Chairman's AGM Statement - Group in 'Great Shape'
Redrow Group PLC
8 November 1999
REDROW GROUP plc
1999 ANNUAL GENERAL MEETING - MONDAY 8TH NOVEMBER 1999
At the Annual General Meeting held today, Redrow Chairman, Steve Morgan made
the following statement.
It is 25 years almost to the day since Redrow commenced trading. It seems
appropriate therefore that I am able to report that the Group is in great
shape and continues to make excellent progress during the current financial
year.
The housing market remains buoyant throughout most of the country with all our
housing subsidiaries reporting strong demand. There has been a modest growth
in the number of reservations taken in the year to date, although completions
will be controlled in line with the Group's ability to grow its land bank. The
average selling price has continued to rise in line with the trend announced
in the preliminary statement, due in the main to the growth of the southern
regional companies and house price inflation.
I have said on many occasions that I do not foresee a return of the boom bust
days of the past and that our industry is set for a more stable future. The
recent increase in interest rates by the Bank of England is to be welcomed and
should be seen as a positive action in preventing the housing market
from overheating.
Another critical factor in house price inflation remains the issue of land
supply. Until the Government takes positive steps to speed up the planning
process on both brownfield and greenfield sites house price inflation will
remain an issue. It is impossible for the industry to meet the increasing
demand for new homes if the supply of land, its main raw material, is choked
back. Nevertheless, thanks to our conservative long term land policy, I
remain confident of our ability to source the Group's land requirements
despite the planning barriers which face our industry.
I am justifiably proud of Redrow's growth record over the last 25 years and
indeed during its time as a public company. Our trading experience in the
financial year to date gives me every confidence in our ability to maintain
growth both this financial year and for the foreseeable future.
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