AGM Statement

Redrow PLC
04 November 2002






2002 - ANNUAL GENERAL MEETING - 4 NOVEMBER 2002



At the Annual General Meeting held today the Chairman of Redrow plc, Robert
Jones, made the following statement.



I am pleased to report that in the current financial year Redrow has continued
to build upon its strong year end position.



Sales in the new financial year continue to outperform last year by at least
10%, having adjusted for the impact of the acquisition of Tay Homes, with over
two-thirds of the projected current financial year legal completions now sold.
The Autumn market has witnessed the usual seasonal upturn with selling prices
continuing to increase although to a lesser degree than was evident in the
buoyant Spring market.



The trading fundamentals that have supported the housing market over recent
years remain in place.  Demand fuelled by demographic growth continues to
outstrip the output of an industry that remains constrained by the existing
planning system.  Recent Government statements regarding housing supply are to
be welcomed and Redrow looks forward to working with this Government to meet the
housing needs of the country.



Affordability remains sound with interest rates likely to remain relatively
stable in the medium term under the independent control of the Bank of England's
Monetary Policy Committee.  Also, with employment continuing at record levels,
customer confidence remains high although due regard must be given to overall
world economic conditions.



Land remains the key to the Group's future profitability.  Both the quality and
effectiveness of our land bank is being maintained so providing a sound platform
for continuing growth in the future.



Redrow Commercial continues to add significant value to the business, both as a
partner for the Homes Division in the development of mixed use schemes, and in
the provision of project management expertise particularly on City Centre
schemes.  I am particularly pleased to announce that our mixed use development
at Whitworth Street in Manchester has been awarded 'Best Town Centre Residential
Development for 2002'.



The Group's record forward sales position, coupled with the quality and
effectiveness of its land bank, leave Redrow well placed to deliver another good
performance in this financial year based upon existing market conditions.
Redrow remains focused on maintaining both its high operating margins and return
on capital and by so doing delivering sustainable and profitable growth for our
Shareholders.



Finally it would be remiss of Redrow not to pay tribute to Frank Eaton, the
former Chairman and Chief Executive of Barratt Developments plc.  Frank's recent
untimely death results in the loss of an important leader in our industry and of
a dear friend to Redrow.  He will be sorely missed and we offer our condolences
both to his colleagues at Barratts and to his family.


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