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Redrow : Homebuilder Redrow to shrink London business, warns of full-year sales drop

06/30/2020 | 07:45am EDT

British homebuilder Redrow said on Tuesday it was scaling back its London operations and expects sales to drop more than a third this year due to the timing of coronavirus-fueled site closures.

The Ewloe, UK-based company also warned that 2020 profit will be substantially below last year's due to the impact of Covid-19 and the trimming down of London operations.

"The timing of site closures due to Covid-19 towards the end of March had a profound impact upon the group's results in a year, which was budgeted to be disproportionately weighted to the end of the second-half," the company said.

Redrow's shares fell 7% at the open to 429.8 pence on the London Stock Exchange.

The company said it was pulling back operations in London to concentrate on more high return regional businesses and its Heritage product - suburban homes designed in period style features that have more spacious interiors.

Redrow forecast group turnover to come in at 1.34 billion pounds ($1.65 billion), compared with 2.11 billion pounds last year.

Costs and related significant impairments associated with the scaling back of the London business will be provided for in the June 2020 accounts, the company.

Redrow said it completed 4,032 homes in the year to the end of June compared to 6,443 in the previous year, but its order book was at a record 1.42 billion pounds for its new financial year starting in July, as construction would be second half weighted.

(Reporting by Siddharth Cavale in Bengaluru, Editing by Sherry Jacob-Phillips and Sriraj Kalluvila)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON STOCK EXCHANGE PLC 0.91% 8200 Delayed Quote.-9.81%
REDROW PLC 0.78% 645.4 Delayed Quote.12.23%
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Sales 2021 1 821 M 2 528 M 2 528 M
Net income 2021 224 M 311 M 311 M
Net cash 2021 111 M 154 M 154 M
P/E ratio 2021 9,78x
Yield 2021 3,04%
Capitalization 2 202 M 3 065 M 3 057 M
EV / Sales 2021 1,15x
EV / Sales 2022 1,04x
Nbr of Employees 2 364
Free-Float 77,8%
Duration : Period :
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Technical analysis trends REDROW PLC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 18
Average target price 759,06 GBX
Last Close Price 641,40 GBX
Spread / Highest target 65,3%
Spread / Average Target 18,3%
Spread / Lowest Target -9,57%
EPS Revisions
Managers and Directors
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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