Preliminary R Results P Presentation Year t to 3 30 J June 2 - - PowerPoint PPT Presentation

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Preliminary R Results P Presentation Year t to 3 30 J June 2 - - PowerPoint PPT Presentation

Nov 25, 2023 244 likes •591 views

Preliminary R Results P Presentation Year t to 3 30 J June 2 2014 Agend nda Chairmans Overview Steve Morgan Financial Results Barbara Richmond Review of Operations John Tutte Summary and Outlook Steve Morgan Overview

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SLIDE 1

Preliminary R Results P Presentation

Year t to 3 30 J June 2 2014

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SLIDE 2

Agend nda

  • Chairman’s Overview

Steve Morgan

  • Financial Results

Barbara Richmond

  • Review of Operations

John Tutte

  • Summary and Outlook

Steve Morgan

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SLIDE 3

Overview – – R Record r result lts

  • Record pre-tax profits of £132.6m

up 91%

  • Record turnover of £864.5m up

43%

  • ROCE up from 12.2% to 18.0%
  • Private ASP up 19% to £269,600
  • c.6,100 plots added to current

landbank

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SLIDE 4

Fina nanc ncials ls

Barbara Richmond – Group Finance Director

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SLIDE 5

Fina nanc ncial H l Highli hlight hts

  • Private homes revenue

up 42% to £799m

  • Operating margin 15.9%

(2013: 12.1%)

  • Underlying EPS up 83%

to 28.6p

  • Final dividend proposed
  • f 2p (2013: 1p)
  • Gearing 24.8%

(June 2013: 14.9%)

  • ROE up from 12.3% to

20.5%

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SLIDE 6

Inc Income me S Stateme ment nt

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SLIDE 7

Ana nalys lysis o

  • f p

private p plo lots i in C n Cost o

  • f S

Sale les

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SLIDE 8

Percent ntage o

  • f p

provisione ned p plo lots i in C n Cost o

  • f S

Sale les

5 10 15 20 25 30 35 40 45 2013 2014 2015 2016 2017 % %

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SLIDE 9

*pre-exceptional

Operating ng M Margin B n Bridge*

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SLIDE 10

Turno nover A Ana nalys lysis

  • Record Homes Revenue of £861.4m up 44%
  • London contributed £116m of private Revenue and £124m of total Homes

Revenue

  • Private ASP up 19% to £269,600
  • Social Homes were 18% of total volume (2013: 12%)
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SLIDE 11

Private T Turno nover A Ana nalys lysis

  • Heritage Collection 77% of private turnover in 2014 (2013: 85%)
  • Heritage Collection ASP up 11% to £257,300
  • Help to Buy legal completions of 1,023 (2013: 82)
  • London private completions of 223 (2013: 17)
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SLIDE 12

Sale les b by Ge y Geography hy

  • Total Group revenue up 43%
  • Strong revenue growth in all Regions
  • South of England now represents
  • ver 50% of Group revenue

FY 2014 FY 2013 £m % £m %

North

221.4 26 191.2 31

Central

190.9 22 167.7 28

South

452.2 52 245.9 41 864.5 100 604.8 100

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SLIDE 13

Cash F h Flo low

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SLIDE 14

Banki nking ng

  • Increased committed facilities

to meet medium term needs

– £365m vs £250m previously – Same bank group – No other significant changes

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SLIDE 15

Net A Assets

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SLIDE 16

Percent ntage o

  • f P

Provisione ned P Plo lots i in L n Land ndbank nk

5 10 15 20 25 30 Jun 2013 Jun 2014 Jun 2015 Jun 2016 %

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SLIDE 17

Plo lot C Cost C Carried F Forward

0 ¡ 10 ¡ 20 ¡ 30 ¡ 40 ¡ 50 ¡ 60 ¡ 70 ¡ 2011 ¡ 2012 ¡ 2013 ¡ 2014 ¡

Owned ¡ Owned ¡& ¡Contracted ¡

£k

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SLIDE 18

Review o

  • f O

Operations ns

John Tutte – Group Chief Executive

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SLIDE 19

Di Divisions ns a and nd S Subsidiaries

North

Yorkshire Lancashire NW

Central

Midlands South Wales

South

South Midlands South East Southern Counties (new 2014) South West West Country (new 2015)

London Harrow Estates

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SLIDE 20

Land nd a and nd P Pla lanni nning ng

Moveme ment nt i in C n Current nt L Land nd H Hold lding ngs

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SLIDE 21

Land nd a and nd P Pla lanni nning ng

Moveme ment nt i in F n Forward L Land nd H Hold lding ngs

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SLIDE 22

Land nd a and nd P Pla lanni nning ng

Land nd H Hold lding ngs b by Ge y Geography hy

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SLIDE 23

Outle lets

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SLIDE 24

Operationa nal H l Highli hlight hts

  • People

le

  • 1,346 directly employed:
  • ver 230 new jobs
  • 84 Apprentices
  • 15% trainees
  • Custome

mer S Service

  • 5 Star Award HBF 2014 Survey
  • 93% Recommend
  • My Redrow sales £6m
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SLIDE 25

Build ld C Cost Inc Increases

  • Materials

– Bricks – Timber – Roof tiles

  • Labour

– Groundworkers – Bricklayers – Plasterers

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SLIDE 26

Pr Product ct

  • Heritage Collection
  • Regent Collection
  • Abode
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SLIDE 27

Lond ndon n

  • Current

nt d develo lopme ment nts – – 9 94% s sold ld

  • One Commercial Street
  • Kingston Riverside
  • Kingston River Walk
  • Holland Park
  • Amberley Waterfront
  • Connaught Place W2
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SLIDE 28

Lond ndon n

  • Increased focus on outer London
  • Smaller sites in Central London
  • New s

sites

  • Northway House
  • Fann Street
  • Harrow Road
  • Colindale
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SLIDE 29

Coli lind ndale le ( (NW9)

  • Planning application

submitted

  • c.2,600 homes
  • Commercial space
  • School
  • Public realm
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SLIDE 30

Harrow E Estates

Option S n Sites Joint nt V Vent nture

  • £2.8m of post-tax profit from

land sale (2013: £3.3m)

Pla lanni nning ng

  • Hartford (2 sites)
  • Woodford
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SLIDE 31

Woodford Ga Garden V n Villa llage, C , Che heshi hire

  • Gross area 500 acres
  • Net developable area 100 acres
  • Resolution to grant planning

– 920 new homes (145 detailed consent) – 90,000 sq ft commercial development – 20,000 sq ft village centre – 75 acres of open space and recreational areas

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SLIDE 32

Sale les M Marke ket

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SLIDE 33

Summa mmary a y and nd O Outlo look k

  • Market stable – return to normal seasonality
  • Help to Buy continues to deliver economic growth and jobs
  • Planning policy more favourable
  • Outlook