£73.2m
+88%
Profit before tax
£132.6m
£69.4m
+91%
EPS (adjusted)
28.6p
15.6p
+83%
ROCE
18.0%
12.2%
+48%
Final Dividend
2p
1p
+100%
Financial highlights
· Group revenue rose 43% to a record £864.5m driven by a 27% increase in legal completions and a 13% increase in Average Selling Price to £239,500
· Gross margins rose to 21.7% from 18.8% at June 2013
· Record pre-tax profit of £132.6m, up 91%
· Adjusted earnings per share up 83% to 28.6p
· Value of private reservations up 53% from £668m to £1,021m
· Help to Buy represented 35% of private completions
· Return on Capital Employed of 18% (2013: 12.2%)
· Net debt increased to £172.6m vs £91m in 2013, due to ongoing investment in land and work in progress
· On the basis of these strong results, the Board is proposing a final dividend of 2p per share, double that of the dividend paid in 2013
Operational highlights
· Legal completions rose 27% to 3,597 (2013: 2,827) spurred by Help to Buy
· Number of employees up 21% to 1,346 to meet growing demand
· Number of apprentices increased 14% to 84
· London Division contributed £124m of turnover from 293 legal completions
· Order Book up 85% at £482m
· Outlets increased 12% from 92 to 103
· The owned and contracted land bank at the end of June 2014 was 16,724 plots