Chairman's Statement

Redrow Group PLC
13 October 2000


2000 ANNUAL GENERAL MEETING - 13 OCTOBER 2000

At the Annual General Meeting held today Redrow Chairman, Steve Morgan made
the following statement.

On the day I hand over the Chairmanship of the Group to Robert Jones it gives
me particular pleasure to be able to report that Redrow is continuing to make
good progress, which combined with the return of capital recently completed
should deliver enhanced earnings growth for shareholders.

I believe the housing industry is set for sustainable growth underpinned by
economic fundamentals, demographics and increased household formation.  The
new homes market remains active and steady across the country and we continue
to achieve modest increases in selling price across most sites.

Although Redrow is achieving the Government target of building approximately
60% of its new homes on brownfield land we continue to be frustrated by delays
in the planning system.  The delays have resulted in slightly fewer outlets
during the first part of the year.  However, a number of new sites are now
coming on stream and it is pleasing to note that we are achieving a slight
increase in the sales rate per outlet compared to last year.  Indeed, we have
already secured over 50% of our projected legal completions for the current
financial year.

Despite the ever increasing planning delays the Group has consistently been
able to grow both its current and forward land banks.  Our land policy has
been key in our ability to regularly produce margins and return on capital at
the top end of the sector.  All anticipated sales for the current financial
year are from sites owned and 90% of our target for the following year is on
land owned or controlled.

26 years after founding Redrow, I am proud to be leaving at a time when the
Group is in excellent shape.  During the six years as a public company the
Group has achieved a 21% compound growth rate in earnings and a return on
capital of 28% in each of the last three years.  Redrow has a first class
product, a strong land bank and an excellent management team who, I have every
confidence, will continue to deliver outstanding results into the future.