* Redrow uses a variety of statutory performance measures and alternative performance measures when reviewing the performance of the Group. See note 23 for an explanation and reconciliation of these alternative performance measures.
* Underlying is defined as any statutory or alternative performance measure pre-exceptional items.
12 months ended 30 June | 2023 £m |
2022 £m |
2021 £m |
2020 £m |
2019 £m |
---|---|---|---|---|---|
Revenue | 2,127 | 2,140 | 1,939 | 1,339 | 2,112 |
Operating profit - pre-exceptional | 399 | 414 | 321 | 148 | 411 |
Operating profit - pre-exceptional as a percentage of turnover | 18.8% | 19.3% | 16.6% | 11.1% | 19.5% |
Profit before tax - pre-exceptional | 395 | 410 | 314 | 140 | 406 |
Net assets | 2,026 | 1,950 | 1,872 | 1,626 | 1,585 |
Net cash/(debt) *excluding lease liabilities | 235 | 288 | 160 | (126) | 124 |
Gearing - net debt as a percentage of capital and reserves | N/A | N/A | N/A |
7.7% |
N/A |
Return on capital employed - operating profit before exceptional items adjusted for joint ventures as a percentage of opening and closing capital employed | 23.1% | 24.5% | 18.5% | 9.2% | 28.5% |
Return on equity | 19.9% | 21.5% | 18.0% | 8.7% | 26.5% |
Number of legal completions | 5,436 | 5,715 | 5,620 | 4,032 | 6,443 |
Earnings per ordinary share - pre-exceptional | 91.2p | 96.0p | 73.7p | 32.9p | 92.3p |
Dividends paid per ordinary share inc cash return | 30.0p | 28.5p | 6.0p | - | 59.0p |
Net asset value per ordinary share | 612.5p | 553.7p | 531.5p | 461.7p | 450.0p |
GROUP | COMPANY | |||
---|---|---|---|---|
As at | 2 July 2023 £m |
3 July 2022 £m |
2 July 2023 £m |
3 July 2022 £m |
Assets | ||||
Intangible assets | 1 | 1 | - | - |
Property, plant and equipment | 22 | 20 | - | - |
Lease right of use assets | 10 | 5 | - | - |
Investments | - | - | - | - |
Deferred tax assets | 1 | 1 | - | - |
Retirement benefit surplus | 5 | 39 | 5 | 39 |
Trade and other receivables | - | - | 860 | 266 |
Total non-current assets | 39 | 66 | 865 | 305 |
Inventories | 2,770 | 2,740 | - | - |
Trade and other receivables | 42 | 76 | 117 | 317 |
Current corporation tax | - | 7 | 2 | 1 |
Cash and cash equivalents | 235 | 288 | 238 | 285 |
Total current assets | 3,047 | 3,111 | 357 | 603 |
Total assets | 3,086 | 3,177 | 1,222 | 908 |
Equity | ||||
Retained earnings 4 July 2022/ 28 June 2021 | 1,846 | 1,768 | 781 | 878 |
Profit for the year | 298 | 197 | 550 | - |
Other comprehensive expense for the year | (22) | (1) | (26) | (1) |
Dividend Paid | (108) | (100) | (108) | (100) |
Net purchase of own shares arising from share buyback programme | (100) | - | (100) | - |
Movement due to equity based share options and owned shares held by EBT | 8 | (18) | 6 | 4 |
Retained earnings at 2 July 2023/ 3 July 2022 | 1,922 | 1,846 | 1,103 | 781 |
Share capital | 35 | 37 | 35 | 37 |
Share premium account | 59 | 59 | 59 | 59 |
Other reserves | 10 | 8 | 9 | 7 |
Total equity | 2,026 | 1,950 | 1,206 | 884 |
Liabilities | ||||
Trade and other payables | 104 | 91 | - | - |
Deferred tax liabilities | 3 | 15 | 2 | 10 |
Long-term provisions | 88 | 110 | - | - |
Total non-current liabilities | 195 | 216 | 2 | 10 |
Trade and other payables | 750 | 914 | 14 | 14 |
Current income tax liabilities | 8 | - | - | - |
Provisions | 107 | 97 | - | - |
Total current liabilities | 865 | 1,011 | 14 | 14 |
Total liabilities | 1,060 | 1,227 | 16 | 24 |
Total equity and liabilities | 3,086 | 3,177 | 1,222 | 908 |
52 WEEKS ENDED 2 JULY 2023/53 WEEKS ENDED 3 JULY 2022 | 2023 TOTAL £m |
2022 PRE-EXCEPTIONAL ITEM £m |
2022 EXCEPTIONAL ITEM £m |
2022 TOTAL £m |
|
---|---|---|---|---|---|
Revenue | 2,127 | 2,140 | - | 2,140 | |
Cost of sales | (1,619) | (1,624) | (164) | (1,788) | |
Gross profit | 508 | 516 | (164) | 352 | |
Administrative expenses | (109) | (102) | - | (102) | |
Operating profit | 399 | 414 | (164) | 250 | |
Financial income | 5 | 2 | - | 2 | |
Financial costs | (9) | (6) | - | (6) | |
Net financing costs | (4) | (4) | - | (4) | |
Profit before tax | 395 | 410 | (164) | 246 | |
Income tax expense | (97) | (82) | 33 | (49) | |
Profit for the year | 298 | 328 | (131) | 197 | |
Earnings per share | - basic | 91.2p | 96.0p | 57.7p | |
- diluted | 90.9p | 95.8p | 57.5p |
Statement of Comprehensive Income
GROUP | COMPANY | |||||
---|---|---|---|---|---|---|
52 WEEKS ENDED 2 JULY 2023/53 WEEKS ENDED 3 JULY 2022 | 2023 TOTAL £m |
2022 PRE-EXCEPTIONAL ITEM £m |
2022 EXCEPTIONAL ITEM £m |
2022 TOTAL £m |
2023 £m |
2022 £m |
Profit for the year | 298 | 328 | (131) | 197 | 550 | - |
Other comprehensive (expense)/income | ||||||
Items that will not be reclassified to profit or loss | ||||||
Remeasurements of post-employment benefit obligations | (34) | (1) | - | (1) | (34) | (1) |
Deferred tax on remeasurements of post employment benefit obligations | 12 | - | - | - | 8 | - |
Other comprehensive (expense)/income for the year net of tax | (22) | (1) | - | (1) | (26) | (1) |
Total comprehensive income/(expense) for the year | 276 | 327 | (131) | 197 | 524 | (1) |
GROUP | COMPANY | |||
---|---|---|---|---|
52 weeks ended 2 July 2023 £m |
53 weeks ended 3 July 2022 £m |
52 weeks ended 2 July 2023 £m |
53 weeks ended 3 July 2022 £m |
|
Cash flows from operating activities | ||||
Profit for the year | 298 | 197 | 550 | - |
Depreciation and amortisation | 4 | 5 | - | - |
Dividend from subsidiary undertakings | - | - | (550) | - |
Financial income | (5) | (2) | (6) | (4) |
Financial costs | 9 | 6 | 2 | 2 |
Income tax expense | 97 | 49 | - | - |
Adjustment for non-cash items | - | 7 | - | - |
Decrease in trade and other receivables | 34 | 24 | - | - |
Increase in inventories | (30) | (227) | - | - |
(Decrease)/increase in trade and other payables | (151) | 86 | 1 | 2 |
(Decrease)/increase in provisions | (12) | 173 | - | - |
Cash inflow/(outflow) generated from operations | 244 | 318 | (-3) | - |
Interest paid | (4) | (2) | (2) | (2) |
Tax paid | (82) | (55) | - | - |
Net cash inflow/(outflow) from operating activities | 158 | 261 | (5) | (2) |
Cash flows from investing activities | ||||
Acquisition of software, property, plant and equipment | (4) | (4) | - | - |
Advances and loans repaid by subsidiary undertakings | - | - | 160 | 239 |
Interest received | 4 | 1 | 6 | 4 |
Receipts from joint ventures | - | - | - | - |
Net cash (outflow)/inflow from investing activities | - | (3) | 166 | 243 |
Cash flows from financing activities | ||||
Payment of lease liabilities | (3) | (3) | - | - |
Purchase of own shares | (100) | (27) | (100) | - |
Dividend paid | (108) | (100) | (108) | (100) |
Net cash (outflow) from financing activities | (211) | (130) | (208) | (100) |
(Decrease)/increase in net cash and cash equivalents | (53) | 128 | (47) | (141) |
Net cash and cash equivalents at the beginning of the year | 288 | 160 | 285 | 144 |
Net cash and cash equivalents at the end of the year | 235 | 288 | 238 | 285 |