LONDON (dpa-AFX) - U.K.-based residential construction business Redrow plc (RDW.L) on Friday reported higher homes turnover for the first 18 weeks of the financial year. The company also said it expects revenue for 2023 to be approximately 2.1 billion pounds, the level recorded in 2022.
The company is confident that the strength of the order book and the increase in private average selling price would offset the recent reduction in sales rate. Operating margin is however feared to fall to 18 percent from 19.3 percent in the previous year.
In its trading update for the first 18 weeks of the year, the company said homes turnover was 1.7% higher at 650 million pounds versus 639 million pounds earlier.
The value of net private reservations in the period was 19% lower at 515 million pounds versus 639 million pounds in the prior year.
The private revenue per outlet per week was 238 thousand pounds as compared to 310 thousand pounds last year.
Private reservations per outlet per week for the period was 0.49 compared 0.68 last year.
The average selling price of private reservations for the 18 weeks was 6.9% higher at 483,000 pounds versus 452,000 pounds in the prior period.
The group has operated from an average of 120 outlets in the year to date versus 115 in the prior period. The company expects the average outlets for the full financial year to be 120, in line with the guidance given in September.
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