Final Results

REDROW GROUP PLC
14 September 1999

Redrow Group plc today announced its Preliminary Results for
the 12 months to June 1999.

*     Turnover up 11% to £341.6m (1998: £307.2m).

*     Operating profit up 18% to £56.3m (1998: £47.8m).

*     Profit before tax up 15% to £55.6m (1998: £48.2m).

*     Earnings per share up 18% to 18.5p (1998: 15.7p).

*     Full year dividend of 4.5p up 11%.

*     Return on capital employed maintained at 28%.

*     Current land bank increased to 12,300 plots (1998: 11,700 plots).

*     Average plot cost at £18,600 represents 17.8% of average selling price
      (1998: 18.5%).

*     Forward land bank further increased to 27,000 plots (1998: 22,900).

*     Value of forward sales at June 1999 up 20% at £132.6m (1998: £110.5m).

Steve Morgan, Chairman commented:-

'Redrow has had yet another record year in 1999, the 25th anniversary of the
Group's founding.  Over the years, we have consistently delivered strong
earnings and profits growth to our shareholders.  I am very proud to be able
to announce another fine set of figures in this, our fifth year as a public
company.  Both operating profits and earnings grew strongly posting an 18%
increase.

Despite concerns about the market and continuing difficulties with the
planning process, Redrow enters 2000 in a strong position.  Forward sales are
20% ahead of last year, the balance sheet is ungeared and we have a high
quality land bank.  These factors once again mean that the Group is
well-placed to maintain the momentum generated in 1999.'

For further information contact:

Steve Morgan, Chairman                     Redrow Group plc
Paul  Pedley, Chief Executive              0171  404 5959 (14 September)
Neil Fitzsimmons, Finance Director         01244 520044 (thereafter)

Stephen Breslin/Clare de Souza             Brunswick Public Relations         
                                           0171 404 5959



                    Chairman's Statement
                               
1999 marks the 25th anniversary of Redrow's incorporation and
the 5th anniversary of Redrow as a public company.  Given these
two landmarks, it gives me great pleasure to announce another
set of record results for the Group.

Turnover for the year to June 1999 was £341.6m (1998: £307.2m),
an increase of 11.2% which produced a 17.8% increase in
operating profits to £56.3m (1998: £47.8m).  Profit before tax
increased by 15.4% to £55.6m (1998: £48.2m).  The tax charge
of 25.6% continues to reflect the utilisation of tax losses
within Redrow Homes (South East) Limited.  Earnings per share
increased by 17.8% to 18.5p (1998: 15.7p).  The Group ended the
year ungeared with a cash surplus of £7.5m.

Return on capital employed at 28% remains one of the highest in
the industry.  It is also pleasing to note that we have
achieved a 21% compound growth rate in pre-tax profits in the
five years as a public company.

The board is pleased to recommend an 11% increase in the final
dividend to 3p which together with the 1.5p interim dividend
makes a total for the year of 4.5p.  This is covered 4.1 times
by earnings.

Last year was highly successful for the Group with progress
being maintained on virtually all fronts.  Redrow Homes
completed a total of 3,135 units during the year, an increase
of 4.2% over the previous year.  The average selling price
increased from £98,400 to £106,800 due to some relatively
modest house price inflation, the continuing growth of our
southern housing companies and a small increase in average
dwelling size.  The UK companies entered the current year with
a forward  sales value of £133m, an increase of 20% over the
previous year.

There has been far too much hype in the press recently about
housing booms and a return to 1988 conditions.  The main area
of the country to experience significant price inflation to
date is London and the immediate Home Counties, much of which is
caused by lack of land supply to which I will refer later.
Most of the UK has seen only a modest growth in house prices
and indeed many parts of the country have seen no increase
whatsoever.

The Redrow Homes companies which trade predominantly under the
Heritage Range,  completed 2,572 units with an average selling
price of £112,900.  For the first time in the Group's history
the southern companies accounted for the largest proportion of
completions at 51.4%.  The split of the South East business has
been successfully executed and both operations are looking
forward to further growth in the coming year.

The Park Heights development in Jersey produced a further 28
completions with an average selling price of £371,000.

Output at Harwood Homes increased significantly from 407 to 535
units largely on the back of a maiden contribution of 120
completions from Harwood Homes (Midlands). The policy adopted
by Harwood Homes (North-West) of developing sites jointly with
either Redrow Homes (Northern) or (Lancashire) continues to be
successful particularly as the Harwood and Heritage brands are
so complementary.   The new Midlands region has had an
encouraging first full year's trading and although further
progress is anticipated during the current year the company's
main aim is to secure further land holdings with which to
sustain further growth.

The care and attention which we give to quality, product
design and customer care has once again produced a considerable
number of commendations for the Group.  Indeed, Redrow has
virtually swept the board of industry accolades during 1999
including winning all 3 major Housebuilder of the Year Awards.

As mentioned earlier, London and the immediate Home Counties
have seen significant house price inflation as a result of
demand exceeding supply.  It amazes me therefore that this
simple economic fact has not registered with either the
Government or indeed many Local Authorities who continue to
frustrate the supply side of our industry by the planning
process.  The delays in the planning system apply equally to
brownfield or greenfield sites and these delays are in danger
of affecting the UK economy.  Although I do not foresee a
repeat of the late 80's boom conditions, the warning signs are
clearly there.  Indeed, it is somewhat perverse that at a time
when the economy is in a healthy condition and demand for
housing is increasing the industry is unable to meet the demand
because of the shortage of available land.


Thanks to contributions from our strong forward land bank the
current land bank increased slightly during the year to 12,300
plots (1998: 11,700).  However, of this total 3,300 plots are
caught in the planning process awaiting detailed permission.
It is interesting to note that the number of plots delayed in
the system has doubled from 1,150 in 1997 to 3,300 this year
aptly demonstrating my previous comments.

The average cost per plot has increased slightly to £18,600
(1998: £17,900).  However, this represents a reduction to 17.8%
(1998: 18.5%) of last year's average selling price.  Our
continued practice of purchasing land either off market or
through our forward land policy is reflected in one of the most
competitive land banks in the industry.

It has been another excellent year for our forward land teams.
The amount of  land contained within the forward land bank,
with realistic prospects of obtaining planning permission,
increased from 22,900 to 27,000 plots, of which approximately
5,000 are allocated in draft local plans.

The investment in forward land is long term and costly as
Redrow adopts the most conservative of policies, writing off
all costs relating to forward land as they are incurred.  I am
confident, however, that this policy will pay dividends during
the next 2-3 years as  our forward land bank increasingly
contributes to our current land holdings.

Redrow Commercial made operating profits of £1.7m during the
year and has taken significant steps to secure its future
development programme.  The major contributor during the year
was the office development in Maidenhead.  A further office
development in Victoria, London is nearing completion and
should contribute during the current period.

A number of major development opportunities have been secured,
the most notable of which are the 2.3m sq.ft. distribution park
at Severnside, Bristol  and the 140,000 sq.ft. office
development in Windsor.  On the back of these schemes and a
number of others currently  in the pipeline, I anticipate
significant growth in activity in Redrow Commercial during the
coming years.

Paul Pedley has managed the day to day operations of the Group
for a considerable number of years.  Recognition of his success
and commitment is long overdue and as such I have pleasure in
announcing his appointment as Chief Executive.  I look forward
to continuing our close working relationship.

Over the 25 years since I formed Redrow in 1974 the company has
achieved a phenomenal growth rate which has continued during
our time as a public company.  This growth is entirely due to
the hard work of all members of the Redrow team, many of whom
have served the company for a long period of time.  I would
like to take this opportunity of thanking them all for their
past efforts and  look forward to their support in continuing
the  success story of Redrow.

The main obstacle for the future of our industry remains the
one of land supply.  Until the Government addresses this issue
by speeding up the planning process, the problem threatens to
spill over into the UK economy as a whole by way of house price
inflation.  Despite the above, Redrow has never been in better
shape.  Thanks to our long term planning strategy we have an
excellent land bank, top quality product and strong management
team, which will underpin the Group's continued growth strategy
into the new Millennium.


Steve Morgan, Chairman


                       Redrow Group plc
             Consolidated Profit and Loss Account
                   12 months to 30 June 1999



                                    Note      1999           1998
                                               £m             £m
                                                
Turnover - continuing operations       2     341.6          307.2
Cost of sales                               (264.8)        (240.8)           
                                            -------        -------
Gross profit                                  76.8           66.4
Administrative expenses                      (20.5)         (18.6)
                                            -------        -------
Operating profit - continuing       
operations                             2      56.3           47.8
Net interest payable                          (0.7)           0.4
                                            -------        -------
Profit on ordinary activities       
before taxation                        2      55.6           48.2
Tax on profit on ordinary activities   3     (14.2)         (13.0)
                                            -------        -------
Profit on ordinary activities                
after taxation                                41.4           35.2
Dividends                                    (10.1)          (9.1)
                                            -------        -------
Retained Profit                               31.3           26.1
                                            -------        -------
                                                          
Earnings per ordinary share- basic     4      18.5p          15.7p
                                            -------        -------
 
Earnings per ordinary share - diluted  4      18.4p          15.6p
                                            -------        -------
                                                        
Dividends per ordinary share           6       4.5p           4.05p
                                            -------        -------
                                                         
                                                         
There  are no recognised gains or losses other than  as  shown
above.




                       Redrow Group plc
                  Consolidated Balance Sheet
                      as at 30 June 1999


                                   Note      1999             1998
                                              £m               £m
Fixed assets                                             
Tangible assets                              11.0              10.9
Investments                                   0.1               0.1
                                           -------           -------
                                             11.1              11.0
                                           -------           -------
Current assets                                              
Stocks and work-in-progress          7      306.0             274.7
Debtors                                       4.3               7.6
Bank and cash deposits               8        7.5                -
                                           -------           ------- 
                                            317.8             282.3
                                           -------           -------
Creditors due within one year                            
Borrowings                                     -               (2.7)
Creditors                            9     (105.4)            (90.3)
                                           -------           -------
                                           (105.4)            (93.0)
                                           -------           -------       

Net current assets                          212.4             189.3
                                           -------           ------- 
                                                         
Total assets less current                   223.5             200.3
liabilities
                                                         
Creditors due after more than one   
year                                 9       (2.9)            (11.2)          
  
                                                         
Provisions for liabilities and             
charges                                      (1.3)             (1.1)
                                           -------           -------
                                                          
Net assets                                  219.3             188.0
                                           -------           -------
                                                         
Capital and reserves                                     
Called up ordinary share capital             22.4              22.4
Share premium account                        49.7              49.7
Revaluation reserve                           0.3               0.3
Capital redemption reserve                    0.2               0.2
Consolidation reserve                         0.9               0.9
Profit and loss account                     145.8             114.5
                                           -------           -------          
                            
Equity shareholders' funds                  219.3             188.0
                                           -------           -------
                                                         

The  balance sheet at 30 June 1998 has been restated to comply
with FRS 12, 'Provisions, contingent liabilities and contingent
assets'.




                       Redrow Group plc
               Consolidated Cash Flow Statement
                   12 months to 30 June 1999



                                    Note       1999            1998
                                                £m              £m
                                                 
Net cash inflow from operating        10       31.2             6.2
activities                                    -------         -------
                                                          
Returns on investments and servicing 
of finance 
Interest received                               0.3             0.6
Interest paid                                  (1.0)           (0.3)
Net cash (outflow)/inflow from returns        -------         -------
on investments and servicing finance           (0.7)            0.3
                                              -------         -------
                                                          
Taxation                                                  
Corporation tax paid                          (10.2)          (10.7)          
                                              -------         -------         
                                                      
Capital expenditure                                       
Purchase of tangible fixed assets              (0.9)           (4.4)
Sale of tangible fixed assets                   0.1             0.0
                                              -------         -------
Net cash outflow for capital expenditure       (0.8)           (4.4)
                                              -------         -------         
Dividends paid                                 (9.4)           (8.4)
                                              -------         -------
                                                           
Cash inflow/(outflow)before financing          10.1           (17.0)
                                                          
Financing                                                 
Issue of ordinary share capital                 0.1             0.1
                                              -------         ------- 
Net cash inflow from financing                  0.1             0.1
                                              -------         -------
                                                          
Increase/(decrease)in cash in period           10.2           (16.9)
                                                          
Net (debt)/cash at 1 July                      (2.7)           14.2
                                              -------         -------         
                                               
Net cash/(debt) at 30 June                      7.5            (2.7)
                                              -------         -------
                                                            

                       Redrow Group plc
             Notes to the preliminary announcement
                   12 months to 30 June 1999


1.   Basis of preparation

     The  above  results and the accompanying  notes  do  not
     constitute statutory accounts within  the  meaning of Section
     240 of the Companies  Act 1985.   They are taken from the full 
     accounts which  have received  an unqualified report by the 
     auditors and  will be filed with the Registrar of Companies.

2.   Segmental information
                                                1999         1998
                                                 £m           £m
     Turnover                                             
     Homes                                     334.9          296.1
     Commercial                                  6.7           11.1
                                              -------        -------
                                               341.6          307.2
                                              -------        -------
     Operating profit                                     
     Homes                                      54.6           45.5
     Commercial                                  1.7            2.3
                                              -------        ------- 
                                                56.3           47.8
                                              -------        -------
     Profit on ordinary activities  before     
     taxation
     Homes                                      53.9           45.9
     Commercial                                  1.7            2.3
                                              -------        ------- 
                                                55.6           48.2
                                              -------        -------
     Net assets                                            
     Group                                      81.1           81.3
     Homes                                     133.8          103.2
     Commercial                                  4.4            3.5
                                              -------        -------
                                               219.3          188.0
                                              -------        -------

3.   Taxation

     The  effective rate of tax for the year is 25.6%  (1998: 26.9%)
     and takes account of the utilisation  of  tax  losses within 
     Redrow  Homes  (South East) Limited which were acquired within 
     Costain Homes Limited in 1993 as well as the lower rate of       
     corporation tax prevailing in Jersey.  At 30  June  1999, tax 
     losses in excess of £23m remained within Redrow Homes (South East)
     Limited.

4.   Earnings per share

     The calculation of the basic earnings per share of 18.5p
     (1998: 15.7p) is based on Group  profit  on ordinary activities 
     after  taxation  of £41.4m (1998: £35.2m) and on the weighted  average
     number of 10p ordinary shares in  issue of 223.9m (1998: 224.3m).
     The  average reflects an adjustment in respect of surplus shares 
     held in trust under the Redrow Long Term Share Incentive Plan.

     Diluted earnings per share has been calculated in accordance with 
     FRS14 based on the weighted  average number of 10p ordinary shares in 
     issue of 225.1m (1998: 225.5m).

5.   Half year comparison
                                       6 months to         6 months to
                                        30 June            31 December
                                         1999                 1998
                                                    
     Unit Sales                         1,562                1,573
                                       -------              -------
                                                     
                                         £m                   £m
     Turnover                           180.5                161.1
                                       -------              -------
                                                     
     Operating profit                    30.2                 26.1
     Interest payable                    (0.7)                  -
                                       -------              -------
                                         29.5                 26.1
                                       -------              -------           
                                       
     Earnings per ordinary share - basic  9.9p                 8.6p

6.   Dividends

     The final dividend of 3.0p will be recommended to shareholders for
     approval at the Annual General Meeting on 8 November 1999.  This 
     dividend will be paid on 26 November  1999  to shareholders whose names 
     are  on  the Register of Members at the close of business on 24 
     September 1999.  The shares  will become ex-dividend on 20  September 
     1999.  This dividend when added to the interim makes a total dividend 
     for the year of 4.5p (1998: 4.05p).

7.   Stocks and work-in-progress
                                        1999           1998
                                         £m             £m
                                                     
     Land held for development          186.3          171.6
     Work in progress                   111.5           94.7
     Stock of showhomes                  14.1           12.6
                                       -------        -------
                                        311.9          278.9
     Cash on account                     (5.9)          (4.2)
                                       -------        -------
                                        306.0          274.7
                                       -------        -------

     Work-in-progress includes £2.2m (1998: £3.0m) in respect of part
     exchange properties.
     
        

8.   Bank and cash deposits

     Bank and cash deposits includes £3.9m held in stakeholder
     accounts by solicitors relating to land acquisitions.

9.   Amounts due in respect of development land
                                               1999           1998
                                                £m             £m
                                                      
     Due within one year                       27.7           19.4
     Due after more than one year               2.9           11.2
                                              -------        -------
                                               30.6           30.6
                                              -------        -------

10.  Analysis of cash flow from operating activities
                                                1999           1998
                                                 £m             £m
                                                      
     Operating profit                          56.3           47.8
     Depreciation, including profits and             
     losses on disposals of fixed assets        0.7            0.6
     Increase in stock and work-in-progress   (31.3)         (45.6)
     Decrease/(increase) in debtors             3.3           (2.8)
     Increase in creditors and provisions       2.2            6.2
                                              -------        -------
     Cash inflow from operating activities     31.2            6.2
                                              -------        -------
                                                     
11.  Annual General Meeting

     The  Annual General Meeting of Redrow Group plc will  be
     held at St. David's Park Hotel, St. David's Park, Flintshire, on 8
     November  1999, commencing at 12.00 noon.  A  copy of this statement is
     available for inspection at the registered office.