Trading Statement

Redrow PLC
18 December 2003


REDROW PLC - TRADING UPDATE


Redrow plc is issuing the following pre-close trading update ahead of reporting
the Group's interim results for the 6 months ended 31 December 2003 on the 9
March 2004.



Trading



Redrow Homes



Redrow's sales performance continues to be driven by the quality and increasing
number of developments on stream.  Reservations since 1 July 2003 have continued
approximately 6% ahead of the corresponding period last year, complementing the
9% increase secured in the 6 months to 30 June 2003.  This sales performance
has, on a plot specific basis, secured in excess of 80% (2002: 78%) of the
currently anticipated legal completions for the year ended 30th June 2004.  In
addition, in excess of a further 500 sales, predominantly on 'In the City'
schemes, have been secured for legal completion subsequent to the current
financial year end.  Supported by this strong forward sales position, the Group
has continued to invest in work in progress on both 'In the City' and new
developments with a corresponding increase in borrowings.



As previously reported, legal completions in the current financial year, when
compared with previous years, will be slightly more weighted towards the second
half year as a result of the Group's deliberate policy of development launches
during the Spring of 2003.



Redrow's growth and future profitability is dependent upon the quality of the
Group's land bank and product range.  The number of plots owned with planning
permission has been broadly maintained with land acquisitions during the period
weighted towards the Southern and Western Regions.  The greater efficiency of
the new housing range continues to be incorporated on both new and existing
developments.



Redrow Commercial



At Buckshaw Village the sale to Aldi Stores Ltd of a 31 acre parcel of land for
a 650,000 sq. ft. distribution warehouse duly completed in December.  This
transaction firmly establishes the development as a major mixed use location
within the North West.



The Board



Redrow is pleased to announce the appointment of Malcolm King, Senior Partner of
King Sturge, as an independent non-executive director, effective from 1 January
2004.  Malcolm will bring to the Board considerable experience and knowledge of
the property industry.


Summary



As anticipated, the Bank of England increased interest rates in November by
0.25% to 3.75%.  Interest rates remain at historically low levels thereby
underpinning affordability in the housing market.  It is probable that a further
modest increase in rates will occur which, in turn, should help underpin a
sustainable UK economy which is central to a stable housing market.



With the Group's strong forward sales position, effective land bank, and
committed management team, Redrow is confident of delivering a further year of
growth.  To reflect this confidence, and recognising the current high level of
dividend cover, the Board anticipates increasing the dividend per share, subject
to shareholder approval, by at least 20% this year.  Further, barring unforeseen
circumstances, the Board anticipates increasing the dividend by a similar
percentage in the next financial year with, thereafter, the level of dividend
reflecting the financial performance of the Group.





Enquiries:


Redrow plc                     01244 520044
Paul Pedley, Chief Executive
David Arnold, Group Finance Director

Brunswick                      020 7404 5959
Patrick Handley
Nina Richmond


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