Redrow appoints new chairman as sales stay on track

Redrow has appointed Alan Bowkett as non-executive chairman. The housebuilder said that the current chairman of aerospace and safety products group Seton House would take up the position with immediate effect.

Bowkett succeeds Jim Martin who took on the role of interim chairman on 30 March. Martin will retire from the board on 11 September.

Chief executive Neil Fitzsimmons said: “[Bowkett’s] track record of success and wealth of experience will be enormously valuable to Redrow’s continued development.”

Redrow announced that performance for 2007 would be in line with expectations.

In a trading statement the housebuilder said it had increased housing completions by 2% in the 12 months ending 30 June 2007.

The group said its mixed-use and regeneration activities had delivered a strong second half performance.

Redrow said the new homes market was stable but competitive during 2007, with stronger conditions in the South East. Sales rates in the last quarter were satisfactory despite the recent interest rate rises.

Its housing land bank with planning permission had increased to 17,700 plots on June 30 compared to 16,750 a year earlier.

Group forward sales were up 6% at 2148 homes compared with 2018 homes last year.