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    RDW   GB00BG11K365

REDROW PLC

(RDW)
  Report
Delayed Quote. Delayed London Stock Exchange - 06/15 11:35:17 am
658 GBX   -0.45%
06/08REDROW  : Richard Akers to succeed John Tutte as Non-Executive Chair
PU
05/12REDROW  : Chair Retires, Successor Appointed
MT
04/18REDROW  : launches refreshed brand
PU
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SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Redrow : British builders Galliford and Redrow to resume dividends

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


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
REDROW PLC -0.45% 658 Delayed Quote.15.14%
VISTRY GROUP PLC -0.20% 1246.5 Delayed Quote.32.68%
All news about REDROW PLC
06/08REDROW  : Richard Akers to succeed John Tutte as Non-Executive Chair
PU
05/12REDROW  : Chair Retires, Successor Appointed
MT
04/18REDROW  : launches refreshed brand
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04/13REDROW  : Liberum Lifts Redrow Price Target, Reiterates Buy Rating
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02/25REDROW PLC : Ex-dividend day for interim dividend
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02/10REDROW  : Barclays Raises Redrow Price Target, Keeps Overweight Rating
MT
02/10REDROW  : Reinstates Dividend Payments As Fiscal H1 Revenue Grows
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More news
Financials
Sales 2021 1 822 M 2 566 M 2 566 M
Net income 2021 224 M 316 M 316 M
Net cash 2021 110 M 154 M 154 M
P/E ratio 2021 10,0x
Yield 2021 2,95%
Capitalization 2 259 M 3 183 M 3 181 M
EV / Sales 2021 1,18x
EV / Sales 2022 1,07x
Nbr of Employees 2 364
Free-Float 77,8%
Chart REDROW PLC
Duration : Period :
Redrow plc Technical Analysis Chart | MarketScreener
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Technical analysis trends REDROW PLC
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 18
Average target price 744,69 GBX
Last Close Price 6,58 GBX
Spread / Highest target 13 578%
Spread / Average Target 11 217%
Spread / Lowest Target 8 715%
EPS Revisions
Managers and Directors
NameTitle
Matthew John Pratt Group CEO, COO & Director
Barbara May Richmond Group Chief Financial Officer & Executive Director
John Frederick Tutte Non-Executive Chairman
Richard John Akers Chairman-Designate
Andrew Nicholas Hewson Senior Independent Director
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