Redrow refocuses as sales plummet 43%

”Redrow

Housebuilder Redrow has reported a 54% drop in sales income over the year to the end of June.

The developer sold 2,113 homes, down 43% on last year’s total, with the average selling price falling 12% to £137,400.

The group says it has refocused on a new strategy under chairman, Steve Morgan, who rejoined the business in March 2009.

The turnaround involves Redrow moving away from apartments and starter homes and returning to its traditional focus of family housing.

As a consequence, housing types have been reduced from 80 to 32 and a
new “Heritage Collection” will be launched in January 2010.

The properties will display an historical architectural theme and spacious open-plan interiors.

Meanwhile, the number of Redrow plots with planning consent have fallen to 12,500, compared with 14,900 a year earlier, but the firm’s land team is once again “fully engaged” in seeking out new opportunities.

Group revenue for the 2008/09 financial year came in at £301.8 million, compared with £650.1 million in the previous 12 months, with the decline driven by volume and price reductions.

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