Redrow plc (RDW.L, RDW LN)
Trading through ten divisions across England, Scotland and Wales, Redrow builds roughly 4,000 new homes every year. The group is the fifth-largest quoted UK builder by units completed and is a member of the FTSE 250 Index. Redrow's pure housebuilding operations generate c.95% of operating profit, with the remainder split between mixed use, re-generation projects and land sales. The group's houses are marketed under three brands: Signature (78% of completions), In the City (11%) and Debut Homes (11%). Signature completions in the year ended June 2007 totalled 3,689 homes at an average sales price of £167,900. In the City completions totalled 537 units at an average sales price of £182,200. The debut homes product is Redrow's primary affordable homes offering with an average sales price of £79,100. The group's average sales price of £160,000 is the lowest of all the UK builders and places it firmly in the first-time buyer segment. Redrow has a national spread with a slight bias to the north (40% of completions). The south and east contribute roughly 29% and 31% of completions respectively.
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