Redrow Plc Interim Results 2006

Tuesday 7th March 2006

Redrow plc today announces interim results for the six months ended 31 December 2005

• Profit before tax at £53.4m (H1 2004/05: £68.3m)
• Basic earnings per share at 23.5p (H1 2004/05: 30.0p)
• Dividend per share increased by 19.4% to 4.3p (H1 2004/05: 3.6p)
• Gearing at 24% (Dec 2004: 37%)
• Forward order book at December 2005 at 1,816 units represents 4.5 months sales, in excess of Redrow and industry norms
• Sales rate per outlet in first 8 weeks of second half up over 10% from 6% more outlets
• Redrow positioned for growth through:
  • Developing our regional structure with the current land bank increased to 18,400 plots (Dec 2004: 17,500)
  • Capitalising on our mixed use and regeneration skills with pipeline of £750m of projects in Redrow Regeneration
  • Expanding our Debut initiative with planning secured in 2006 on 3 further sites for over 300 homes

"In the short term, the increase in our sales rate per outlet in the early weeks of 2006 is encouraging. Looking further ahead the growth strategies we have put in place together with our high quality land bank and a product offering that maximises its potential, makes us confident in our ability to deliver value for our shareholders in the future."

Enquiries:
Redrow plc - 01244 520044
Neil Fitzsimmons, Chief Executive
David Arnold, Group Finance Director

Brunswick
Patrick Handley / Nina Coad 0207 404 5959