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

REDROW PLC

(RDW)
  Report
Delayed Quote. Delayed London Stock Exchange - 10/23 11:35:04 am
474.8 GBX   +4.91%
10/09REDROW PLC : Big comeback of buyers
09/16UK stocks end lower on Brexit concerns; The Hut Group soars on debut
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09/16REDROW : British builders Galliford and Redrow to resume dividends
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Redrow : British builders Galliford and Redrow to resume dividends

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09/16/2020 | 05:55am EDT
FILE PHOTO: Signage is seen on a house on a Redrow housing development in Church Greasly

Construction groups Galliford Try and Redrow on Wednesday pledged to resume shareholder payouts in fiscal 2021 as construction demand picked up following the lifting of coronavirus lockdowns.

Britain's construction industry has recovered in the past few months, helping to boost building companies' order books.

Galliford expects to return to profitability after two consecutive years of losses as productivity neared normal levels, sending its shares up as much as 11%.

A year-on-year increase in its order book helped Galliford secure 90% of planned revenue for 2021, and the group is focusing on improving margins by opting for smaller contracts.

Homebuilder Redrow said a record order book plus its shift away from London would produce strong operating cash flow allowing dividends to resume in 2021, subject to market conditions.

Consumer demand after the COVID-19 pandemic has shifted, prompting Redrow to focus on regional businesses with higher returns and its 'Heritage' suburban homes with period style features and spacious interiors.

Redrow also reported a fall in home completions, lower revenue and higher costs, sending its shares as much as 3.8% lower at 440 pence by 0945 GMT.

But the company said it completed "substantially more" homes in the first few weeks of the new financial year compared to the same period last year.

Galliford, part of London's small-cap index, in January sold its housing divisions to Vistry Group, a move that has been paying off.

"We have successfully transitioned to a well-capitalised UK construction business and I am confident about our future," said Bill Hocking, Chief Executive of Galliford, which expects revenue of 1.1 to 1.3 billion pounds ($1.4 to $1.7 billion) for fiscal 2021.

Peel Hunt analysts pointed to the company's "well-bid order book, attractive infrastructure markets and the sector-leading balance sheet."

Excluding one-time items, Galliford reported a pretax loss of 59.7 million pounds for the year ended June 30, while Redrow said pretax profit for the same period fell to 140 million pounds.

($1 = 0.7757 pounds)

(Reporting by Pushkala Aripaka and Samantha Machado in Bengaluru; Editing by Devika Syamnath/Rashmi Aich/Jane Merriman)

By Pushkala Aripaka and Samantha Machado


Stocks mentioned in the article
ChangeLast1st jan.
BOVIS HOMES GROUP PLC 5.42% 602.5 Delayed Quote.-53.94%
REDROW PLC 4.91% 474.8 Delayed Quote.-36.27%
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Financials
Sales 2021 1 685 M 2 197 M 2 197 M
Net income 2021 203 M 265 M 265 M
Net cash 2021 66,3 M 86,4 M 86,4 M
P/E ratio 2021 8,13x
Yield 2021 3,47%
Capitalization 1 630 M 2 127 M 2 125 M
EV / Sales 2021 0,93x
EV / Sales 2022 0,79x
Nbr of Employees 2 364
Free-Float 77,7%
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Technical analysis trends REDROW PLC
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Average target price 576,14 GBX
Last Close Price 474,80 GBX
Spread / Highest target 58,0%
Spread / Average Target 21,3%
Spread / Lowest Target -20,0%
EPS Revisions
Managers
NameTitle
Matthew John Pratt Group CEO, COO & Director
John Frederick Tutte Non-Executive Chairman
Barbara May Richmond Group Chief Financial Officer & Executive Director
Andrew Nicholas Hewson Senior Independent Director
Michael Thomas Lyons Independent Non-Executive Director
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