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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Redrow plc    RDW   GB00BG11K365

REDROW PLC

(RDW)
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Redrow : COVID-19 Update

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04/20/2020 | 02:11am EDT

FOR IMMEDIATE RELEASE

Monday 20 April 2020

REDROW plc

COVID-19 Update

Redrow plc is providing a further update to that issued on 9 April 2020, on actions being taken to mitigate the impact of the Covid-19 pandemic on the business.

Banking

Further to the statement on 9 April that Redrow has been confirmed as an eligible issuer for the Covid Corporate Financing Facility with an issuer limit of £300m, we are pleased to announce Redrow has also now successfully concluded negotiations with its six relationship banks regarding the request for £100m additional funding under its existing Revolving Credit Facility (RCF). The company now has £350m of committed facilities under the RCF which matures at the end of December 2022.

Board Update

As a consequence of the unprecedented impact of COVID-19 on the business and the housebuilding industry, John Tutte has agreed to delay the step back to non-executive Chairman from 30th June until the company's AGM in November 2020. John will support the senior management team to ensure an orderly return to operations when the business is satisfied it is safe to do so. It remains John's intention to retire from the Board ahead of the AGM in 2021. As previously announced, Matthew Pratt will take up the position of Group Chief Executive with effect from 1st July 2020.

Enquiries:

Redrow plc

John Tutte, Executive Chairman

01244 527411

Barbara Richmond, Group Finance Director

01244 527411

Instinctif Partners

0207 457 2020

Mark Garraway

07771 860938

James Gray

07814 379412

LEI Number:

2138008WJZBBA7EYEL28

Announcement Classification:

3.1: Additional regulated information required to be disclosed under the laws of a Member State

Disclaimer

Redrow plc published this content on 20 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2020 06:10:14 UTC

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Financials
Sales 2020 1 426 M 1 776 M 1 776 M
Net income 2020 163 M 203 M 203 M
Net Debt 2020 22,1 M 27,6 M 27,6 M
P/E ratio 2020 9,33x
Yield 2020 1,82%
Capitalization 1 518 M 1 893 M 1 891 M
EV / Sales 2019
EV / Sales 2020 1,08x
Nbr of Employees 2 325
Free-Float 77,7%
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Technical analysis trends REDROW PLC
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TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 582,80 GBX
Last Close Price 442,40 GBX
Spread / Highest target 76,3%
Spread / Average Target 31,7%
Spread / Lowest Target -11,8%
EPS Revisions
Managers
NameTitle
John Frederick Tutte Executive Chairman & Chief Executive Officer
Matthew John Pratt Chief Operating Officer & Director
Barbara May Richmond Group Chief Financial Officer & Executive Director
Andrew Nicholas Hewson Independent Non-Executive Director
Michael Thomas Lyons Independent Non-Executive Director
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