Analyst Presentation

Redrow PLC
29 June 2001


REDROW PLC

ANALYST PRESENTATION

Redrow plc hosted a presentation for analysts after close of business on
Thursday 28 June 2001.  The following is a summary of the presentation.

Current trading
.
Redrow plc is pleased to report it has continued to perform strongly in the
second half of its financial year and expects to announce on 11 September 2001
results for the year ending 30 June 2001 in line with market expectations.
The Group has again generated a record forward sales position.

Legal completions for the Group are anticipated to be in line with
expectations despite the adverse weather conditions in the first few months of
2001 with the combined turnover of Heritage and Harwood broadly in balance
between the first and second half and the city centre schemes delivering
between 100 and 150 units.  Average selling prices of both the Heritage and
Harwood products have continued to increase and the overall average selling
price in the second half is expected to be marginally ahead of that achieved
in the first half of the financial year. Redrow is confident of maintaining
operating margins in the second half of the financial year at previously
reported levels.

Due to the constraints of the planning system, volumes in the housing market
have remained steady although affordability and demographic growth continue to
support the demand side.  Against this background, Redrow has increased its
reservations during 2001 by approximately 12.5% over the equivalent period
last year in part reflecting the performance of the city centre schemes.
After allowing for legal completions in the second half of the financial year,
a record forward sales position is anticipated at June 2001 of in excess of
£170m representing an increase in value of more than 25% over the preceding
year and incorporating an increase in excess of 10% in average selling price.

Product

This performance reflects the overall quality of the developments and the
diversity of the product range in the Redrow portfolio.  The strategy of
offering the three distinct ranges of Heritage, Harwood and In the City
enables the Group to meet the aspirations of a wide customer base.

Harwood sites have now been secured in the South West, South Wales and
Yorkshire companies to compliment the Heritage developments.  In addition, the
former Harwood company in the West Midlands has purchased its first Heritage
site with another outlet secured under contract.  With six In the City
projects now being marketed in five companies, the policy of making available
the entire portfolio in each region is clearly having a positive impact.

Research and development/Customer Care

Build costs are being controlled although the impact of new building
regulations introduced by successive governments is placing an increasing
burden upon our industry.  The product continues to be value engineered to
improve quality of construction, reduce maintenance costs and enhance customer
care.  A dedicated research and development resource has been established
under a director reporting directly to the Chief Executive to investigate
alternative building methods and promote many of the initiatives already
evaluated by the Group.

Redrow continually works to retain its leading position on customer care.
This has been acknowledged with the Group being awarded 'Best National
Housebuilder' by Express Newspapers for the third successive year and also
winning the HSBC Quality Award in three of the last four years.  This success,
which includes securing maximum ratings in all categories in the Government
sponsored Housing Forum Annual Customer Satisfaction survey, requires
committed 'hearts and minds' from all staff and sub-contractors alike.

I.T. Systems

The Group was one of the first in the industry to put I.T. on site to
requisition and record delivery of materials through a lap top computer.  New
systems have since been introduced to automate the valuation and sub-
contractor payments process.  These systems provide powerful tools to analyse
and manage site costs.  Supplier invoices are now processed electronically and
Redrow is playing a leading role in the joint housebuilders' eBuild XML
initiative to communicate electronically with major suppliers.

Redrow's own web-site continues to be developed to provide quality information
to customers and other stakeholders in Redrow.  In the current year the site
is consistently receiving in excess of 8,000 visitors per week and this is
helping to increase the quality of prospective buyers visiting our
developments.  The Group is now initiating a new sales and build management
system to bring I.T. to each sales office which will further improve the
buying experience and customer care service.

Land

Redrow remains committed to the policy of sourcing both greenfield and
brownfield land through off market private treaty purchases and forward land.
This has delivered one of the most competitively priced land banks in the
industry and is a key factor in the Group's ability to maintain operating
margins at the top of the industry.

Despite the continuing difficulties with the planning system, progress has
been made in expanding the current land bank to support the future growth of
the Group.  Current land is expected to total over 14,200 plots at June 2001
compared with 13,800 at December 2000 and 13,500 at June 2000 thus maintaining
in excess of a four year land bank.  Further, our results in September, will
be expected to show a shift from land under contract to land with planning
reflecting Redrow's success in securing planning permissions in the last six
months.

Progress continues to be made with promoting our forward land through the
planning system and it is anticipated that over the next two years significant
contributions from this source will be secured.

At the present time there is no indication there will be any relaxation in the
planning system and therefore Redrow will continue to strive to maximise the
value that can be achieved from its land bank through the quality of its
developments and the maximisation of sales values rather than by chasing
volume.

Commercial and mixed use schemes

Redrow Commercial is now focused on identifying mixed use development
opportunities to add value to the Group's housebuilding operations.  Redrow
remains one of the few developers with both commercial property and housing
development skills within the same organisation.

Practical completion of the contract for the 140,000 sq. ft. development at
Windsor Office Park, which has been pre-let to Centrica, was achieved ahead of
time and within budget.  Market conditions permitting, the property will be
marketed in the Autumn.  Operating profits from the Commercial Division are
expected to be broadly in line with last year following the completion of the
sale of land at Severnside for the provision of a 100,000 sq. ft. distribution
facility for Next plc and the sale of the commercial land at Ham Green,
Bristol which comprised of planning for 58,000 sq. ft. of offices, a public
house/restaurant and a nursing home.

Board appointment

Following the share buyback announced in September 2000, the Group streamlined
its structure for the Homes Division into three regional operations each under
a Regional Chairman.  Redrow is pleased to announce that Colin Lewis, Regional
Chairman for the Western Region, has today been appointed a director thereby
joining his fellow Regional Chairmen on the Board of Redrow plc.

The Morgan Foundation

Steve Morgan retired as Chairman of Redrow plc at the AGM on 13 November 2000.
Following 26 years under his chairmanship, the company became recognised as
one of the leaders in the housebuilding industry .  His commitment went beyond
Redrow and he had a major influence within the development industry.  He was
also and remains very committed to raising money for charitable causes
particularly those related to children and the treatment of cancer.  In
recognition of Steve Morgan's contribution to our industry and his
considerable charitable work, Redrow has today donated £1m to the Morgan
Foundation charitable trust.  This donation together with a  significant
personal contribution from Steve himself will enable the trust to particularly
help children's charities in the North West and North Wales.

Shareholder return

Since flotation in 1994, Redrow has maintained a focus on delivering a high
level of return on capital employed and has delivered a performance at the top
end of the sector.  This remains key to the Group's continued success and
Redrow is confident of maintaining a return for the year in line with that
achieved in the first half.

As announced at the time of the 30% share buyback in September 2000, the Group
is committed to delivering enhanced shareholder value.  The effect of the
share buyback on earnings per share will be apparent in the second half of
this financial year with some further benefit in the year ending 30 June 2002.

With the popularity of its diverse product portfolio, a highly competitive
four year current land bank, a record forward sales position and given a
steady development market, Redrow can look forward to the next financial year
with confidence.

Enquiries

Redrow (after 1300 hours)
Paul Pedley                                       01244 520044
Neil Fitzsimmons

Brunswick
Gavin Partington                                  020 7404 5959
Nina Richmond