AGM Statement

Redrow PLC
03 November 2004



ANNUAL GENERAL MEETING - 3 NOVEMBER 2004



At the Annual General Meeting of Redrow plc commencing today at 12 noon the
Chairman of the Company, Robert Jones, will be making the following statement:



'Redrow entered the new financial year with its strongest ever level of forward
sales, at approximately £400m.  We established this advantageous position to
ensure that the Group was well placed for the period of adjustment in the sales
market that we had expected to mark the return to more normal levels of
activity.  Accordingly and as anticipated, we have seen a reduction in both the
total level of reservations and the sales rate per development since our year
end, albeit against an uncharacteristically strong comparable period following
the end of the Iraqi war.  One of the Group's core strengths is its land bank
and we intend to protect the profitability within our land holdings through the
maximisation of sales value, thereby protecting operating margins through this
period of adjustment rather than chasing volume.  As a consequence, we
anticipate that our forward sales position as at 31 December 2004 will be in
line with more normal levels, but, as highlighted at the Group's preliminary
results, Redrow has positioned itself to meet next year's Spring selling season
with a 10% increase in the number of sales outlets.



Whilst visitor levels remain healthy, customers are taking longer before
committing to purchase and lower levels of activity in the market as a whole are
lengthening sales chains.  Experience to date has shown that customers continue
to recognise the quality and value of Redrow's homes, with average selling
prices being maintained in the south of the country and continuing to increase
on a gentle trend in line with earnings further north.  The fundamental economic
and demographic factors remain supportive of the housing market.  Interest rate
concerns have alleviated from earlier this year and affordability continues to
be favourable.  Redrow remains committed to delivering sustained growth in
earnings for its shareholders.  With the land bank in place to support a higher
level of legal completions this year, taken together with a product range
providing value and quality, a focus on customer service and, above all else,
the commitment and skills of the whole Redrow team, the Board remains confident
of a further year of progress with results in line with expectations.'



Redrow plc will be issuing a trading update on the Group's performance for the
six months ended 31 December 2004 on Thursday 6 January 2005.



Enquiries:

Paul Pedley, Chief Executive               Redrow plc
David Arnold, Group Finance Director       01244 520044


Patrick Handley/Nina Coad                  Brunswick
                                           020 7404 5959


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