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Ash4781

Redrow's Interims From The Other Day

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There's a nice table in the article regarding Redrow's interims from the other day http://www.investorschronicle.co.uk/Compan...e-up-market.jsp

'Pre-tax loss from trading operations before exceptionals of £44.2m (2008: £65.5m profit)'

http://www.redrow.co.uk/assets/pdf/results...elease_2009.pdf

Going through the income statement http://www.redrow.co.uk/assets/pdf/results...esults_2009.pdf it's even worse. . Redrow interims look pretty awful. They got hit on price and volume pushing them into a £22mn operating loss before exceptionals, and finance costs. They are still carrying quite a lot of debt.

Looking at the strategy they are moving to selling higher valued / more upmarket units than previous strategy on the lower volumes (while reducing the range). What else could they do really ?

Fair enough though they did have a change in management but does look like the past lot ******ed up big time!

Volumes stabilising - will this mean other housebuilders move 'upmarket' ? (actually build things people want)

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"Kitchen Sink-ing" apparently. Upmarket chrome affair no doubt.

Steve Morgan, founder of housebuilding company Redrow (LSE: RDW.L - news) has been back at the helm of the company for just two months, so Thursday's full-year results will give him the perfect platform to outline his proposals for reviving the fortunes of the company. As is often the way when a new management takes over, expect a lot of 'kitchen sink' items to be included in the accounts as the new team seeks to get all the bad news out of the way to establish a lower platform from which to build.

http://uk.biz.yahoo.com/090909/214/iqe16.html

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Volumes stabilising - will this mean other housebuilders move 'upmarket' ? (actually build things people want)

Eh? Are you saying Redrow is seen as upmarket? Should I go and look at something on the huge new Redrow estate off the Plymouth road here?

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Eh? Are you saying Redrow is seen as upmarket? Should I go and look at something on the huge new Redrow estate off the Plymouth road here?

Good point...if they want to build bigger they will need fresh LA approvals, new plans et al....course, they know there is a shortage of better property...pity they didnt build better all along.

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Eh? Are you saying Redrow is seen as upmarket? Should I go and look at something on the huge new Redrow estate off the Plymouth road here?

No sorry they say they are moving upmarket. I don't know what they were building but the report says ">Return to heritage in family housing, away from apartments and starter homes

>Housing types reduced from 80 to 32

>New Heritage Collection to be launched in January 2010, with historical architectural

theme, more spacious open-plan interiors and high specification".

Dred to think what they were building before. What's this estate like?

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