Annual Report & Accounts 2003
IN FOCUS 2 HIGHLIGHTS
HIGHLIGHTS
120
100
80
60
40
20
0
Operating Profit (£m)
Operating Profit up
21% to £113.7m
1999 2000 2001
79.5
2002 2003
94.1
113.7
67.7
56.3
Earnings Per Ordinary Share (p)
Earnings per share up
22% to 46.9p
1999 2000 2001
28.8
2002
38.5
2003
46.9
20.2
17.0
50
45
40
35
30
25
20
15
10
5
0
Dividends Per Share (p)
Dividends per share 
increased by 24% to 7.5p
1999 2000 2001
5.5
2002
6.06
2003
7.5
4.95
4.5
8
7
6
5
4
3
2
1
0 Highlights 2
Results in brief 3
Chairman’s statement 4
Chief Executive’s review 8
Corporate Social Responsibility review 22
Financial review 26
Five year summary 31
Directors 32
Directors’ report 34
Corporate Governance statement 37
Remuneration report 39
Auditors’ report 48
Consolidated profit and loss account 49
Balance sheets 50
Consolidated cash flow statement 51
Accounting policies 52
Notes to the financial statements 53
Notice of Annual General Meeting 64
Corporate information 68
3 RESULTS IN BRIEF
2003 2002
Financial Summary £m £m Increase
Group Turnover 607.9 573.3 6%
Operating profit 113.7 94.1 21%
Profit before taxation 106.1 85.1 25%
Net assets 301.3 238.6 26%
Pence Pence
Earnings per share 46.9 38.5 22%
Dividends per share 7.5 6.06 24%
RESULTS IN BRIEF
CONTENTS
Front Cover Gras Lawn, Exeter 4 CHAIRMAN’S STATEMENT
CHAIRMAN’S STATEMENT
Robert B Jones Chairman 
Redrow has had a record
year, with profit before tax
exceeding the significant
milepost of £100m.
Redrow has had a record year, with profit before tax
exceeding the significant milepost of £100m. Our 
confidence in the full year’s profitability at the time of our
interim results has been confirmed with profit before tax 
of £106.1m and as a consequence it is proposed that the
23.8% increase in the interim dividend will be matched by 
a corresponding increase in the final dividend. Without
the support, skills and commitment of our employees, 
sub-contractors and suppliers, this would not have been 
possible and we are grateful to them for their contribution
in achieving these results.
The Board remains firmly of the view that delivering
increasing shareholder value should be the business’s core
strategy and once again I can report strong progress in this
regard. In addition to the increased dividend, earnings per
share have increased this year by 21.8%.
The key drivers in generating such returns continue to be
our determination to generate margins and return on 
capital employed at the upper end of our industry’s 
performance. Operating margins within Redrow Homes
have increased during the year reaching 19.0% in the 
second half to yield an annual margin of 18.7%, compared
with 17.6% last year. Our return on capital employed has
also risen to 31% for the year. This efficient and prudent
management of our capital has enabled us to invest further
in our owned land bank and in increasingly complex city
centre and mixed use schemes without any significant
change in our level of borrowings. Indeed the Group’s 
gearing has fallen further from 39.0% to 30.9%.
Building high quality homes for a broad range of 
customers continues to be the central focus of the 
business. The Homes Division’s record year has taken  completions to 4,031, at an average selling price of
£147,900, generating a turnover approaching £600m. 
The location, pricing and styling of these homes continue
to be balanced across the Group, to avoid excessive 
exposure to particular markets. Since 2000 we have 
implemented a number of measures aimed at developing
the synergies between the various ranges of our products,
culminating in the recent announcement of a new 
housing range. Our markets are the theatres of substantial
change, economically, socially and in terms of planning
policy. It is therefore appropriate that we should be 
committed to a process of continuous refinement in what 
we have to offer, harnessing together the individuality of
development tailored to its location and seeking the benefits
of consistent elements within those developments, to generate
further improvements in build quality and efficiency.
Such an approach depends both on people and build processes
and in both regards there have been significant initiatives aimed
at underpinning the quality and reputation of the Company. 
5
Left 
Bewick Court, Compton, Wolverhampton
Centre 
51,000 sq. ft. distribution warehouse at Western Approach, Severnside, Bristol
Right 
Northcroft Lodge, Cheltenham
CHAIRMAN’S STATEMENT 6 CHAIRMAN’S STATEMENT
Our joint venture with Corus, Framing Solutions, is aimed
at securing the efficiency and quality of system building
without losing the traditional feel of our developments. 
I am pleased to report that the joint venture is performing
in line with expectations and early developments within
the Group justify the confidence we have in its part of our
future. Equally, competent, well-trained and effective 
people lie at the heart of our achievements. Significantly
we have now invested in a new training centre at Tamworth,
which will enable a wide range of courses to be provided,
ensuring that our employees are equipped to continue to
play their part in driving the business forward.
In recognition of the contribution of all employees to the 
performance of Redrow we have widened our bonus
scheme arrangements to now embrace all employees. In
addition we have further strengthened the Executive team
with the appointment of Neil Fitzsimmons to the position
of Group Managing Director with David Arnold becoming
our new Group Finance Director. Rhiannon Walker
stepped down from the role of Company Secretary after 
sixteen years and has been succeeded by Graham Cope.
Bob Williams will also be standing down as a 
Non-Executive Director at the forthcoming Annual
General Meeting on 5 November. May I take this 
opportunity to thank both Rhiannon and Bob for their
important contribution to Redrow over the years.
Land continues to be what we regard as our ‘Crown Jewels’.
Within an increasingly complex planning system, 
bedevilled by delays at every stage, there is undoubtedly
a premium for those most able to work within it. Redrow
prides itself on anticipating, rather than following, 
developments in planning policy. We were pioneers in
mixed use developments, the more efficient use of land
through higher density schemes and were significant
brownfield developers long before such approaches became
fashionable. We have also benefited immensely from 
our attention to forward land. As a result, our first class
land and planning teams continue to deliver excellent
opportunities. Our current land bank with planning has
now risen to 14,000 plots with a further 2,000 plots under
contract at various stages in the planning system and over
8,000 plots allocated in draft or adopted local plans.
Of importance in the continued growth of Redrow is our
Commercial operation, which in addition to contributing
£3.0m of operating profit this year, ensures that we have
the necessary expertise to project manage the complex
In the City schemes and identify mixed use and change of
use land opportunities. Looking forward, Redrow is in an excellent position.
Forward sales have increased to £304m, a rise of 39.4%.
Redrow owns or controls all the land required for 
development in the next two years, and a very substantial
proportion of that required for three years time. Our
products continue to be valued by our very varied base 
of customers and we have implemented changes in staff
training and in building methods, which will underpin
both our quality and our control of developments. Against
a background of a stable housing market, a continuing 
under-supply of new homes and pent-up aspiration to home
ownership, I remain confident that Redrow will go from
strength to strength.
Robert B Jones Chairman
7
Far left Abbots Wynd, Falkirk
Centre Stonemead, Stalybridge
Left Odyssey, London Docklands
Right The Courtyard, Widnes
CHAIRMAN’S STATEMENT 8 CHIEF EXECUTIVE’S REVIEW       
CHIEF EXECUTIVE’S REVIEW 
Paul L Pedley Chief Executive 
This has been another year
of record achievement for
Redrow.
The year ended 30 June 2003 has been another period of
record achievement for Redrow. Operating profits have
increased from £94.1m to £113.7m delivering earnings per
share of 46.9p, an increase of 21.8%. Our balance sheet
continues to strengthen with shareholders’ funds now
exceeding £300m and gearing at 30.9%, a further 
reduction on last year. The efficient utilisation of capital
has always represented one of the main financial objectives
within the Group and this is reflected in our return on 
capital employed which has increased to 31%. 
During the last twelve months the Group has been 
carefully positioned in anticipation of a more sustainable
housing market. The strength of our land bank enabled
Redrow Homes to increase the number of active outlets as
we entered the new calendar year so as to capture the
benefit of the important Spring market. This resulted in 
record forward sales as at 30 June 2003 of £304m. In 
addition, Redrow Commercial has commenced the new
financial year with forward transactions exchanged at both 
St. David’s Park and Buckshaw Village.
The increasing recognition by the Government of the
problems created by the continuing shortage of new homes
is to be welcomed. The three major Government sponsored
studies covering the barriers to increased housing supply,
the development of a market for long term fixed rate  
mortgages and the improvement of the efficiency of the
industry, all represent key opportunities to influence the
housing industry of the future. The supply constraints
resulting from a restrictive and under-resourced planning
regime are well documented. However, it is important that
our industry is capable of responding if Government
initiatives do result in an increase in the supply of land  with planning. For this to be achieved,
improved construction techniques are
required to counter the impact of
skilled labour shortages. During the last
twelve months we have undertaken a
careful review of both the design of our
housing portfolio and our build practices. 
This has resulted in the creation of a new 
housing range which will be launched during 2004. 
The new range combines the kerb appeal and the 
quality of design with which the Group has become 
synonymous, with improved construction methods, in 
particular increased off-site prefabrication. In addition, the
new range has been designed to deliver the added benefits of
light steel-frame construction which will flow as production is
increased at our joint venture company, Framing Solutions.
9
Far left
St. Katherine’s Park, Ham Green, Bristol
Left
Schooners Creek, Colchester
Above
Parc Pen-y-Fal, Abergavenny
Right
Bramley Green, Angmering
CHIEF EXECUTIVE’S REVIEW  10 CHIEF EXECUTIVE’S REVIEW       
REDROW HOMES
Redrow Homes has again reported record results, with
turnover increasing by 9.7% to £596.0m and operating
profit by 17.0% to £111.5m. These results were secured
from 4,031 (2002: 3,908) legal completions with an 
average selling price of £147,900 (2002: £139,000). The
legal completion profile was broadly in balance between
the first and second halves with 1,970 (48.9%) and 2,061
(51.1%) legal completions respectively.
During the last twelve months there have been significant
variations in our various regional markets. Within the
Southern Region, the market has generally undergone a
period of stabilisation whilst in both the Western and
Northern Regions the positive ripple emanating from an
historically strong Southern market has been experienced.
The conflict in Iraq resulted in a temporary period of
uncertainty whilst late Spring and early Summer witnessed
an overall return to a more sustainable housing market
throughout the country.
In recognition of the potential uncertainty and changing
conditions within the market, a significant number of new
development launches were scheduled for early 2003 to
capture the benefit of the important Spring market.
One of the most successful launches was at Altolusso,
the Division’s In the City development in Cardiff, where,
over the initial launch period, 155 reservations were
secured with a sales value of £25m. As a result of this
overall strategy, reservations in the six months to 
30 June 2003 were 9.1% ahead of the very strong 
corresponding period in 2002. For the financial year as a
whole, reservations were 4,567 as compared with 4,168 in
the previous year, an increase of 9.6%. This improvement
enabled the Division to end the year with a record forward
sales position of 2,062 units with a sales value of £304m,
representing increases of 35.1% and 39.4% respectively on
last year.
Cost pressures within the industry have continued during
the financial year. Whilst the Group’s proactive policy of
establishing key relationships with suppliers has resulted in
material price increases being controlled generally in line
with inflation, the continuing shortage of skilled labour has
resulted in labour cost increases of up to 10%. In the long
term, these cost pressures can only be alleviated by both
increasing the overall attractiveness of our industry to new
entrants, so increasing the total work force, and by
embracing new construction techniques.
Operating margins within Redrow Homes have continued
to increase, recording levels of 18.4% and 19.0% in the
first and second halves respectively. The overall annual
operating margin of 18.7% compares with 17.6% last year.
This improvement is in part due to the strength  of the sales market during calendar
year 2002, but equally reflects the
quality of the Division’s land bank and
the active management of our cost base.
The identification by the Government of
key growth areas at Milton Keynes, Stansted,
the East Thames Corridor and Ashford, to satisfy
the increased demand for new homes in the South
East, is of strategic importance. To enable the Division 
to maximise the potential from these growth areas, a new
company, Redrow Homes (South Midlands), has been
formed to focus on the area 
11 CHIEF EXECUTIVE’S REVIEW 
Far left
Crown Gardens, Glasgow
Left
Priory Green, Little Dunmow, Essex
Above
St. Edward’s Park, Leek, Staffordshire
Right
A computer generated image of Altolusso, Cardiff 12
known as the ‘Milton Keynes triangle’. As a result, the 
geographical coverage of Redrow Homes (Southern),
Redrow Homes (Eastern) and Redrow Homes (South East)
has been reviewed to enhance the efficiency and 
effectiveness of these companies. The decision has been
taken to relocate the first to Basingstoke in Hampshire and
to merge the other two, with the relocation of the merged
business to Laindon, near Basildon in Essex.
Framing Solutions, our light steel-frame joint venture 
company with Corus plc, continues to progress. The 
commissioning of the new roll-forming machinery together
with the related design and control programmes has been
successfully completed. This is a major achievement,
greatly increasing the efficiency of the design and
production process, representing a significant step towards
enhancing the production capability over the next few
years to approximately 4,000 units per annum. To date,
light steel-frames have been incorporated successfully into
four Redrow developments with further sites scheduled to
come on stream prior to the end of the calendar year.
CHIEF EXECUTIVE’S REVIEW        The Northern Region delivered 1,982 legal completions as 
compared with 1,888 in the previous year, an increase of 5.0%,
representing 49.2% of the Division’s completions.  These results
reflect the acquisition of Tay Homes in January 2002 with the
resultant expansion of our activities in both Scotland and
Yorkshire.  The average selling price increased by 8.2% to
£128,500 to yield an overall increase in turnover of 13.6%.
The Southern Region achieved 1,091 legal completions, broadly
in line with the previous year, representing 27.1% of the total
completions of Redrow Homes.  The average selling price
increased by 9.1% to £186,400 to give an overall increase in
turnover of 6.5%.  
The expansion of the Western Region continues with legal
completions increasing by 6.2% to 958 units.  The average 
selling price was marginally higher at £144,000 with turnover
increasing by 8.1% to £138.0m.
13
REGIONAL 
PERFORMANCE
CHIEF EXECUTIVE’S REVIEW 
Far left Brockham Park, Surrey
Centre Erection of a steel-frame system at Parc Victoria, Ebbw Vale
Left Homes at Parc Victoria, Ebbw Vale, constructed with the new steel-frame system
Right The Boulevards, Harrogate
Far right Rumford Grange, Falkirk 14 CHIEF EXECUTIVE’S REVIEW       
THE REDROW PORTFOLIO
Over the last ten years the development of the Heritage,
Harwood and In the City brands has been of major 
importance in the expansion of Redrow Homes. During
that period the number of legal completions has almost
doubled, from 2,038 in 1994 to 4,031 in 2003.
The Heritage range, which, in the financial year had
an average selling price of £166,100, still represents the
cornerstone of the portfolio, accounting for 63.2% of legal
completions. As anticipated last year, the last twelve
months have witnessed a significant expansion in the
utilisation of the Harwood range. This is primarily due to
the fact that on the acquisition of Tay Homes in January
2002, the majority of that company’s developments in
Yorkshire and Scotland were more suited to the Harwood
specification. In addition, increased usage has been made
of the Harwood range in both South West and South
Wales. As a result, Harwood represented 29.0% of the
Division’s legal completions in the current financial year
and had an average selling price marginally in excess of
£100,000. 
To complement Heritage and Harwood, several In the
City developments have been and are being undertaken.
The number of such schemes is carefully controlled due to
the significant management time involved in each scheme
and, from a financial viewpoint, their capital intensive
nature. During the year, In the City schemes contributed
7.8% to the Division’s legal completions, with an average
selling price of £174,900. Of particular significance was the
highly successful scheme at Whitworthwest in Manchester
which secured the award for “Best City Centre Residential
Development” from the Association of Town Centre
Management in conjunction with the NHBC.
Ongoing In the City schemes include Odyssey in London,
Altolusso in Cardiff, Jupiter in Birmingham, Velocity in
Leeds and Neptune Marina in Ipswich. To balance the
higher capital investment associated with In the City
schemes it is important to maintain a strong forward sales
position. It is therefore pleasing to report that by the
financial year end the above developments have already
secured 348 forward sales for legal completion in the year
ending 30 June 2005.
Whilst the Heritage and Harwood ranges have been 
highly successful, the changing requirements of Planning
Policy Guidance, in particular PPG3, have resulted in
an increasing percentage of bespoke concept schemes
marketed under the Heritage and Harwood banners.
The increase in such schemes has resulted in a greater 
absorption of management time in their design and a 
dilution of the benefits that flow from the construction
of a more standardised housing range.
In response to these changes, a new highly flexible range
of generic house styles has been designed. This new range
combines the quality of design that has characterised the
Heritage and Harwood ranges with the re-introduction
of greater standardisation within the construction process
whilst maintaining the flexibility in elevational treatments
to match the local vernacular. With three different specification levels in the new housing
range, the benefits derived from a
diverse product portfolio will be 
maintained, but complemented by the
efficiencies of greater standardisation,
both from a build and financial viewpoint.
This new range has equally been designed to
respect the requirements of PPG3 and to enhance
the utilisation of off-site prefabrication. Furthermore,
whilst designed initially to be predominantly built
traditionally, the requirements of light steel-frame 
construction have been fully recognised so as to provide 
further benefits as production from Framing Solutions 
is increased. 
Finally, from a marketing perspective, the new range, 
irrespective of specification, will be marketed under the single
Redrow brand to provide greater synergy with the Division’s
national marketing programme, and in particular, the highly
successful campaign on digital television.
15
Above
Eton Court, Pengam Green, Cardiff
Right
Saxon Place, Northampton
CHIEF EXECUTIVE’S REVIEW  16 CHIEF EXECUTIVE’S REVIEW       
DEVELOPING A SUSTAINABLE   
During the last twelve months,
the current land bank has
increased to 16,000 plots.
Land remains the key to the Group’s future profitability.
During the last twelve months, the current land bank has
increased from 15,600 plots to 16,000 plots, representing,
on an historic basis, a four year land supply. Of these plots,
14,000 are owned with planning, an increase on the 
previous year of 600 plots. The balance is held under 
contract awaiting, in the vast majority of cases, the grant
of a satisfactory planning consent.
It is, however, the effectiveness of this land bank that is of
paramount importance. The Homes Division owns with
planning all the land required to deliver the budgeted 
completions for the new financial year. Further, 85% of the
forecast legal completions for the year ending 30 June 2005
are on land owned with planning and indeed all are on
land controlled by the Division. This places Redrow
Homes in an extremely strong position for the future.
During 2003, Redrow Homes acquired approximately 4,630
plots for a total consideration of £126.9m representing an
average plot cost of £27,400. At the financial year end, the
average plot cost has increased from £21,200 to £22,900,
which, when expressed as a percentage of annual historic
sales price, represents a marginal increase from 15.3% last
year to 15.5% for the current year.
17,500
15,000
12,500
10,000
7,500
5,000
2,500
0
Land under contract
Land owned with planning consent
Current Land Bank
1999
3,300
12,300
9,000
2001
3,000
14,300
11,300
2002
2,200
15,600
13,400
2003
2,000
16,000
14,000
2000
3,300
10,200
13,500 With the increasing concentration on
brownfield development, the historic
distinction between current and
forward land has been eroded, with our
planning teams now equally involved in
securing planning consent on both
categories of land. Nevertheless, forward land
remains a major contributor to the land acquired
each year and during the last twelve months some
30% of the land acquired was secured through this route.
Further, at the financial year end, the forward land bank
totalled approximately 23,750 plots. Of particular
significance is the number of plots allocated in either draft
or adopted local plans. Despite the contribution to the
current land bank during the year, these allocations have
been maintained at over 8,000 plots, representing over
one-third of the forward land bank, clearly demonstrating
its planning pedigree.
17
  FUTURE
Far left
Whatton Grange, Long Whatton, Leicestershire
Above
Woodvale Place, Southport
Right
The Circus, Gras Lawn, Exeter
CHIEF EXECUTIVE ’S REVIEW  18 CHIEF EXECUTIVE ’S REVIEW       
REDROW COMMERCIAL
The focus is on the identification
and development of mixed use
schemes so adding value on a
Group-wide basis.
The recent relocation of Redrow Commercial to new 
office premises within the Group’s mixed use scheme at
Whitworthwest, Manchester represents the culmination of
a very successful year. Operating profits of £3.0m were at a
similar level to last year, with contributions being secured
from each of the company’s major developments.
At St. David’s Park, Optima, the 27,000 sq. ft. office
development to which I referred last year, was sold to 
moneysupermarket.com. At Buckshaw Village, the
80,000 sq. ft. of industrial units built speculatively has 
generated significant interest with the sale of a 
20,000 sq. ft. unit prior to the year end and the disposal of
a further 14,000 sq. ft. unit subsequent to the year end. In
addition, on both developments the sale of undeveloped
parcels of land has been achieved so further improving the
company’s results. At Western Approach, Bristol, the
51,000 sq. ft. distribution warehouse pre-let to MacFarlane
Group U.K. Ltd has been successfully sold and marketing
continues on the second unit, also of 51,000 sq. ft., 
constructed in parallel. Lastly, the investment sale of the
ground floor retail space at Whitworthwest in Manchester,
pre-let to Sainsbury’s Supermarkets Ltd, has been
successfully completed. 
The company has commenced the new financial year with
forward transactions secured at both St. David’s Park and
Buckshaw Village. At the former, contracts were
exchanged prior to the year end for the sale of Evolution,
nursery office units totalling approximately 15,000 sq. ft..
Following build completion in mid July, the sale has been
successfully completed. At Buckshaw Village, contracts have been exchanged, 
subject to planning, for the sale to Aldi Stores Ltd of a 
31 acre parcel of land for the development of a 
650,000 sq. ft. distribution warehouse. This transaction,
together with those previously referred to, establishes
Buckshaw Village as a major mixed use development
within the North West.
Over the last two years, the focus within Redrow
Commercial has been on the identification and
development of mixed use schemes so adding value on a
Group-wide basis. Twelve months ago the structure of the
management team was reviewed and brought in line with
that of the Homes Division. The results for the year, together
with the foundations laid for the future, are a solid 
endorsement of these policies.
Last year, I referred to the ‘extensive project management skills
within Redrow Commercial which have been harnessed to
provide the appropriate controls on all In the City schemes
undertaken throughout the Group’. To recognise the significant
Group-wide contribution made by this project management
team, the decision has been taken to relocate the team to
St. David’s Park, so facilitating greater integration in all relevant
aspects of the Group’s business.
19
Far left Redrow Commercial Office, Whitworthwest, Manchester city centre
Centre ‘Optima’, 27,000 sq. ft. office development, St David’s Park, Flintshire
Left Western Approach, Severnside, Bristol
Right Whitworthwest apartments and retail scheme, Manchester city centre
CHIEF EXECUTIVE ’S REVIEW  20 CHIEF EXECUTIVE ’S REVIEW       
One of the core strengths of the Group remains the
‘Redrow Team’. Our continuing growth, combined with
the increasing complexity of our industry, means that
Redrow must be recognised as ‘an employer of choice’
so as to be able to both retain our existing staff and attract
future employees of the highest calibre.  It is however
equally important that these new employees receive the 
appropriate induction, which not only encompasses our
policies and procedures, but also our culture, so that all
new staff can feel part of the Redrow Team and contribute 
fully at the earliest opportunity. In addition to recognising
the need for a structured induction process, there is an
ongoing requirement for training across many disciplines
throughout the Group.
During the last financial year, a detailed review was
undertaken as to how these objectives could best be
achieved. The conclusion of the review was the formation
of ‘The Redrow Training Centre’. This facility is now
housed within a purpose built 4,000 sq. ft. building,
constructed next to the offices of Redrow Homes
(Midlands) at Tamworth. The centre had a capital cost of
approximately £500,000 and is staffed by professional
trainers recruited from both within and outside the Group
to provide the appropriate balance of skills. Furthermore,
existing team members may be seconded to provide
specialist courses, particularly in more technical disciplines
and in the important area of health and safety. The centre
is fully integrated into the Group-wide computer systems
to provide a ‘real life’ environment for learning purposes.
On an annual basis, some 400 courses will be provided at a
cost of approximately £400,000.
This initiative clearly demonstrates Redrow’s commitment
to its employees and its desire to be ‘the employer of
choice’ within our industry.
Above
The Redrow Training Centre, Tamworth
Centre
Interior of the Training Centre
Right
Redrow plc Headquarters, St. David’s Park, Flintshire
THE REDROW TEAM
OUR TRAINING INITIATIVE Redrow has entered the new financial year having 
delivered record results and secured an excellent platform
for future growth. The Homes Division, through careful
planning and the launch of several new developments,
has secured a record forward sales position. The Division’s
land bank has been further strengthened and provides an
effective and solid base for the future. The review of the
housing portfolio will ensure that the qualities of the
existing ranges are combined with the requirements for
enhanced construction methods, so supporting our future
financial returns.
Redrow Commercial has established a sound development 
programme, adding significant value through its focus on
mixed use schemes.
Accordingly, barring the impact of factors totally outside the
control of the Group, Redrow can look forward with confidence
to maintaining its record of delivering long term sustainable
growth and by so doing deliver value to our shareholders.
Paul L Pedley Chief Executive
21
OUTLOOK
CHIEF EXECUTIVE ’S REVIEW  22 CORPORATE SOCIAL RESPONSIBILITY REVIEW
Redrow is one of the country’s leading developers and as such
recognises that as well as its responsibilities to shareholders it also
has responsibilities to its employees, customers, suppliers and
sub-contractors together with the environment and the wider
community in which it operates.
During the year, Redrow reviewed the role of the Environment
Committee and has replaced it with the Environmental 
Corporate Responsibility Committee under the chairmanship of
Brian Duckworth, a Non-Executive Director. The main focus of
the Committee is on environmental and community issues but
it embraces other aspects of the corporate social responsibility
agenda.
Employees
Redrow has a dedicated Human Resources Director reporting
directly to the Chief Executive. All employees receive a detailed
Staff Handbook clearly setting out the terms of employment and
outlining the requirements in respect of the conduct of employees
and the Company. There is a defined procedure for dealing with
staff grievances that is available to all employees. There is a
separate specific procedure to deal with instances of harassment,
bullying or victimisation. The handbook clearly indicates that
Redrow is an equal opportunities employer and will not tolerate
discrimination on grounds of gender, marital status, race, colour,
nationality, ethnic or national origin, disability, sexual orientation,
religious belief, trade union membership, or any other non-job
related criteria.
Training
Redrow believes that well trained employees are key to its
success and so provides opportunities for employees to develop
skills through both in-house training and external courses. These
opportunities are wide ranging from apprenticeship schemes for 
training trades skills through to courses provided by external
business schools for Directors and Senior Managers. The new
Redrow Training Centre with a dedicated Training Manager
underlines the commitment by Redrow to enhance the skills of its
employees and provide a consistent approach to induction. All
staff receive at least an annual appraisal to review performance,
set goals for future performance and assess training requirements.
Health & Safety
It is fundamental that the importance of health and safety is
recognised by all employees and becomes part of the culture of
Redrow. Redrow has put in place significant changes to its 
practices and controls in recent years to achieve an increased
focus on this important issue.    
Redrow recognises that the health and safety of all employees and
those who work within its supply chain is essential to its business.
To this end all employees receive a copy of the Health, Safety and
Environmental (HSE) Policy on their first day of employment and
are required to read it and positively adopt its principles.
Redrow has a dedicated department to provide a quality health
and safety service to our operations. It includes a Director
reporting directly to the Chief Executive and it provides regular
formal written reports to the Board as well as to all subsidiary
company and regional board meetings. They review activities at
all development sites and offices to monitor compliance with
legislation and best practice in health and safety matters. 
CORPORATE SOCIAL 
RESPONSIBILITY REVIEW
Neil Fitzsimmons Group Managing Director 
Right
School site visit
Far right
Sales Consultant assisting a customer 23 CORPORATE SOCIAL RESPONSIBILITY REVIEW
The in-house health and safety team provides training to all employees.
It is Redrow’s policy that all employees receive suitable and sufficient
training in this area and to ensure this, it operates a Safety Training
Credit Scheme (ST-CRED) requiring all employees to achieve a level of
credits set by the health and safety team with regard to training relevant
to their role or function. This is recorded on each employees ST–CRED
card. The team together with other employees also provide training to
sub-contractors through on-site toolbox talks.
There are specific health and safety standards in place applicable to
all sectors of the business that are contained in a detailed manual.
These also deal with the safety of customers visiting the sites and those
living near the developments. Responsibilities on each development are
included in the Site Health & Safety Plan and Management Procedures
and accountabilities in relation to each site are agreed with individual
team members. All persons must be properly inducted before they can go
on to the construction areas on site and are required to wear appropriate
personal protective equipment.
Customers
Redrow has always been committed to providing quality homes and
customer service and this has been recognised in numerous awards. 
The relationship between Redrow and the customer is established through
the sales process. Customers receive a Homefile at the reservation stage 
to assist them in the buying process. The home is demonstrated to the 
customer prior to legal completion and after occupation, Redrow
maintains contact to ensure the home meets customers’ expectations.
A quality control file is maintained in relation to each home and at 
each stage employees and sub-contractors are required to confirm 
completion of specific stages in the construction process. This process is
independently monitored by the NHBC or an equivalent building
control body and they are required to confirm in writing to a mortgagee
that the home is complete and ready for occupation by the customer.
A 10 year warranty is also provided through the NHBC or similarly
recognised insurer.
Redrow encourages and welcomes the views of its customers and takes
them seriously. All customers receive a standard customer survey that
seeks views on a wide range of questions as well as providing an
opportunity to express any other specific comments regarding the home
and the buying process. Each site and subsidiary company is assessed on a
monthly basis in respect of these returns and performance is reviewed at
Board meetings at all levels.
Suppliers and sub-contractors
Redrow places orders with suppliers and sub-contractors that clearly set
out the terms and conditions of trading. It operates a policy of making
payment to suppliers and sub-contractors in accordance with terms and
conditions set out in the order. In addition, the Construction Act
governs relationships with contractors both as regards payment and
resolution of disputes.
A policy is contained within Redrow’s Buying Procedures regarding the
ethical relationship with suppliers and sub-contractors that does not 
permit employees to receive payments or favours from suppliers and
sub-contractors.
Redrow has long standing relationships with a number of suppliers and
this enables an understanding to be developed of how each operates to
assist in the development of both businesses, to improve products and
the efficiency and effectiveness of operations. For example, Redrow has
worked with British Gypsum to reduce waste generated on site from
plasterboard by both having board delivered to site pre-cut to length and 
subsequently recycling surplus board. 24 CORPORATE SOCIAL RESPONSIBILITY REVIEW
Surveys are undertaken within Redrow to assess the performance of
key suppliers and sub-contractors and the Group also surveys key
suppliers and sub-contractors regarding the performance of its 
subsidiary companies. The findings of these surveys are discussed 
at meetings with suppliers and sub-contractors and at internal
meetings of buying teams.
Environment
Redrow recognises the importance of sustainability. In addition to
measures already taken it is initiating further policies in this area. 
The Company has embraced the Government’s objective of using
brownfield land and increased this element of its land bank to over
70%, well in excess of the Government’s target of 60%. For 
example in Lancashire, Redrow has worked with the former 
owners, BAE Systems, to remediate the 400 acre Royal Ordnance
site near Chorley, one of the largest brownfield sites in the 
North West.
This development will provide a new quality mixed use scheme for
130 acres of commercial property development and 2,000 new
homes.  Redrow also recognises the importance of energy efficiency
and water management. It has been investigating ways to reduce
energy consumption and a number of the larger sites now 
incorporate sustainable urban drainage systems (SUDS) as part 
of the development process. All new Redrow homes have dual
flush toilets incorporated into the specification to reduce water
consumption. 
Redrow takes pride in producing quality environments in which
people want to live and work. As regards housebuilding, this has
been recognised by the award of some 39 Daily Mail Green Leaf
awards in the last four years in recognition of the extensive
landscaping and planting on its developments. During this period,
these awards included the Civic Trust Award for Princewood in
Birkby near Huddersfield, for a development that blends into the
landscape and enhances the community, and the Tree Council
Award for Northop Country Park in Flintshire which cited Redrow
as providing the best example of the way new homes and mature
trees can exist together. All the subsidiary companies work with 
planners to retain and protect fauna and flora and their habitats
affected by Redrow developments. Nearly 60,000 trees have been
planted on Redrow developments over a three year period. 
The approach to this important issue also embraces commercial
property development and this was recognised when Redrow
Commercial’s 138,500 sq.ft. Windsor Office Park development was
awarded an ‘Excellent’ rating in the Building Establishments
Environmental Assessment Scheme.  
Over a number of years, Redrow has been proactive in ensuring the
timber it uses is from managed sources and any hardwoods used are
from certified sources. As a consequence, it has been invited to
join the WWF95+ Group and will now be working with them to
improve further Redrow’s record in this area. In addition, Redrow
is involved in the WWF ‘One Million Sustainable Homes’ project
focusing on the impact in environmental terms of the housing
industry as regards use of resources in construction and domestic
energy usage.
Redrow is currently developing an environmental management 
system that will ultimately be applied to each of its development
sites to provide a common operational system with regard to
environmental issues. It will provide a framework to manage
environmental concerns, one part of which is the introduction of
a standard waste management system across its sites to increase
the amount of material recycled both on and off site and reduce
the level of landfill waste.
Redrow believes in looking forward and has previously worked
with the National Museum and Galleries of Wales and architects,
Jestico + Whiles on building a ‘House for the Future’ that 
recognised the issues of sustainability, changing lifestyle patterns
and new eco-friendly technologies. 
Looking to the future, Redrow is to construct in excess of 400
homes in South Manchester in partnership with the National Trust
to develop a site to an enhanced environmental performance 
specification. This will include homes with high-energy efficiency
performance standards in excess of current building regulations
that will be monitored by Leeds Metropolitan University. The data
from these homes will be used in determining changes to
regulations. Water saving appliances will be used, including low
flush toilets and pressure reducers on taps, with parts of the site
being serviced by a SUDS system. 
Materials used on this development will be from sustainable
or renewable resources and designed to have minimal
environmental impact. In addition, the development has been
designed to optimise solar gain through the orientation of the
properties. Waste minimisation will be a feature of the
construction process and facilities will be provided to the occupiers
of the homes to make recycling easier.  Finally, the site will
incorporate substantial community woodlands and a brook that
flows through the development will be restored. Both features will
provide an enhanced ecological habitat.
Right
The Brambles development, Northwich, winner of both Greenleaf and Best
Scheme in the North West awards
Far right
Jason Newton, Sales Director Redrow Homes (North West), presenting 
certificates to schoolchildren as part of the Redrow Schools Partnership 25 CORPORATE SOCIAL RESPONSIBILITY REVIEW
Community
Redrow believes it has a wider role to play in the community and
encourages the involvement of its employees in providing benefits to
those communities. Redrow is playing an active role in the ‘Cares’ 
initiative being developed by Business In The Community (BITC). This
aims to find new approaches to volunteering through links between the
private sector, community organisations, the public and Government in
taking effective community action.
As part of its involvement with the BITC, Redrow is now in its fourth
year of participating in Learning Link, a project whereby employees
mentor secondary school children and assist primary school children
with learning. It will also be the fourth year in which employees in the
Company’s graduate programme have been involved in a challenge 
within the community. This year, the team worked to create a more
homely atmosphere in a suite used by North Wales Police for victims 
of sexual abuse. They also worked on a project for North Wales Police 
to suggest ways to improve awareness and funding for their ‘Crimebeat’
campaign.
In South Wales, the subsidiary company has supported a local
children’s hospice charity for a number of years and has now raised in 
excess of £60,000 through various fund raising activities. Redrow 
encourages all its subsidiary companies to undertake similar initiatives
within their local communities. In Scotland, the subsidiary company was
involved in a project, ‘Art for Everyday’ featuring furniture and 
accessories made by local designers that are displayed in showhouses.
The project was awarded a Financial Times ‘Arts and Business Award’.  
Redrow also entered into a three year programme in May 2002 with the
National Trust called ‘The Redrow Schools Partnership’ and is providing
sponsorship of £150,000 over the period. The aim is to build bridges
between communities by offering opportunities for schools of contrasting 
backgrounds to work together on arts based activities at National 
Trust properties. The programme is to establish 36 partnerships over the
period involving 156 school classes.
Redrow believes in working with schools to explain the housebuilding
industry. It invites schoolchildren to spend a day on site learning about
the industry, the materials used and environmental and health and safety
issues. Members of the construction teams regularly visit schools local to
developments to educate children on the dangers associated with
construction sites. As Redrow upgrades its IT hardware, suitable surplus
hardware is often donated to local schools. 
In addition, in order to assist children improve communication and
learning skills, Redrow pioneered a Curriculum Resource Pack for Upper
Key Stage 2 children in conjunction with Education and Learning Wales
called ‘Plan it, Build it’. It explains the planning and construction of a
development but also builds on the knowledge acquired through the
National Curriculum containing activities in English, Mathematics,
Science and Design Technology.
Summary
Redrow remains committed to not only delivering value to its
shareholders through delivering sustainable and profitable growth,
but doing so in a way that recognises its responsibilities to other
stakeholders, the environment and the wider community. 
Neil Fitzsimmons Group Managing Director 26 FINANCIAL REVIEW
FINANCIAL REVIEW
David L Arnold Group Finance Director 
Turnover
Group turnover increased from £573.3m to £607.9m, an
increase of 6.0%, with turnover in the Homes Division up
by 9.7% to £596.0m.  Turnover in the Commercial
Division fell by £18.3m to £11.9m, as the previous year
reflected the disposal of substantial developments in
Windsor and Altrincham.
Homes Division – Legal Completions
Redrow Homes achieved legal completions of 4,031, an
increase of 3.1% on the 3,908 completions delivered last
year.  The previous financial year included 335 legal 
completions from the acquisition of Tay Homes in January
2002 and the volume to the end of June this year reflected
the scaling back of output from the Tay land bank, to
achieve the sustainable position envisaged at the time of
the acquisition.
Year Ended 30 June
2003 2002
Units Average Units Average
selling price selling price
Heritage 2,547 £166,100 2,497 £152,000  
Harwood 1,169 £100,800 887    £84,600  
In the City 315 £174,900 524   £168,700
Redrow Homes 4,031 £147,900 3,908   £139,000  
The number of legal completions from the Heritage range
increased slightly this year from 2,497 to 2,547, with this
product representing 63.2% of the Division’s total 
completions, broadly similar to last year.  The Harwood
range significantly increased its contribution to the Group,
with legal completions of 1,169 being 31.8% ahead of the
prior year.  Harwood represented 29.0% of the completions
achieved by Redrow Homes compared with 22.7% in 
the previous financial year; this greater contribution 
was primarily attributable to the impact of the Tay 
acquisition and the wider utilisation of Harwood in the
Western Region.
The number of legal completions from In the City schemes
fell to 315 units and, as a result, represented 7.8% of 
overall completions.  This reduction was a result of the
timing of build completions for these schemes and, in
future, it is currently anticipated that In the City schemes
will generally account for between 10% and 15% of the
Division’s legal completions.
The average selling price in the Homes Division increased
from £139,000 to £147,900, an increase of 6.4%. Prices
were ahead in each product range but most significantly in
Harwood where they rose 19.1% to £100,800. Whilst this
increase was partly attributable to general selling price
increases experienced during the year, it was also impacted 27 FINANCIAL REVIEW
by the Tay acquisition and more widespread geographical
coverage of the product.  The average selling price for
Heritage was £166,100, 9.3% higher than the previous
twelve months, whilst the average selling price for In the
City of £174,900 was consistent with the continued 
strategy for this product of ensuring it remains price 
competitive in its markets. 
Operating Profit
Total operating profit for the Group was 20.8% higher at
£113.7m (2002: £94.1m). Excluding the impact of the
£4.3m integration costs incurred last year in connection
with the Tay acquisition, operating profit was 15.5% higher
(2002 operating profit pre-integration costs: £98.4m).
Operating profits in Redrow Homes grew by 17.0% to
£111.5m (2002: £95.3m).  Operating margins in the
Homes Division increased to 18.7% from 17.6% in the
previous year, having attained a level of 19.0% in the last
six months of the financial year. These enhanced margins
reflect in part the impact of the strong sales market 
experienced in the 2002 calendar year, and it is anticipated
that operating margins will gradually return to levels 
previously identified as being sustainable, if house price
inflation returns to its historical relationship with increases
in average earnings.
Redrow Commercial achieved operating profits of £3.0m
(2002: £3.1m), primarily reflecting the sales at Western
Approach, Bristol and the mixed use schemes at Buckshaw
Village and St David's Park. 
Redrow’s share of the financial results of Framing
Solutions, the Group’s 50:50 joint venture with Corus plc
was an operating loss of £0.8m, in line with expectations.
Profit Before Tax, earnings per share and dividends
Profit before tax increased by 24.7% to £106.1m 
(2002: £85.1m). The Group’s effective tax rate was 
30.0% and, subject to unforeseen circumstances, is likely 
to remain at approximately this level in the next 
financial year.
Basic earnings per share increased by 21.8% to 46.9p per
share (2002: 38.5p). When compared against last year’s
adjusted earnings per share of 40.4p, calculated before 
the integration costs incurred in connection with the
acquisition of Tay Homes, the increase was 16.1%.
Subject to approval at the Annual General Meeting on
5 November 2003, a final dividend of 5.0p per share 
(2002: 4.04p) will be paid on 21 November 2003. This will
bring the full year dividend to 7.5p (2002: 6.06p), 
which is 6.3 times covered by basic earnings
(2002: 6.4 times). As highlighted at the time of the
interim results, given the level of profitability achieved
by the Company in recent years, the Board considered it
appropriate to increase the level of the full year dividend
by 23.8%. 
Capital employed
The Group achieved a return on capital employed of 31%
over the last twelve months. This is a record level for the
Group since its flotation in 1994. Over the last five years,
it is pleasing to report that this important financial 
measure has averaged 29%.  As at 30 June 2003, capital
employed stood at £394.5m, an increase of £62.8m over
the last twelve months.  Capital employed by the Homes
Division was £376.2m (2002: £317.8m) and in the
Commercial Division £16.2m (2002: £13.9m). The
Group’s share of the net assets of Framing Solutions 
represented £2.1m.
In Redrow Homes, the increase of £58.4m in capital
employed reflected the higher level of investment in
working capital. Land held for development increased by
£32.9m to £319.7m (2002: £286.8m) and work in progress
was £44.3m higher at £226.6m (2002: £182.3m). Of this
increase in work in progress, £16.8m was attributable to
In the City schemes. These increases in stocks were offset 28 FINANCIAL REVIEW
by land creditors, which were £8.4m higher at the year end
at £75.3m (2002: £66.9m), and a reduction in other capital
employed of £10.4m.
The net increase of 600 plots in the land bank over the
last twelve months to 14,000 plots accounts for the higher
level of investment in land. As at the end of June 2003,
the average plot cost of the 14,000 owned plots with 
planning permission stood at £22,900 (2002: £21,200).
The year end plot cost expressed as a percentage of the
average selling price achieved during the year stood at
15.5%, up only marginally on the 15.3% of June 2002.
It should be noted that costs in connection with the 
acquisition and promotion of the Group’s 23,750 plots 
of forward land are provided for when incurred and the
provision only released once planning is obtained and the
land acquired.
It is important for the Group to examine all appropriate
land opportunities available and, in this regard, on 
14 January 2003, Redrow purchased four residential sites 
in Glasgow, Greenock and Dunfermline through the 
acquisition of Park Lane City Limited, a company whose
activities were limited to the development of these land
holdings. The consideration of £4.6m is deferred and is
payable, subject to the number of units for which planning
consent is ultimately obtained. The purchase of these sites
has made an important contribution to the land holdings
of Redrow Homes (Scotland). Further information on the
transaction is set out in Note 9 to the financial statements. 
Part exchange remains a marketing tool that is used 
relatively infrequently by the Group. At the end of the
financial year, 29 such properties were held pending resale,
compared with 14 properties held at the end of June 2002.
These properties had a book value of £5.1m (2002: £2.0m).
When appropriate, the Group will purchase land on
deferred payment terms.  During the course of the year,
land creditors increased by £8.4m to £75.3m with the
amount due after more than one year increasing from
£25.9m to £40.1m. The land creditors are either secured by
way of legal charge over the land to which they relate or
are supported by financial guarantees.
The increase of £2.3m in capital employed within Redrow
Commercial during the year to £16.2m primarily reflected
the higher level of investment in work in progress at
Buckshaw Village, Western Approach, Bristol and a new
office development at Altrincham.
Shareholders’ funds increased from £238.6m to £301.3m as
a result of retained earnings of £62.4m and £0.3m in
respect of shares issued under the Group’s SAYE schemes.
Framing Solutions
The Group invested £2.7m in Framing Solutions plc, on its
formation in September 2002. This company has its own
banking facilities, which are unsupported by Redrow.
Cash flow, interest and gearing
The Group remains in a position of financial strength from
which to continue to grow.  After allowing for a net
increase in working capital of £56.6m, the cash inflow
from operations was £59.6m.  As at 30 June 2003, net debt
stood at £93.2m, barely changed from 12 months earlier.
Gearing, calculated as the proportion of net debt to 
shareholders’ funds, stood at 31%, down from 39% at 
the end of June 2002.  Net debt at 30 June 2003 was more
than three times covered by the value of forward sales
within the Homes Division. Finance costs in the year were
lower at £7.6m (2002: £9.0m), due both to lower average
interest rates and a lower level of average debt. The 
interest charge was 15.0 times covered by operating profits
(2002: 10.5 times). 29 FINANCIAL REVIEW
Treasury
It is the Group’s policy to fund itself through an 
appropriate mix of shareholders’ funds and debt. In August
2002, Redrow plc entered into a new five year £180m 
syndicated loan facility with its banks to fund its core
medium and long-term debt requirements. This loan 
agreement is supplemented by additional bilateral 
facilities which are used to meet shorter-term borrowing
requirements. These bilateral facilities total £70m, which
together with the syndicated facility, provided the Group
with total borrowing facilities of £250m at the year end.
All these facilities are unsecured. It is the Group’s policy 
to ensure that adequate committed debt facilities are 
maintained to meet the Group’s peak borrowing 
requirements. Cash flow forecasts and headroom under
bank facilities are both regularly reviewed.  
The Group’s day-to-day cash management is achieved by
each company operating its own bank account, with all
bank accounts managed under a set off arrangement.
The Board has approved an interest rate risk management 
policy which sets out the maximum and minimum 
proportion of the Group’s debt that must be protected
against adverse interest rate movements. The policy
prohibits any trading in derivative financial instruments
and requires any hedging activity to use simple risk 
management products. As at 30 June 2003, the Group had
entered into interest rate swaps on a notional amount of
£100m which had a remaining average maturity of 
approximately two years.  Whilst year end net debt of
£93.2m was lower than the total level of interest rate 
swaps outstanding, this level of cover is appropriate in 
relation to average debt levels during the year.  Note 23 
to the financial statements sets out the fair value of the
Group’s financial instruments.
The Group has no material exposure to movements in foreign
currency rates since it operates entirely within the UK and
procures virtually all its supplies from UK based companies.
Redrow’s activities in both the Homes and Commercial
Divisions result in requirements for surety bonds and 
guarantees, for example, those that are provided to Local
Authorities in respect of the adoption of highways on a
development. As at 30 June 2003, the Group had £67m of
facilities to provide such bonds and guarantees, of which
£27.5m was utilised. In addition, the Group has bonding
facilities made available through the National House
Building Council.
As well as meeting institutions and equity analysts, the
Group maintains close contact with its bankers and surety
companies, regularly providing them with information
regarding current trading and financial performance.
Pensions
The Group believes that pension provision is one of the
most important benefits made available to Redrow’s
employees and in this regard provides both defined benefit
and defined contribution pensions. The defined benefit
scheme was closed to new members generally in
October 2001, at which time a defined contribution
section of the scheme was established. For the financial
year ended 30 June 2003, the Employer’s contribution rate
in respect of the defined benefits section of the scheme was
12% with employees contributing 6% of pensionable salary.
Under the defined contribution section of the scheme,
monthly paid members contribute 5% with Redrow
contributing between 5% and 12.5% of pensionable salary,
depending on the age of the employee. Weekly paid
members contribute 3% with Redrow contributing 3%.
In 2004, Redrow will celebrate 30 years since its 
foundation and its relative youth means it is less burdened 
by many of the issues surrounding pension scheme funding  30 FINANCIAL REVIEW
than other, older companies. Nonetheless, the scheme has
not been immune to the poor performance of the equity
markets and, hence, the formal triennial valuation 
undertaken by the Scheme Actuary as at 1 January 2003 in
respect of the defined benefit section reported a relatively
small deficit of £2.2m when comparing scheme assets
against liabilities. This deficit compares with the market
value of the scheme’s assets of £24.0m at that date. The 
triennial valuation forms the basis for the decision on
future contribution rates and in this regard, the Scheme
Actuary has indicated that the Company and employees
can continue to make contributions at their respective
current contribution rates, though the performance of the
scheme’s assets will continue to be closely monitored. 
Accounting Standards
There were no new accounting standards or requirements
introduced during the year which impacted upon the
results. FRS 17 on Retirement Benefits has no effect on the
results for the year and the disclosures required under the
transitional arrangements are set out in Note 7 to the
financial statements. Under these disclosure requirements,
the present value of the scheme liabilities is calculated
using long-term AA bond yields and compared against 
the market value of its assets at the balance sheet date. On
this calculation basis, the net deficit as at 30 June 2003 
was £6.2m after taking into account the related deferred
tax asset.
Outlook
As Redrow approaches its 30th anniversary, the Group has
established a reputation for consistently delivering high
quality returns, both as regards margins and return on
capital employed.  The strength of the balance sheet,
coupled with the inherent profitability of the land bank
and over £300m of forward sales, provides a firm 
foundation to continue to deliver value to its shareholders.
David L Arnold Group Finance Director 31 FIVE YEAR SUMMARY
(Continuing operations) 2003 2002 2001 2000 1999
£m £m £m £m £m
** *
Group Turnover 607.9 573.3 421.2 405.7 341.6
Operating profit 113.7 94.1 79.5 67.7 56.3
Operating profit as a percentage of turnover 18.7% 16.4% 18.9% 16.7% 16.5%
Profit before taxation 106.1 85.1 72.1 67.2 55.6
Profit before taxation as a percentage of turnover 17.4% 14.8% 17.1% 16.6% 16.3%
Net assets 301.3 238.6 187.1 261.8 226.9
Net (debt)/cash surplus (93.2) (93.1) (112.2) (11.6) 7.5
Gearing – net debt as a 
percentage of capital and reserves 30.9% 39.0% 60.0% 4.4% N/A
Return on capital employed – operating profit as a percentage
of average net assets adjusted for net debt/cash 31% 30% 28% 27% 27%
Number of legal completions 4,031 3,908 3,464 3,338 3,135
Earnings per ordinary share 46.9p 38.5p 28.8p 20.2p 17.0p
Dividends per ordinary share 7.5p 6.06p 5.5p 4.95p 4.5p
Net assets per ordinary share 190.0p 150.7p 118.4p 116.2p 101.1p
* Restated in 2002 for the impact of FRS 19 “Accounting for Deferred Taxation” 
FIVE YEAR SUMMARY 32 DIRECTORS
DIRECTORS
Robert Jones, 52
Non-Executive Chairman
Robert Jones joined the Redrow
Board in July 1997. He is a former
Minister of State for Planning,
Construction and Energy Efficiency
and has dealt with planning issues at
all levels of Government. He was
previously the Head of Research at
the National House Building
Council. 
Paul Pedley, 49
Chief Executive
Paul Pedley joined Redrow in 1985 
and was appointed Finance Director
in 1986, Deputy Chairman in 1990
and Group Managing Director in
1994. In September 1999, Paul was
appointed Chief Executive. He has
played a prominent part in the 
development of Redrow and now has
overall responsibility for Redrow.
Neil Fitzsimmons, 44
Group Managing Director
Neil Fitzsimmons has worked within
the construction sector since 1986
and joined Redrow in 1997.
In June 1998 he was appointed to
the Board as Group Finance Director
and in September 2003 became
Group Managing Director.
David Arnold, 37
Group Finance Director
David Arnold joined Redrow as
Deputy Finance Director in July
2002 and was promoted to the Board
as Group Finance Director in
September this year. Prior to joining
the Group, David was Treasurer 
of Six Continents plc and had 
previously held a number of 
financial positions at Tarmac plc,
latterly as Head of Corporate
Finance. David is a qualified
Management Accountant and
Fellow of the Association of
Corporate Treasurers.
Barry Harvey, 58
Chairman – Northern Region
Barry Harvey rejoined Redrow in
1995 as Managing Director of
Redrow Homes (Northern) and was
promoted to Northern Regional
Chairman in 1996. He was 
previously Managing Director of
Redrow Homes between 1988 and
1990 and has extensive experience
over a period of 40 years of the 
construction and housebuilding
industries. Barry joined the Board 
in June 1998.  
DIRECTORS 33 DIRECTORS
Colin Lewis, 46
Chairman – Western Region
Colin Lewis joined Redrow in 1991
as Company Solicitor. After 
promotion that year to Legal
Director he transferred to Bristol in
1993 and spent seven years as
Managing Director of Redrow Homes
(SW). With the creation of the
Western Region in 2000, he was 
promoted to Western Regional
Chairman. Colin joined the Board
in June 2001.
John Tutte, 47
Chairman – Southern Region
John Tutte joined Redrow at the
start of 2002 having previously held
senior positions in the industry. He
qualified in civil engineering and has
accumulated 20 years experience at
all levels in the housebuilding 
industry. John joined the Board in
July 2002.
Jim Martin, 60
Non-Executive
Jim Martin joined the Redrow 
Board in September 1997. He is 
a qualified accountant and has been
the Chief Executive of N Brown
Group plc since 1984 until his
retirement last year when he became
Non-Executive Deputy Chairman.
He previously worked for Unilever
and Dunlop. He is a non-executive 
director of Alexon Group plc and
chairman or director of a number of
private companies and industry 
associates. He was re-appointed
Senior Non-Executive Director in
February 2002.
Bob Williams, 53
Non-Executive
Bob Williams joined the Redrow
Board in February 1995. He was also
Non-Executive Chairman of Redrow
Commercial Developments until
July 2002. He has over thirty years’
experience of the property sector. In
1983 he joined Grand Metropolitan
plc and in 1986 was appointed
Chairman and Managing Director of
GrandMet Estates. He was founder,
Chairman and Chief Executive of
Mill House Inns plc until its sale 
in 2000.
Brian Duckworth, 54
Non-Executive
Brian Duckworth joined the Redrow
Board in June 2002. He has been
Managing Director of Severn
Trent Water since April 1995. Brian
is also a non-executive director of
Avon Rubber plc. He is a past 
chairman of Water UK, the 
industry’s trade association. 34 DIRECTORS’ REPORT
The Directors have pleasure in presenting to the members 
their report and the financial statements for the year ended 
30 June 2003.
Principal activities and business review
The principal activities of the Group are housebuilding and 
commercial property development.
Turnover and profit on ordinary activities before taxation are
stated at £608.3m and £106.1m respectively. After providing for
taxation of £31.8m and paying an interim dividend of £4.0m, the
Directors recommend a final dividend of £7.9m and the transfer
of the balance of £62.4m to reserves.
A detailed review of the Group’s activities during the year and 
of its prospects is contained within the Chairman’s statement,
Chief Executive’s review and Financial review.
Statement of Directors’ responsibilities
The Directors are required by the Companies Act 1985 to 
prepare financial statements for each financial year which give a
true and fair view of the state of affairs of the Company and the
Group as at the end of the financial year and of the profit of the
Group for that period. In preparing the financial statements the
Directors ensure that suitable accounting policies have been used
and applied consistently, that reasonable and prudent judgements
and estimates have been made and that applicable accounting
standards have been followed. The Directors are required to 
prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will 
continue in business. The Directors are responsible for 
maintaining adequate accounting records, and are also 
responsible for taking such steps and instituting and maintaining
such systems and controls as are reasonably open to them to 
safeguard the assets of the Group and to prevent and detect fraud
and other irregularities.  
The maintenance and integrity of the Redrow plc website is the
responsibility of the Directors. The work carried out by the
Auditors does not involve consideration of these matters and
accordingly, the Auditors accept no responsibility for any
changes that may have occurred to the financial statements 
since they were initially presented on the website.
Legislation in the U.K. governing the preparation and 
dissemination of financial statements may differ from legislation
in other jurisdictions.
Going concern
The Directors have considered the Group’s financial position
and trading prospects and consider they have a reasonable 
expectation for stating that Redrow plc has adequate resources to
continue trading for the foreseeable future. Accordingly, they
continue to adopt the going concern basis in preparing the
financial statements.
Substantial shareholdings
As at 15 September 2003, the Company has been notified of the
following interests of 3% or more in its ordinary shares:
No. of % of issued 
Name shares held share capital
Stephen Peter Morgan 15,210,155 9.6
FMR Corp. and its direct and
indirect subsidiaries and
Fidelity International Limited
(FIL) and its direct and indirect
subsidiaries 7,810,906 4.9
Pamela Elaine Morgan Bell 7,600,000 4.8
Legal & General Group plc 6,719,781 4.2
Standard Life Investments 6,245,632 3.9
The Egerton European
Dollar Fund 5,972,050 3.8
DIRECTORS’ REPORT 35 DIRECTORS’ REPORT
Directors
The Directors are listed together with their biographical details
on pages 32 and 33.
D L Arnold was appointed to the Board on 15 September 2003.
In accordance with Article 79 of the Articles of Association,
whereby Directors who have been appointed to the Board since
the last Annual General Meeting must be re-appointed at the
next following Annual General Meeting, D L Arnold will retire 
at the Annual General Meeting and, being eligible, offers 
himself for re-election.
In accordance with Article 84 of the Articles of Association, 
R B Jones, C E Lewis and B K Harvey will retire by 
rotation at the Annual General Meeting and, being eligible,
offer themselves for re-election.
The Executive Directors have formal service agreements.
Termination of their employment may be effected by twelve
months’ notice given by either party.
The Non-Executive Directors have fixed term service 
agreements outlining their duties and responsibilities.
Directors’ interests
Details of transactions with Directors which are material are 
disclosed in Note 25 within the Notes to the financial 
statements.
The Directors’ interests in the ordinary shares of the Company
are given in the Remuneration report on pages 44 to 47.
Charitable and political donations
The Group made no political donations but made charitable
donations of £15,000 during the year. In addition, the Group and
its employees are actively involved in fund-raising activities for
specific charities.
Employees
Redrow places considerable importance on the provision of
training and development.
In 2003, work commenced to construct a new Group Training
Centre at Tamworth, Staffordshire. The new facility started
delivering courses in September 2003. It is intended that all new
Redrow employees will participate in a formal induction course
with technical courses tailored to each discipline being run 
continuously throughout the year.
The Group supports the employment of disabled persons 
wherever possible through recruitment and by the retention 
and retraining of those who become disabled during their 
employment.
The Directors recognise the importance of good communications
with employees. Companies within the Group are encouraged to
make their employees aware of the financial and economic 
factors affecting their respective companies and the Group. This
is assisted through the medium of regular management meetings
and staff publications.
Employee share ownership is encouraged through savings related
and other employee share schemes. In the year ended 30 June
2003, the Save As You Earn scheme was administered via a
Qualifying Employee Share Ownership Trust (QUEST).
Creditor payment policy
The Group values its relationships with suppliers and 
sub-contractors.  It is the policy to agree credit terms prior to
commencement of trading. Subject to any items of genuine 
dispute, it is policy to pay creditors within the terms agreed.
At June 2003 the Group had 39 days’ purchases outstanding 
in respect of payments to suppliers and sub-contractors 
(2002: 38 days).
European Monetary Union (EMU)
The Group has minimal exposure to foreign exchange and 
continues to monitor the implications of EMU.
Research and Development
The Group has a centralised Research and Development team
charged with identifying and evaluating new construction 
techniques and products.
Environment
Redrow recognises its responsibilities to the community as a
whole and has adopted an environmental strategy which is a
core part of the Group’s objectives. Further details are provided
in the Corporate Social Responsibility review on pages 22 to 25. 36 DIRECTORS’ REPORT
Auditors
Following the conversion of PricewaterhouseCoopers to a
Limited Liability Partnership (LLP) from 1 January 2003,
PricewaterhouseCoopers resigned as Auditors, and the Directors
appointed PricewaterhouseCoopers LLP to fill the casual 
vacancy by resignation.
A resolution to re-appoint PricewaterhouseCoopers LLP as
Auditors will be proposed at the Annual General Meeting on 
5 November 2003.
Purchase of the Company’s own shares 
Resolution 11 set out in the Notice of Annual General Meeting
seeks authority from Shareholders for the Company to purchase
up to 15,857,406 ordinary shares, an aggregate nominal amount
of £1,585,741, which is equivalent to approximately 10% of the
Company’s issued ordinary share capital at 30 June 2003.  The
authority will expire at the end of next year’s Annual General
Meeting and the resolution specifies the maximum and 
minimum prices at which the shares may be bought. Other
investment opportunities, appropriate gearing levels and the
overall financial position of the Company will be taken into
account before deciding upon this course of action.  
Notice of Annual General Meeting
Pages 64 to 67 sets out the Notice of Annual General Meeting
and details the resolutions proposed together with explanatory
notes.
By order of the Board
G A Cope Group Company Secretary 
15 September 2003 37 CORPORATE GOVERNANCE STATEMENT
CORPORATE GOVERNANCE STATEMENT
Combined Code
The Board of Redrow plc is committed to high standards of 
corporate governance and has considered the requirements of
the Combined Code adopted by the Stock Exchange.
The Directors confirm that, with the exception set out below,
the Group has complied with Section 1 throughout the year
ended 30 June 2003.
Under provision B.1.6, the deferred element of the Redrow Long
Term Share Incentive Plan (LTSIP), which was in operation
from July 1996 to June 2000, vests in the participants in under
three years. This was considered justified having regard to the
total executive remuneration package during that time. An
amendment was made to the Redrow LTSIP following the
Annual General Meeting on 13 October 2000 such that options
awarded to Directors in respect of years after June 2000 do not
vest in the participants for a period of three years.  Details are
set out in the Remuneration report on pages 39 to 41.
Under provision D.2.1 of the Combined Code, the Company is
required to report on internal control. The Company’s report on
internal control can be found on page 38 within this Corporate
Governance statement.
Board and committees
Following the promotions of N Fitzsimmons to Group Managing
Director and D L Arnold to Group Finance Director, the 
Board of Redrow plc comprises of six Executive and four 
Non-Executive Directors. Non-Executive Directors comprise 
not less than one third of the Board and all Non-Executive
Directors are considered to be independent. The Board is
responsible to Shareholders for the management of the Company
and for the protection of its assets. The Board meets regularly on
a formal basis and not less than ten times a year. In the financial
year ended 30 June 2003, the Board met eleven times.
The Board recognises that a structured appraisal process and
good training are important requirements across the Group.
All Executive Directors have an annual appraisal at which a
review of performance against personal objectives is undertaken.
P L Pedley undertakes the appraisal of his fellow Executive
Directors having taken input from the Board generally. 
R B Jones and P L Pedley conduct reciprocal annual appraisals
and also review the performance of each Non-Executive Director
individually, once again having taken feedback from the Board.
In 2003, a formal 2 day induction programme for all new Redrow
Directors was introduced. In addition, the Board receives regular
presentations from those responsible for key Group disciplines.
A formal schedule of matters is reserved for the Board including
authorisation of major land acquisitions and contracts, approval
of budgets and accounts and monitoring of business performance.
The Board delegates certain powers to the Chief Executive and
Executive Directors.
R B Jones is the Non-Executive Chairman and P L Pedley is the
Chief Executive. The Senior Non-Executive Director is 
J Martin. 
The Directors have access to the advice and services of the
Group Company Secretary and the Board acknowledges that in 
certain circumstances Board committees and individual Directors
may wish to take independent professional advice in connection
with their responsibilities and duties. The Company will meet
the reasonable expenses incurred in this regard.
The Board has delegated specific responsibilities to committees,
the members of which, with the exception of the Environmental
Corporate Responsibility Committee, are comprised entirely of
Non-Executive Directors as follows:
Audit Committee
R G Williams (Chairman)
R B Jones
J Martin
B Duckworth
The responsibilities of the Audit Committee include the
appointment of and liaison with External Auditors, the review 
of annual and interim financial statements, the review of the
statement on internal control and consideration of any major
findings of internal investigations.
The Committee meets four times a year, on each occasion also
meeting the External Auditors to discuss the interim accounts
and the Annual Report and Accounts as well as internal control
including the work of Internal Audit, risk assessment and other
issues within the Group.
PricewaterhouseCoopers LLP were appointed auditors in 2003
having succeeded PricewaterhouseCoopers who were appointed
in 1987. The current audit partner was appointed in 1999. 
The fees relating to non-audit services provided by
PricewaterhouseCoopers LLP are disclosed in Note 2 to the
Accounts, summarised according to different types of work
undertaken and are less than £0.1m. The main area of non-audit
work relates to advice provided to the Company in connection
with the operation and valuation of the pension scheme. The
Audit Committee has reviewed the level of non-audit work
undertaken and has concluded this level of fee does not affect
the independence of the Audit. Appointments in respect of 
non-audit work receive the prior approval of the Audit
Committee.
Remuneration Committee
J Martin (Chairman)
R B Jones
R G Williams
B Duckworth
The responsibilities of the Remuneration Committee are
outlined in the Remuneration report on page 39.
Under Resolution 2, the Remuneration Committee report will
be put before Shareholders for adoption at the Annual General
Meeting on 5 November 2003. 38 CORPORATE GOVERNANCE STATEMENT
Nomination Committee
R B Jones (Chairman)
R G Williams
J Martin 
B Duckworth
The responsibilities of the Nomination Committee include the
identification and recommendation to the Board of suitable
Executive and Non-Executive Directors.
Environmental Corporate Responsibility Committee
B Duckworth (Chairman)
R G Williams
J Martin 
N Fitzsimmons
This was formed in the year and replaced the Environmental
Committee. Details are included in the Corporate Social
Responsibility review on pages 22 to 25.
Internal Control
The Board of Directors recognises its overall responsibility for
the Group’s systems of internal control and for monitoring their
effectiveness. However, in reviewing the effectiveness of internal
control, such systems can only provide reasonable but not
absolute assurance against material misstatement or loss.
Key business activities including land acquisition, product
design, specification and procurement and information 
technology are controlled by the Executive Directors. All
activity is organised within a defined structure with formal 
lines of responsibility, designated authority levels and a 
structured reporting framework.
A formalised reporting structure is established within the Group.
The Executive Board, comprising the Executive Directors and
the Group Company Secretary meet monthly to discuss the
Group’s key issues, risks and opportunities. Similarly, each
Region holds a Regional Board Meeting, chaired by the Regional
Chairman and attended by the Managing Directors of the 
relevant companies. These Managing Directors chair a monthly
board meeting of their own subsidiary company.
The Board has reviewed the Group’s operations and processes
and has identified risk areas which have been assessed for their
potential impact and internal controls in relation to those risks
have been assessed. The Executive Board through its regular
meetings reviews the areas of risk on an on-going basis and 
considers whether the internal controls identified in relation to
those risks are appropriate. This procedure also takes place at
Regional Board Meetings on a quarterly basis. The Audit
Committee also reviews its assessment of risk at twice yearly
meetings. The key features of the Group’s internal controls are 
as follows:
• A Policy and Procedures Manual covers all the 
significant aspects of the Group’s operations and 
describes the systems and controls that are to be applied 
across the whole Group. The Manual is reviewed and 
updated with amendments being signed off by an 
Executive Director. The Board of each trading entity is 
required to formally confirm on an annual basis that 
they have complied in all material respects with these 
procedures.
• Defined authorisation levels established over key areas 
such as land purchase and the placing of orders and 
contracts.
• A monthly reporting pack is circulated in advance
and reviewed at each of the Main, Executive, Regional 
and subsidiary company board meetings. Annual budgets
are set and monthly forecasts prepared, with actual
performance compared against the annual budget and
updated forecasts.
• The Group’s systems provide weekly updates on key 
statistics in relation to sales and production. In addition,
daily statements of a reconciled cash position identifying
significant payments are prepared.
• On an annual basis, strategic plans are prepared and 
reviewed which cover key aspects of the Group’s 
operations and identifies medium term objectives and 
areas of risk to the business.
In addition to the above, the Group has an Internal Audit 
function which has direct reporting to the Audit Committee.
The annual work programme of Internal Audit is approved in
advance by the Audit Committee and commented upon by the
External Auditors. The Internal Audit function updates the
Audit Committee on its work at their meetings. All reports are
distributed to the Board as well as to the External Auditors. 39 REMUNERATION REPORT
REMUNERATION REPORT
Remuneration Report
This report has been prepared in accordance with the
requirements of the Directors’ Remuneration Report
Regulations 2002(SI 2002/1986) which amended Schedule 7A
to the Companies Act 1985 and The Listing Rules.
Remuneration Committee
The Remuneration Committee is comprised solely of
independent Non-Executive Directors. During the year the
members were:
J Martin (Chairman)
R B Jones
R G Williams
B Duckworth
The Committee has agreed terms of reference detailing its
authority and responsibilities. These responsibilities include the
agreement of terms of employment and the granting of bonuses,
share options or share incentive plans relating to the Directors
of the Company as may be appropriate from time to time.
The Committee meets as required but at least twice a year.
The Committee met six times during the financial year ended
30 June 2003.
The Committee formally reviews the structure of remuneration
packages relating to the Directors of the Company every three
years to ensure that the Group provides an appropriate and 
competitive package to motivate and retain its Executive
Directors. In this regard, a formal independent review by KPMG
was commissioned by the Committee in April 2003 and, as a
result of this review, changes to the remuneration packages of the
Executive Directors were implemented with effect from 1 July
2003. These changes are identified within this report and are
designed to strengthen the alignment of shareholders’ and
Executive Directors’ interests. KPMG were appointed by and
reported directly to the Remuneration Committee and have not
assisted the Company itself.
During the course of the year, advice was also provided to the
Remuneration Committee by G A Cope (Group Company
Secretary/Legal Director).
Remuneration Policy
The Committee aims to ensure that the Group provides
competitive but cost effective remuneration packages at all
levels in order to attract, retain and motivate staff who are
expected to meet high levels of performance.
Consistent with this policy, the benefit packages awarded to the
Company’s Directors are intended to reward Directors based on
their current achievements whilst encouraging a focus on the
medium and long term performance of the business. Packages are
designed to ensure that the interests of shareholders and Executive
Directors are aligned as closely as possible and comprise a mix of
performance related and non-performance related remuneration.
A significant proportion of remuneration is expected to be 
performance related based upon fair but challenging targets which
are determined by the Remuneration Committee.
In the financial year to 30 June 2003, the performance related
elements for each Executive Director, with the exception of
P L Pedley, comprised a cash and deferred bonus (maximum
70% of base salary), a Long Term Share Incentive Plan (LTSIP)
(maximum 30% of base salary) and participation in the 
Phantom Share Option Scheme (in respect of 200,000 shares).
P L Pedley, Chief Executive, does not participate in the
Phantom Share Option Scheme.
Following the independent review, from 1 July 2003, the 
performance related elements for each Executive Director 
comprise an annual cash bonus (maximum 60% of base salary),
Long Term Share Incentive Plan (maximum 60% of base salary)
and, with the exception of P L Pedley, a Phantom Share Option
Scheme (over 200,000 shares).  
The performance related elements under both the remuneration
package in the year to 30 June 2003 and that introduced from
1 July 2003 have clearly defined criteria that link rewards to
business performance in the short, medium and long term.
Share ownership is encouraged at all levels further serving to
make employees feel part of the ‘Redrow Team’ and aligning
interests closely with shareholders. The Remuneration
Committee has established guidelines for share ownership by
the Company’s Directors.
The Committee considers that in framing its remuneration
policy it has given full consideration to the provisions of
Section 1 and Schedule A of the Combined Code.
Directors Service Agreements
During the year, the service agreements of the Executive
Directors were amended to increase the period of time in which
formal notice may be served to terminate the agreement, by
either the Company or the Director, from six to twelve months’
notice. This amendment was made to provide greater protection
to the Company and to bring the notice period into line with
common practice across both the industry and quoted
companies in general.
The agreements do not include provision for pre-determined
compensation for early termination and mitigation will be
applied to any compensation payments where considered
justified by the Committee due to poor performance.
No additional compensation or extended notice period is
included within the service agreements in the event of a
change of control.
The service agreements of the Executive Directors are twelve
month rolling contracts which were entered into on the
following dates and had the following unexpired notice periods
as at 30 June 2003:
Name Contract Notice
Date Period
P L Pedley 14/09/99 12 months
N Fitzsimmons 08/06/98 12 months
B K Harvey 02/06/98 12 months
C E Lewis 12/07/01 12 months
J F Tutte 10/07/02 12 months
G H Locke (1) 01/03/96 -
(1) G H Locke resigned on 11 November 2002 and,
consequently, his contract was terminated. 40 REMUNERATION REPORT
The Non-Executive Directors’ terms of appointment, with
maturity dates, are detailed in formal letters of appointment
as follows:
Name Letter of Appointment
Dated Matures
R B Jones 13/10/00 12/10/03
J Martin 07/05/03 12/10/04
R G Williams 13/10/01 5/11/03
B Duckworth 12/06/02 31/05/05
Elements of the Remuneration Package
The main components of the remuneration package provided to
an Executive Director are as follows:
(i) Basic Salary
Salaries are reviewed as appropriate and at least once per
annum in June.
(ii) Pension and Retirement Benefits
The Executive Directors are members of the defined benefit
section of the Redrow Staff Pension Scheme.
The Scheme is contributory and provides a pension, lump
sum death in service benefit, dependant’s pension and
permanent health insurance.  
In the financial year ended 30 June 2003, pension
entitlement for an Executive Director accrued at the rate
of 1/60th for each year of service subject to a maximum
two-thirds pensionable earnings at a normal retirement age
of 65. Pensionable earnings are calculated on base salary
only. Where applicable members are subject to the Inland 
Revenue pension cap and in order to mitigate this impact 
an additional allowance is payable to Executive Directors 
where appropriate.  
Having considered independent market data provided by 
its advisors, the Remuneration Committee concluded 
that the current pension provision for Executive Directors 
was uncompetitive. It has therefore been agreed that with 
effect from 1 July 2003, the future pension entitlement of 
an Executive Director shall be accrued at the rate of 
1/45th for each year of service. The normal retirement age 
remains at 65. The employee contribution rate for an 
Executive Director will increase from 6% to 8% in order to 
maintain the proportion of cost borne by the Company and 
the individual at its historic level.
(iii)Benefits in Kind
These primarily relate to a fully expensed car or cash
equivalent and private health insurance.
(iv)Cash and Deferred Bonuses
For the financial year ended 30 June 2003, Executive
Directors are entitled to a bonus, payable in cash,
equivalent to a maximum of 40% of their salary dependent
on performance. This is payable in September following the
financial year end.
Performance is measured against challenging
pre-determined targets set by the Remuneration 
Committee. In 2003, these targets related to earnings per 
share, return on capital employed, land procurement and 
forward sales performance as well as other specific 
performance measures for each Executive Director 
determined by the Remuneration Committee in relation to 
other business objectives.
In addition, under the Group’s approved LTSIP
arrangements, share options amounting to up to 30% of
salary may be awarded based on identical performance
criteria to the cash bonus element. These are granted in
September following the financial year end and they vest
and are exercisable on the third anniversary of the date of
grant provided the holder remains an employee. Options 
may vest earlier in the event of retirement, death or change 
of control of the Company.
The Committee’s advisors concluded that the existing 
package needed a greater emphasis on long-term 
performance. As a result, the Remuneration Committee
concluded that it was appropriate to reduce the overall 
proportion of bonus attributable to short term 
performance from its current total maximum level of 
70% of base salary (being 40% cash and 30% deferred 
in shares) to a maximum of 60% of base salary. It was 
agreed by the Committee that this cash bonus should be
payable in September following each financial year end.
(v) Long Term Share Incentive Plan (LTSIP)
On 17 November 1995, the Annual General Meeting
approved the LTSIP which was in operation for the 
years ended 30 June 1996 to 30 June 2000. Under this 
scheme it is acknowledged that deferred elements vest 
in the participants in under three years.
On 13 October 2000, revisions were approved at the
Annual General Meeting under which share options
amounting to up to 30% of salary can be awarded.
These options are described under the Deferred Bonus
arrangements above. In addition, in order to ensure
Executive Directors are focused upon medium term
financial performance, incentive shares can be awarded
depending upon the annual average compound growth 
in earnings per share over a three year period. The
compound growth in earnings per share was chosen by 
the Remuneration Committee as an appropriate 
measure because it is both simple and transparent and it
represents the increase in profits generated for 
shareholders reflecting the Company’s prime objective 
of enhancing shareholder value. If the growth rate 
exceeds 10%, the number of shares awarded under the 
deferred bonus element will be increased by one-third. 
If the growth rate is more than 15%, the number of 
initial shares will be increased by two-thirds. If the 
growth rate is more than 20%, the number of initial 
shares will be doubled. These performance conditions 
are common for each Executive Director.
The options may be exercisable early on retirement, 
death and, following the review of the package, are now
also exercisable on a change of control of the Company. 41 REMUNERATION REPORT
As a result of the independent review, the Remuneration 
Committee has concluded that the current arrangements 
under the Long Term Share Incentive Plan should be 
changed to align more closely the interests of shareholders 
and the Executive Directors. In particular, the 
Remuneration Committee agreed that it was appropriate 
that two financial performance measures apply to the 
operation of the scheme over a three year term. The 
Remuneration Committee selected an annual average
compound growth in earnings per share for the reasons 
previously outlined. Return on capital employed was chosen
as the second performance measure as it focuses the 
Executive Directors on delivering ongoing profitability 
through the efficient use of capital employed. 
Under the revised arrangements, options will be granted on 
an annual basis over shares equivalent to 60% of base salary.
The increase in the maximum potential award under the 
LTSIP from 30% to 60% of salary was felt appropriate by 
the Committee because of the importance of ensuring 
sufficient future incentives for the Executive Directors to 
deliver enhanced shareholder value.
Options granted under the scheme will become exercisable
on the third anniversary of their grant at the earliest. They
will be exercisable proportionately to actual achievement
relative to the performance conditions over the three year
period. A simple average return on capital employed of less 
than 20.0% and an annual average compound growth in
earnings per share of less than RPI + 4.5% will result in no 
award. The maximum award is achieved if the simple 
average return on capital over a three year period exceeds 
25.5% and the annual average compound growth in 
earnings per share exceeds RPI + 12.5%. The performance 
conditions were set at a level that was felt by the 
Remuneration Committee to be appropriately challenging 
over the period to which they relate and in the context of 
the historic performance of Redrow and its peer group. 
These performance conditions are common for each 
Executive Director.
Options awarded under the LTSIP are provided through an 
Employee Benefit Trust and do not result in the issue of 
new shares.
(vi)Phantom Share Option Scheme
The Remuneration Committee considers that a seven year
timeframe is an appropriate period over which to judge long
term financial performance. The Phantom Share Option
Scheme, approved at the Annual General Meeting on 
5 November 2001, is the vehicle used by the Company for
rewarding long term performance.
Under the scheme, participants are granted a phantom
option over a number of shares at the market value at the
date of grant. At the end of seven years, the participant
will be able to exercise the phantom option such that a cash
sum equivalent to the difference between the market value
of the shares at the date of grant and the market value of
the shares on maturity of the scheme (provided this is a
positive figure) becomes payable in three equal instalments
over three years.
The Phantom Share Option was previously exercisable only
if the compound growth in earnings per share of the
Company increased by 4.5% over RPI during the seven
years since the date of grant or on a change of control of
the Company provided a compound growth rate of 4.5%
over RPI had been achieved since the date of grant.
The Remuneration Committee felt that notwithstanding
the challenging target for long term compound growth in
earnings per share, in order to ensure compliance with best
practice it was decided that a second financial criteria
should be applied to the operation of the scheme, namely 
that the simple average of return on capital employed over
a seven year period should exceed 20.0%. This change
applies to all existing options granted under the scheme,
which will henceforth be measured against two performance
criteria for award. Both performance criteria are consistent 
with the revised arrangements for the LTSIP outlined above
and were selected and set at these levels for the same 
reasons.
Under the Phantom Share Option Scheme approved by
Shareholders on 5 November 2001, N Fitzsimmons, 
G H Locke, B K Harvey and C E Lewis were each awarded 
a phantom option over 200,000 shares on 5 November 2001
at 221p.
On 11 July 2002, J F Tutte was awarded a phantom option
over 200,000 shares at 248p.
Following his resignation on 11 November 2002, the
phantom share options held by G H Locke lapsed.
P L Pedley, Chief Executive, does not participate in the
Phantom Share Option Scheme.
Share Ownership Guidelines
The importance of encouraging share ownership is recognised
by the Group and to further this objective, the Remuneration
Committee has set share ownership guidelines for each
Executive Director. These guidelines recognise individual
circumstances and the length of term served as an Executive
Director. In general, it is anticipated in future that all Executive
Directors would achieve the targets set by the guidelines within
five years. 42 REMUNERATION REPORT
Total Shareholder Return Graph
The graph shows the total shareholder return on the Company’s shares over a five year
period plotted against the total shareholder return of the FTSE-250 share index (of
which the Company is a constituent) and which the Company considers to be a 
representative comparative indicator.
Over the last five years, an investment of £100.00 in the shares of Redrow plc 
theoretically grew in value to £228.10 compared with £103.90 from a theoretical
investment of £100.00 in the FTSE-250 share index. These calculations are
undertaken on a ‘dividend reinvestment’ basis.
REDROW TOTAL RETURN -VS- FTSE 250 INDEX - 30/6/98 TO 30/6/03
1998 1999 2000 2001 2002 2003
100
120
140
160
180
200
220
240
260
REDROW
FTSE 250 INDEX
Source: DATASTREAM 43 REMUNERATION REPORT
Basic salary Pension cap Total salary Benefits Car Bonus Deferred Compensation 2003 2002
and fees allowance and fees Allowance 2003 Bonus for loss of Total Total
£000 £000 £000 £000 £000 £000 £000 office £000 £000
Executive Directors
P L Pedley 383 - 383 1 - 153 20 - 557 531
N Fitzsimmons 203 20 223 16 - 81 23 - 343 317
B K Harvey 210 21 231 18 - 84 15 - 348 306
C E Lewis 198 15 213 2 14 79 7 - 315 255
J F Tutte 195 7 202 1 14 78 - - 295 -
G H Locke (i) 118 10 128 17 - - - 658 803 375
Non-Executive Directors
R B Jones 100 - 100 ---- - 100 97
J Martin 25 - 25---- - 25 22
R G Williams 51 - 51 ---- - 51 79
B Duckworth (ii) 25 - 25 ---- - 25 1
1,508 73 1,581 55 28 475 65 658 2,862 1,983
The following tables and notes constitute the auditable part of the Remuneration report.
Directors Detailed Emoluments
Directors’ emoluments
(i) The compensation for loss of office payment to G H Locke who resigned on 11 November 2002 includes a sum of £486,206 in lieu of the value of options that had been granted under the LTSIP and
ESOS which had vested but had not been exercised. These options were subsequently waived. All this compensation was discretionary, approved by the Remuneration Committee and paid in respect of
his past services to the Company.
(ii) Fees in respect of the services of B Duckworth were levied by Severn Trent Water Ltd. 44 REMUNERATION REPORT
Director Scheme Options Options Options Options Options Options held Exercise From To Notional
held at granted waived exercised lapsed at 30 June price market value at
1 July 2002 in year in year in year in year 2003 30 June 2003*
£
P L Pedley SAYE 2000 12,593 - - - - 12,593 134.00p 2 Jan 2006         2 July 2006 20,653
LTSIP 1999 52,348 7,236 - (59,584) - - - Current 29 June 2009 -
LTSIP 2000 45,499 7,744 - - - 53,243 - Current 29 June 2010 158,664
LTSIP 2001 52,760 - - - - 52,760 - 28 Sep 2004 27 Sep 2011 157,225
LTSIP 2002 - 39,351 - - - 39,351 - 23 Sep 2005 22 Sep 2012 117,266
PRIVATE 250,000 - - - - 250,000 170.00p 25 June 2004 24 June 2005 320,000
413,200 54,331 - (59,584) - 407,947 773,808
N Fitzsimmons SAYE 1999 1,218 - - (1,218) - - 159.00p - - -
SAYE 2000 5,783 - - - - 5,783 134.00p 2 Jan 2004 2 July 2004 9,484
SAYE 2002 - 863 - - - 863 219.00p 1 Dec 2005 31 May 2006     682
LTSIP 1998 12,393 1,330 - - - 13,723 - Current 29 June 2005 40,895
LTSIP 1999 26,174 3,618 - - - 29,792 - Current 29 June 2009 88,780
LTSIP 2000 22,750 3,872 - - - 26,622 - Current 29 June 2010 79,334
LTSIP 2001 24,440 - - - - 24,440 - 28 Sep 2004 27 Sep 2011 72,831
LTSIP 2002 - 20,294 - - - 20,294 - 23 Sep 2005 22 Sep 2012 60,476
PRIVATE 50,000 - - - - 50,000 170.00p 25 June 2004 24 June 2005 64,000
142,758 29,977 - (1,218) - 171,517 416,482
B K Harvey SAYE 2000 5,783 - - - - 5,783 134.00p 2 Jan 2004 2 July 2004 9,484
SAYE 2002 - 1,500 - - - 1,500 219.00p 1 Dec 2005 31 May 2006 1,185
LTSIP 1999 19,099 2,640 - - - 21,739 - Current 29 June 2009 64,782
LTSIP 2000 17,097 2,910 - - - 20,007 - Current 29 June 2010 59,621
LTSIP 2001 23,082 - - - - 23,082 - 28 Sep 2004 27 Sep 2011 68,784
LTSIP 2002 - 20,294 - - - 20,294 - 23 Sep 2005 22 Sep 2012 60,476
PRIVATE 50,000 - - - - 50,000 170.00p 25 June 2004 24 June 2005 64,000
115,061 27,344 - - - 142,405 328,332
*The notional market value of the share options are based on a share price of 298 pence as at 30 June 2003 and assumes all options were capable of being exercised at that date.
Interests in Share Options
Directors’ interests in share options
The following table sets out those share options held by Directors under SAYE schemes or which have been awarded in respect of past performance. All options are in respect of shares in Redrow plc. 45 REMUNERATION REPORT
Director Scheme Options Options Options Options Options Options held Exercise From To Notional
held at granted waived exercised lapsed at 30 June price market value at
1 July 2002 in year in year in year in year 2003 30 June 2003*
£
C E Lewis SAYE 1999 2,122 - - - - 2,122 159.00p 1 Dec 2004 31 May 2005 2,950
SAYE 2000 7,555 - - - - 7,555 134.00p 2 Jan 2006 2 July 2006 12,390
SAYE 2001 2,006 - - - - 2,006 165.00p 2 Jan 2007 2 July 2007 2,668
LTSIP 2000 16,444 2,816 - - - 19,260 - Current 29 June 2010 57,395
LTSIP 2001 19,397 - - - - 19,397 - 28 Sep 2004 27 Sep 2011 57,803
LTSIP 2002 - 16,696 - - - 16,696 - 23 Sep 2005 22 Sep 2012 49,754
PRIVATE 30,000 - - - - 30,000 170.00p 24 June 2004 24 June 2005 38,400
77,524 19,512 - - - 97,036 221,360
J F Tutte LTSIP 2002 - 8,535 - - - 8,535 - 23 Sep 2005 22 Sep 2012 25,434
G H Locke ESOS 1992 10,000 - (10,000) - - - - - - -
ESOS 1992 15,000 - (15,000) - - - - - - -
SAYE 2000 12,593 - (12,593) - - - - - - -
LTSIP 1996 16,062 - (16,062) - - - - - - -
LTSIP 1997 42,604 4,068 (46,672) - - - - - - -
LTSIP 1998 39,367 4,224 (43,591) - - - - - - -
LTSIP 1999 27,079 3,743 (30,822) - - - - - - -
LTSIP 2000 31,459 5,354 (36,813) - - - - - - -
LTSIP 2001 26,069 - - - (26,069) - - - - -
LTSIP 2002 - 20,238 - - (20,238) - - - - -
PRIVATE 75,000 - - - (75,000) - - - - -
295,233 37,627 (211,553) - (121,307) - -
*The notional market value of the share options are based on a share price of 298 pence as at 30 June 2003 and assumes all options were capable of being exercised at that date. 46 REMUNERATION REPORT
As at his date of appointment on 15 September 2003, D L Arnold held options over 4,315 shares
issued under the 2002 SAYE. These options can be exercised from 1 December 2005 to 
31 May 2006 at a price of 219.0p.
The PRIVATE options represent options granted by S P Morgan (Company founder and 
ex Chairman) over shares controlled by him and do not involve the Group in any expense
or the issuing of additional shares.
The mid-market price of Redrow plc shares at 30 June 2003 was 298.0p and the range during the
year was 210.5p to 318.5p.
On 12 September 2002, P L Pedley exercised options over 59,584 shares issued under the 1999
LTSIP. The mid-market price on the day of exercise was 279.0p.
On 20 December 2002, N Fitzsimmons exercised options over 1,218 shares issued under the 1999
SAYE. The mid-market price on the day of exercise was 231.0p.
On 1 July 2003, options were issued relating to deferred elements of the LTSIP for prior years. 
P L Pedley was granted options over 6,879 shares, N Fitzsimmons was granted options over 7,835
shares, B K Harvey was granted options over 4,930 shares and C E Lewis was granted options over
2,501 shares.
On 8 July 2003, P L Pedley exercised options over 60,122 shares issued under the 2000 LTSIP , 
N Fitzsimmons exercised options over 77,972 shares issued under the 1998, 1999 and 2000 LTSIP
and C E Lewis exercised options over 21,761 shares issued under the 2000 LTSIP. The mid-market
price on the date of exercise was 285.5p.
Gains made by Directors on share options
The table below shows gains made by individual directors from the exercise of share options 
during the financial year ended June 2003. The gains are calculated as at the exercise date,
although shares may have been retained.
On 8 July 2003 P L Pedley sold 35,122 shares relating to share options exercised after the year
end, N Fitzsimmons sold 30,000 shares relating to share options exercised after the year end and
C E Lewis sold 9,000 shares relating to share options exercised after the year end.
As at his date of appointment on 15 September 2003, D L Arnold held a beneficial interest over
2,000 shares.
Directors’ Interests in Shares
The Directors’ interests in the ordinary shares of the Company were:
Beneficial: 15 September 30 June 30 June
2003 2003 2002
No. No. No.
P L Pedley 625,000 600,000 750,000
N Fitzsimmons 64,747 16,775 15,160
B K Harvey 4,000 4,000 1,000
C E Lewis 16,803 4,042 4,042
J F Tutte 2,500 2,500 2,500*
R G Williams 5,629 5,629 5,629
R B Jones 15,370 15,370 10,064
J Martin 10,000 10,000 10,000
B Duckworth 5,045 5,045 5,000
* shares held at date of appointment
2003 2002
£000 £000
P L Pedley 166 20
B K Harvey - 7
N Fitzsimmons 1 - 47 REMUNERATION REPORT
Directors’ contingent interests in share options
As referred to in Note 24 to the financial statements, and as part of the deferred bonus arrangements,
further shares are awarded to Directors on completion of a service period of between three and five
years. For awards under the LTSIP 1999 and LTSIP 2000 scheme years, the number of shares awarded
is determined by reference to a cash value and the share price prevailing at the date of award. The
cash values under these schemes are as follows:
LTSIP 1999 LTSIP 2000 Total
£000 £000 £000
P L Pedley - 41 41
N Fitzsimmons 10 21 31
B K Harvey 7 15 22
C E Lewis - 15 15
Following the exercise of options on 8 July 2003 by P L Pedley under the 2000 LTSIP , the £41,000
contingent interest under the 2000 LTSIP no longer exists.
Following the exercise of options on 8 July 2003 by N Fitzsimmons under the 1999 and 2000 LTSIP ,
the £31,000 contingent interest under these LTSIPs no longer exists.
Following the exercise of options on 8 July 2003 by C E Lewis under the 2000 LTSIP , the £15,000
contingent interest under the 2000 LTSIP no longer exists.
In respect of the 2001 and 2002 LTSIP scheme years, the Directors may be entitled to further 
incentive shares which are dependent upon the level of the average annual compound growth rate in
earnings per share as explained earlier within this Remuneration report. The maximum number of
shares to which a Director may be entitled for the 2001 and 2002 LTSIP is set out in the table below:
LTSIP 2001 LTSIP 2002
No. No.
of shares of shares
P L Pedley 52,760 39,351
N Fitzsimmons 24,440 20,294
B K Harvey 23,082 20,294
C E Lewis 19,397 16,696
J F Tutte - 8,535
Pension Scheme
Details of the Executive Director’s pension entitlements are as follows:
(1)  G H Locke resigned from the Company on 11 November 2002.
The accrued pension shown above is the amount of pension entitlement that would be paid each
year on retirement at age 65 based on service to the end of the current year. The transfer value
shown above has been calculated on the basis of actuarial advice in accordance with Actuarial
Guidance Note GN11, less Directors’ contributions.
By order of the Board
J Martin Chairman Remuneration Committee
15 September 2003
Disclosures required by Schedule 7A to the Companies Act 1985
Additional Transfer Transfer
Accrued accrued value of value of Increase in
benefit benefits accrued accrued transfer value
at 30 June earned in benefit at benefit at less directors’
Director 2003 the year 30 June 2002 30 June 2003 contributions
££ £ £ £
P L Pedley 101,528 13,185 519,108 704,232 162,324
N Fitzsimmons 14,740 1,888 60,183 80,967 14,925
J F Tutte 2,338 1,663 3,655 14,705 5,191
B K Harvey 20,075 1,985 163,578 215,668 46,231
C E Lewis 23,183 2,042 112,898 145,289 26,532
G H Locke (1) 37,827 432 242,540 198,473 41,151
Disclosures required under the Listings Regulations
Transfer value
Additional of change    
Accrued accrued in accrued
benefit benefit benefit less
at 30 June over year net directors’
Director 2003 of inflation contributions
££ £
P L Pedley 101,528 11,683 56,043
N Fitzsimmons 14,740 1,670 3,116
J F Tutte 2,338 1,651 4,179
B K Harvey 20,075 1,677 11,994
C E Lewis 23,183 1,682 4,424
G H Locke (1) 37,827 432 (939) 48 AUDITORS ’ REPORT
AUDITORS’ REPORT
Independent Auditors’ report to the members of 
Redrow plc
We have audited the financial statements which comprise the
consolidated profit and loss account, the Group and Company
balance sheets, the consolidated cash flow statement and the related
notes which have been prepared under the accounting policies set
out in the statement of accounting policies. We have also audited
the disclosures required by Part 3 of Schedule 7A to the Companies
Act 1985 contained in the Remuneration report (“the auditable
part”).
Respective responsibilities of Directors and Auditors
The Directors’ responsibilities for preparing the annual report and
the financial statements in accordance with applicable United
Kingdom law and accounting standards are set out in the statement
of directors’ responsibilities. The Directors are also responsible for
preparing the Remuneration report.
Our responsibility is to audit the financial statements and
the auditable part of the Remuneration report in accordance with
relevant legal and regulatory requirements and United Kingdom
Auditing Standards issued by the Auditing Practices Board. This
report, including the opinion, has been prepared for and only for the
Company’s members as a body in accordance with Section 235 of
the Companies Act 1985 and for no other purpose. We do not, in
giving this opinion, accept or assume responsibility for any other
purpose or to any other person other than the Company to whom
this report is shown or into whose hands it may come save where
expressly agreed by our prior consent in writing.
We report to you our opinion as to whether the financial
statements give a true and fair view and whether the financial
statements and the auditable part of the Remuneration report have
been properly prepared in accordance with the Companies Act
1985. We also report to you if, in our opinion, the Directors’ report 
is not consistent with the financial statements, if the Company has
not kept proper accounting records, if we have not received all the
information and explanations we require for our audit, or if 
information specified by law regarding Directors’ remuneration and
transactions is not disclosed.
We read the other information contained in the annual report and
consider the implications for our report if we become aware of any
apparent misstatements or material inconsistencies with the
financial statements. The other information comprises only the
Directors’ report, the unaudited part of the Remuneration report,
the Chairman’s statement, the Chief Executive’s review, the
Financial review, the Corporate Social Responsibility review and
the Corporate Governance statement.
We review whether the Corporate Governance statement reflects
the Company’s compliance with the seven provisions of the
Combined Code specified for our review by the Listing Rules of the
Financial Services Authority, and we report if it does not. We are
not required to consider whether the Board’s statements on internal
control cover all risks and controls, or to form an opinion on the
effectiveness of the Company’s or Group’s corporate governance
procedures or its risk and control procedures. 
Basis of audit opinion
We conducted our audit in accordance with auditing standards
issued by the Auditing Practices Board. An audit includes
examination, on a test basis, of evidence relevant to the amounts
and disclosures in the financial statements and the auditable part of
the Remuneration report. It also includes an assessment of the 
significant estimates and judgements made by the Directors in 
the preparation of the financial statements, and of whether the
accounting policies are appropriate to the Company’s circumstances,
consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the
information and explanations which we considered necessary in
order to provide us with sufficient evidence to give reasonable
assurance that the financial statements and the auditable part of the
Remuneration report are free from material misstatement, whether
caused by fraud or other irregularity or error. In forming our opinion
we also evaluated the overall adequacy of the presentation of 
information in the financial statements.
Opinion
In our opinion:
• the financial statements give a true and fair view of the
state of affairs of the Company and the Group at 30 June
2003 of the profit and cash flows of the Group for the year
then ended;
• the financial statements have  been properly prepared in
accordance with the Companies Act 1985; and
• those parts of the Remuneration report required by
Part 3 of Schedule 7A to the Companies Act 1985 have
been properly prepared in accordance with the Companies
Act 1985.
PricewaterhouseCoopers LLP
Chartered Accountants and Registered Auditors
Manchester
15 September 2003 49 CONSOLIDATED PROFIT AND LOSS ACCOUNT
Continuing operations 
2003 2002
12 months ended 30 June 2003 Note £m £m
Turnover Group and share of joint venture 1 608.3 573.3
less share of joint venture turnover 1 (0.4) -
Group Turnover 607.9 573.3
Cost of sales (457.7) (443.0)
Gross profit 150.2 130.3
Net operating expenses before integration costs 1 (35.7) (31.9)
Integration costs - (4.3)
Net operating expenses after integration costs 1 (35.7) (36.2)
Group operating profit 1 114.5 94.1
Share of operating loss of joint venture 1 (0.8) -
Operating profit including share of joint venture 113.7 94.1
Interest payable 1,3 (7.6) (9.0)
Profit on ordinary activities before taxation 1,2 106.1 85.1
Tax on profit on ordinary activities 4 (31.8) (24.3)
Profit on ordinary activities after taxation 74.3 60.8
Dividends 5 (11.9) (9.6)
Retained profit 18,19 62.4 51.2 
Earnings per ordinary share - basic 6 46.9p 38.5p
- diluted 6 46.8p 38.3p
- adjusted 6 46.9p 40.4p
Dividends per ordinary share 5 7.5p 6.06p
There are no material recognised gains or losses other than as shown above.
There is no material difference between the profit on ordinary activities before taxation and
the retained profit for the year stated above and their historic cost equivalents. 
CONSOLIDATED PROFIT AND LOSS ACCOUNT The Group The Company
2003 2002 2003 2002
As at 30 June 2003 Note £m £m £m £m
Fixed assets 8
Tangible assets 16.5 15.8 - - 
Investments
Investments in joint venture
Share of gross assets 2.6 - - -
Share of gross liabilities (0.5) - - -
2.1 - - -
Other investments 0.5 0.1 217.6 160.2
Total investments 2.6 0.1 217.6 160.2
19.1 15.9 217.6 160.2
Current assets
Assets held for resale 10 - 0.8 - -
Stocks and work in progress 11 579.0 496.8 - -
Debtors 12 11.0 8.8 202.7 225.9
Bank and cash deposits 6.2 1.0 5.8 0.5
596.2 507.4 208.5 226.4
Creditors due within one year 13 (175.6) (214.8) (30.2) (108.0)
Net current assets 420.6 292.6 178.3 118.4
Total assets less current liabilities 439.7 308.5 395.9 278.6
Creditors due after more than one year 14 (134.7) (66.3) (94.6) (40.0)
Provisions for liabilities and charges 15 (3.7) (3.6) - -
Net assets 1 301.3 238.6 301.3 238.6
Capital and reserves 17,18
Called up share capital 15.9 15.8 15.9 15.8
Share premium account 52.3 51.9 52.2 51.8
Revaluation reserve 0.3 0.3 - -
Revaluation of shares in subsidiary companies - - 186.9 129.5
Capital redemption reserve 7.0 7.0 7.0 7.0
Consolidation reserve 0.9 0.9 - -
Profit and loss account 224.9 162.7 39.3 34.5
Equity shareholders’ funds 19 301.3 238.6 301.3 238.6
50 BALANCE SHEETS
The financial statements were approved by the
Board of Directors on 15 September 2003.
Directors
P L Pedley
D L Arnold
BALANCE SHEETS 51 CONSOLIDATED CASH FLOW STATEMENT
CONSOLIDATED CASH FLOW STATEMENT
2003 2002
12 months ended 30 June 2003 Note £m £m
Cash inflow from operating activities 20 59.6 104.6
Returns on investments and servicing of finance
Interest received 0.5 1.0
Interest paid (7.8) (9.4)
Issue costs of bank borrowings (0.5) -
Net cash (outflow) from returns on investments and servicing of finance (7.8) (8.4)
Taxation
Corporation tax paid (29.2) (24.2)
Capital expenditure and financial investment
Purchase of tangible fixed assets (2.4) (3.1)
Payment to joint venture (2.7) -
Sale of tangible fixed assets and investments - 3.4
Net cash (outflow)/inflow from capital expenditure and financial investment (5.1) 0.3
Acquisition 9
Purchase of subsidiaries - (30.6)
Net overdrafts acquired (7.9) (12.9)
Net cash (outflow) from acquisition (7.9) (43.5)
Dividends paid (10.4) (9.0)
Cash (outflow)/inflow before financing (0.8) 19.8
Financing and liquid resources
Issue of ordinary share capital 0.3 0.3
Cash deposits – restricted use (0.6)  -
Issue of bank borrowings 95.0 -
Repayment of bank borrowings (40.0) (70.0)
Net cash inflow/(outflow) from financing 54.7 (69.7)
Increase/(decrease) in cash in period 53.9 (49.9)
Reconciliation of net cash flow to movement in net (debt)/cash
Increase/(decrease) in cash in period 53.9 (49.9)
Cash deposits – restricted use 0.6 -
Movement in bank borrowings (55.0) 70.0
Issue costs of bank borrowings 0.5 -
Other non-cash movements (0.1) (1.0)
Change in net (debt)/cash (0.1) 19.1
Net (debt) at 1 July (93.1) (112.2)
Net (debt) at 30 June 21 (93.2) (93.1) 52 ACCOUNTING POLICIES
The financial statements have been prepared in accordance
with applicable Accounting Standards in the United Kingdom
which have been applied consistently. A summary of the more
important accounting policies is set out below.
(a) Basis of accounting
The financial statements have been prepared under the 
historical cost convention, modified to include the
revaluation of the investment in subsidiary companies.
In accordance with FRS 15 ‘Tangible Fixed Assets’ 
revaluations of freehold properties will not be undertaken 
but, as permitted under the transitional rules, the Group 
will continue to carry certain freehold properties at their
existing revaluations less accumulated depreciation.
(b) Basis of preparation and consolidation
The Group financial statements incorporate the financial 
statements of Redrow plc and all its subsidiaries, together
with the Group’s share of the results for the year ended
30 June 2003 and share of assets and liabilities of joint
ventures restated to comply with the Group’s accounting
policies.
The results of subsidiaries acquired or disposed of during the
year are included from or up to the date of acquisition or
disposal. On the acquisition of a subsidiary, fair values are 
attributed to the net assets acquired. Prior to the
introduction for the year ended June 1998 onwards of 
FRS 10 ‘Goodwill and Intangible Assets’, the difference 
between the consideration paid and these values was 
transferred to reserves. Since the introduction of FRS 10, 
the difference is capitalised and amortised.
(c) Turnover and profit recognition
Turnover represents sales of residential housing and 
commercial developments.
Profit is recognised on legal completion.
(d) Interest on borrowings
Interest is written off when incurred.
(e) Fixed assets
(1) Freehold properties are included at cost or valuation 
(as permitted under the transitional provisions of 
FRS 15). The freehold land element is not depreciated 
whilst the buildings element is depreciated on a straight
line basis at an annual rate of 2%.
(2) All other assets are depreciated on a straight line basis 
over their expected useful lives at the following 
principal annual rates:
Fixtures and fittings 20%-35%
Plant and machinery 20%
(3) The investment in subsidiary companies represents the 
book value of the underlying net assets, the surplus or 
deficit arising on the revaluation being transferred to 
non-distributable reserves. This basis of valuation 
has been adopted so as to present more fairly the 
investment by the Company in these companies.
(f) Stocks and work in progress
Stocks and work in progress are stated at the lower of cost 
and net realisable value less cash on account. Cost includes 
materials, labour and sub-contract work.
(g) Forward land
Expenditure relating to forward land, including options, 
fees etc. is provided for when incurred. After exercise of an 
option and acquisition of the land following the securing of 
planning permission, the provisions relating to that land are 
released.
(h) Deferred taxation
Deferred tax is provided on timing differences arising 
from the recognition of income and expenditure in different
periods for taxation and accounting purposes where timing 
differences have originated but not reversed by the balance 
sheet date in accordance with FRS19 “Accounting for 
Deferred Taxation”.
Deferred tax is provided at the average tax rates that
are expected to apply in the periods in which the timing 
differences are expected to reverse.
Deferred tax assets are only recognised to the extent that 
it can be regarded as more likely than not that there will be 
suitable taxable profits from which the future reversal of 
the underlying timing differences can be deducted. Deferred
tax assets and liabilities recognised have not been 
discounted.
(i) Pension scheme
The Group operates a contributory pension scheme for all 
its staff. The Scheme comprises two sections: a defined
benefits section and a defined contribution section. The 
Scheme is externally invested and the funds of the Scheme 
are administered by trustees. The Group’s contributions to 
the defined benefits section, which are made in accordance 
with the recommendations of independent actuaries, are 
charged against profits in accordance with Statement of 
Standard Accounting Practice No. 24. Contributions to
the defined contribution section are charged in the year
in which the contributions are made. Further disclosures
including those required under FRS 17 transitional rules
are contained within Note 7 to the financial statements.
(j) Operating leases
Costs in respect of operating leases are charged against 
profit on a straight line basis over the lease term.
(k) Treasury instruments
Hedge accounting principles are applied to these 
instruments and the gains and losses are recognised in 
the profit and loss account within interest cost in the 
period to which they relate.
ACCOUNTING POLICIES 53 NOTES TO THE FINANCIAL STATEMENTS
NOTES TO THE FINANCIAL STATEMENTS
As permitted by Section 230 of the Companies Act 1985, the profit and loss account of
Redrow plc is not presented as a part of these financial statements. The consolidated profit on
ordinary activities after taxation for the financial year, excluding intra-Group dividends, is made
up as follows:
Note 1.  Segmental information
2003 2002
£m £m
Turnover
Homes 596.0 543.1
Commercial 11.9 30.2
Framing Solutions – share of joint venture 0.4 -
608.3 573.3
Profit on ordinary activities before taxation
Homes 111.5 95.3
Commercial 3.0 3.1
Framing Solutions – share of joint venture operating loss (0.8)  -
113.7 98.4
Integration costs - (4.3)
113.7 94.1
Interest (7.6) (9.0)
106.1 85.1
Net Assets
Homes 376.2 317.8
Commercial 16.2 13.9
Framing Solutions 2.1 -
394.5 331.7
Net (debt) (93.2) (93.1)
301.3 238.6
2003 2002
Profit on ordinary activities before taxation is stated £m £m
After crediting:
Rental income 0.1 0.4
After charging:
Depreciation 1.7 1.3
Plant hire 7.3 4.7
Operating leases - plant and machinery 1.6 1.6
- other 0.1 0.1
Research and development expenditure 0.2 0.3
Auditors’ remuneration - audit of Company and its subsidiaries 0.1 0.1
- non-audit services - pension advice 0.1 0.1
Auditors’ remuneration included £7,000 (2002: £7,000) in respect of the audit of the Company.
2003 2002
£m £m
Holding company (5.3) (5.8)
Subsidiary companies 79.6 66.6
74.3 60.8
In 2003, net operating expenses were comprised entirely of administrative expenses. In 2002, net
operating expenses comprised £31.9m administrative expenses and £4.3m integration costs. The
£4.3m integration costs were attributable within the results of the Homes Division and were in
respect of the acquisition of Tay Homes plc.
Note 2.  Profit on ordinary activities 54 NOTES TO THE FINANCIAL STATEMENTS
Note 5.  Dividends 2003 2002
£m £m
Interim of 2.5p (2002: 2.02p) per share 4.0 3.2
Final proposed of 5.0p (2002: 4.04p) per share 7.9 6.4
11.9 9.6
The interim dividend of £4.0m was paid on 9 May 2003 and the final dividend of £7.9m
will be paid on 21 November 2003, subject to approval at the Annual General Meeting on 
5 November 2003.
As at 30 June 2003 no shareholder has waived their rights to dividends.
Note 6.  Earnings per ordinary share
The calculation of basic earnings per ordinary share of 46.9p (2002: 38.5p) is based on Group profit
on ordinary activities after taxation of £74.3m (2002: £60.8m) and on the weighted average number
of 10p ordinary shares of 158,266,929 (2002: 158,097,193).
The weighted 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 FRS 14, based on the weighted average number of 10p ordinary shares of
158,775,225 (2002: 158,763,954).
In 2002, adjusted earnings per share before integration costs (net of tax) of 40.4p was calculated
based on earnings of £63.8m and on the weighted average number of shares in issue disclosed above.
The directors disclosed the adjusted basic earnings per share before integration costs
(net of tax) to demonstrate the underlying trading performance of the business.
Note 3.  Interest 2003 2002
£m £m
Payable on overdrafts (1.2) (2.0)
Payable on other loans (6.9) (8.0)
(8.1) (10.0)
Receivable 0.5 1.0
(7.6) (9.0)
2003 2002
Earnings No.of shares Per share Earnings No.of shares Per share
£m millions pence £m millions pence
Basic earnings 74.3 158.3 46.9 60.8 158.1 38.5
per share
Effect of share - 0.5 (0.1) - 0.7 (0.2)
options and SAYE
Diluted earnings 74.3 158.8 46.8 60.8 158.8 38.3
per share
Interest payable on other loans includes £0.1m in respect of the amortisation of the issue costs of
bank borrowings (2002: £1.0m).
Note 4.  Tax on profit on ordinary activities
2003 2002
£m £m
Current year
U.K. Corporation tax at 30% (2002: 30%) 30.1 25.3
Over provision in respect of prior year - (1.3)
Share of joint venture tax loss (0.2) -
29.9 24.0
Deferred tax
Origination and reversal of timing differences (see Note 16) 1.9 0.3
31.8 24.3
Reconciliation of current taxation charge
Tax on total profits at 30% (2002:30%) 31.8 25.5
Over provision in respect of prior year - (1.3)
Origination and reversal of timing differences (1.9) (0.3)
Net expenses not deductible for tax purposes - 0.1
Current tax charge 29.9 24.0
It is anticipated that the effective rate will approximate to a standard UK corporation tax rate in
the new financial year. 55 NOTES TO THE FINANCIAL STATEMENTS
Note 7.  Employees 2003 2002
£m £m
(a) Cost (including Directors)
Salaries and wages 36.0 32.3
Social security 3.5 2.9
Pensions 2.7 2.1
42.2 37.3
(b) Number 2003 2002
Number Number
The average number of persons employed by the Group was:
Directors and administrative staff 482 506
Other personnel 820 754
1,302 1,260
(c) Directors
Details of Directors’ emoluments and interests in shares are included in the Remuneration report
on pages 39 to 47.
(d) Pension scheme
The Redrow Staff Pension Scheme comprises two sections: a funded, self-administered, defined
benefits section and a funded defined contribution section, both of which are contracted out of
the State Earnings Related Pension Scheme.
The pension charge for the year was £2.7m (2002: £2.1m).
Triennial Valuation
A full independent triennial actuarial valuation of the defined benefit section of the Scheme was
undertaken as at 1 January 2003. The method used was the Projected Unit Method. The main
assumptions were an investment return of 6.1% per annum compound, salary increase of 5.4% per
annum compound, and mortality in accordance with similar schemes. In the opinion of the
Actuary, there was a deficit of £2.2m in the defined benefit section of the Scheme, with the value
of the Scheme’s assets representing 92% of the Scheme’s liabilities. As at 1 January 2003 the value
of the defined benefit section of the Scheme’s assets was £24.0m.
FRS 17 Valuation
The defined benefit section of the Scheme was valued at 30 June 2003 by a qualified independent
actuary, in accordance with the transitional rules of Accounting Standards FRS 17 “Retirement
Benefits”.
The main assumptions used by the Actuary in measuring the present value of the Scheme 
liabilities as required by FRS 17 were:
30 June 2003 30 June 2002 30 June 2001
Discount rate 5.19% 5.75% 6.19%
Rate of increase in salaries 5.50% 5.70% 5.60%
Rate of increase in pensions in payment 2.50% 2.70% 2.60%
Inflation assumption 2.50% 2.70% 2.60%
The assets in the Scheme and the expected rate of return were:
Long term Long term Long term
rate of return Market rate of return Market rate of return Market
expected at value at expected at value at expected at value at
30 June 2003 30 June 2003 30 June 2002 30 June 2002 30 June 2001 30 June 2001
£m £m £m
Equities 6.40% 21.3 7.00% 24.1 7.20% 26.4
Gilts 4.40% 4.2 -- - -
Cash on deposit -- 3.70% 2.3 - -
Other cash 2.00% 1.2 3.50% 0.2 - 0.6
Insurance policies 5.19% 0.8 -- - -
27.5 26.6 27.0 56 NOTES TO THE FINANCIAL STATEMENTS
The following amounts were measured in accordance with the requirements of FRS 17:
30 June 2003 30 June 2002
£m £m
Total market value of assets 27.5 26.6
Present value of Scheme liabilities (36.3) (28.9)
(Deficit) in Scheme (8.8) (2.3)
Related deferred tax asset 2.6 0.7
Net pension liability (6.2) (1.6)
If the amounts had been recognised in the financial statements, the Group’s net assets and profit
and loss reserve would be as follows:
2003 2002
£m £m
Net assets excluding pension liability 301.3 238.6
Pension liability (6.2) (1.6)
Net assets including pension liability 295.1 237.0
Profit and loss reserve excluding pension liability 224.9 162.7
Pension liability (6.2) (1.6)
Profit and loss reserve including pension liability 218.7 161.1
At 30 June 2002, £0.4m of additional contributions to the Scheme, beyond those required by the
schedule of contributions, were accrued. These were paid on 3 July 2002. Had they been paid
before 30 June 2002, they would have reduced the deficit as at 30 June 2002 by £0.4m.
The following amounts would have been recognised in the performance statements in the year to
30 June 2003 under the requirements of FRS 17:
2003 2002
£m £m
Operating profit
Current service cost 2.6 2.6
Past service cost - -    
Total operating charge 2.6 2.6
Other finance income
Expected return on pension scheme assets 1.9 1.9
Interest on pension scheme liabilities (1.9) (1.4)
Other finance income - 0.5
Statement of total recognised gains and losses (STRGL)
Actual return less expected return on pension scheme assets (3.8) (4.2)
Experience gains and losses arising on the scheme liabilities 0.6 0.8
Changes in assumptions underlying the present value of the
scheme liabilities (3.2) (3.0)
Actuarial loss recognised in STRGL (6.4) (6.4)
Movement in (deficit)/surplus during the year
(Deficit)/surplus in scheme as at 1 July (2.3) 3.8
Current service cost (2.6) (2.6)
Contributions 2.1 2.4
Special contributions 0.4 -
Other finance income - 0.5
Actuarial loss (6.4) (6.4)
Deficit in scheme at 30 June (8.8) (2.3)
Details of experience gains and losses for the year to 30 June 2003:
2003 2002
£m % of scheme £m % of scheme
assets assets
Difference between the expected and (3.7) 13 (4.2) 16
actual return on scheme assets
£m % of scheme £m % of scheme
assets assets
Experience gains and losses on 0.6 2 0.8 3
scheme liabilities
Total amount recognised in STRGL (6.4) 18 (6.4) 22 57 NOTES TO THE FINANCIAL STATEMENTS
(e) Share Options
The following share options were outstanding as at 30 June 2003:
The total share options outstanding at 30 June 2003 under the Executive Share Option scheme,
the Long Term Share Incentive Plan and the Save As You Earn schemes represent 1.8% of the
issued share capital.
Except in specified circumstances, options granted under the executive schemes are
exercisable between 3 and 10 years after the date of grant.  The Save As You Earn options
are exercisable at the end of a three, five or seven year savings contract.
The options granted on 1 December 1994 and 22 November 1995 are exercisable subject to 
performance criteria being met.
The PRIVATE options represent options granted by S P Morgan over shares controlled by him and
they do not involve the Group in any expense or the issuing of additional shares in Redrow plc.
The options are exercisable at a price of 170.0p between 25 June 2004 and 24 June 2005.
Note 8.  Fixed assets
(a) Tangible assets - Group Freehold Plant & Fixtures &
property machinery fittings Total
£m £m £m £m
Cost or valuation
At 1 July 2002 14.7 2.0 4.5 21.2
Additions 1.2 0.5 0.7 2.4
Disposals - (0.2) (0.4) (0.6)
At 30 June 2003 15.9 2.3 4.8 23.0
Depreciation
At 1 July 2002 1.1 1.0 3.3 5.4
Charge 0.6 0.4 0.7 1.7
Disposals -         (0.1) (0.5)       (0.6)    
At 30 June 2003 1.7 1.3 3.5 6.5
Net book value
At 30 June 2003 14.2 1.0 1.3 16.5
At 30 June 2002 13.6 1.0 1.2 15.8
All assets are stated at cost less accumulated depreciation with the exception of certain freehold
properties which, as permitted under FRS 15 transitional provisions, are carried at their revaluation
less accumulated depreciation. The revaluations were undertaken at 30 June 1989 on an open 
market basis. The Directors are not aware of any material change in the valuations of those 
properties in the intervening period. 
Freehold property at 30 June 2003 of £15.9m comprised £0.7m stated at valuation and 
£15.2m stated at cost. The aggregate historic cost was £15.6m and the aggregate historic 
cost depreciation was £1.4m. There was £1.4m of capital expenditure contracted at 
30 June 2003 (2002: £0.3m).
Type of Scheme Date of Grant Number of Shares Number of Shares Exercise Price
at 30 June 2003 at 30 June 2002
Executive Share Option 1 December 1994 12,500 27,500 102.00p
Executive Share Option 22 November 1995 41,000 68,000 126.00p
Long Term Share Incentive 16 September 1996 - 23,575 -
Long Term Share Incentive 15 September 1997 12,082 41,121 -
Long Term Share Incentive 30 June 1998 28,189 47,981 -
Long Term Share Incentive 15 September 1998 7,169 42,341 -
Long Term Share Incentive 30 June 1999 58,044 136,098 -
Long Term Share Incentive 17 September 1999 28,328 78,027 -
Long Term Share Incentive 30 June 2000 257,666 384,827 -
Long Term Share Incentive 18 September 2000 67,545 92,442 -
Long Term Share Incentive 30 June 2001 106,886 181,747 -
Long Term Share Incentive 28 September 2001 405,384 559,511 -
Long Term Share Incentive 30 June 2002 107,965 --
Long Term Share Incentive 23 September 2002 340,190 --
Save As You Earn 1 June 1995 - 4,766 90.00p
Save As You Earn 1 December 1997 - 35,123 154.00p
Save As You Earn 1 December 1998 58,428 70,897 130.00p
Save As You Earn 1 December 1999 75,978 255,185 159.00p
Save As You Earn 1 January 2001 496,427 600,597 134.00p
Save As You Earn 2 January 2002 330,057 383,036 165.00p
Save As You Earn 1 December 2002 367,715 - 219.00p
PRIVATE Option 25 June 2001 960,000 1,150,000 170.00p 58 NOTES TO THE FINANCIAL STATEMENTS
(d) Joint ventures
The Group has a 50% shareholding in the ordinary share capital of Framing Solutions plc, a 
company incorporated in Great Britain with a 31 December year end. The remaining shares are
held by Corus plc. Framing Solutions plc undertakes the production and development of light 
steel-frame systems for use within the housebuilding industry. As at 30 June 2003, Framing
Solutions plc was financed by share capital and its own independent banking facilities.
(e) Subsidiary undertakings  
During the year the Group operated within Great Britain. The Directors consider that to give full 
particulars of all subsidiary undertakings would lead to a statement of excessive length. The principal 
subsidiary companies are detailed in the Corporate information on page 68. All are incorporated in Great
Britain except Redrow Homes (Park Heights) Limited which is incorporated in Jersey. A full list of 
subsidiary undertakings as at 30 June 2003 will be appended to the Company’s next annual return. The
capital of all the subsidiary companies, consisting of ordinary shares, is wholly owned.  Redrow Holdings
Ltd, Redrow Corporate Services Ltd and Redrow Group Services Ltd are directly owned by Redrow plc.
(f) Other investments 
At 30 June 2003 other investments comprised capitalised ground rents.
Note  9.  Acquisitions 
On 14 January 2003, the Group acquired four residential sites in Scotland through the acquisition
of 100% of the share capital of Park Lane City Limited (now renamed Redrow Homes 
(City Scotland) Limited), a company whose activities were limited to the development of 
these land holdings, for a total deferred consideration of £4.6m.
The substance of the transaction was that of a land purchase. The net assets acquired were land
balances of £20.3m at market value, bank overdrafts of £7.9m , amounts due in respect of 
development land of £5.6m and a deferred taxation liability of £2.2m.
(b) Investments The Group The Company
2003 2002 2003 2002
£m £m £m £m
Joint Ventures 2.1 - - -
Subsidiary companies - - 217.6 160.2
Other investments 0.1 0.1 - -
Interest in own shares 0.4 -- -
2.6 0.1 217.6 160.2
(c) Investments - movements The Group The Company
£m £m
(1) Joint ventures
At 1 July 2002 - -
Investment 2.7 -
Group share of operating loss (0.8) -
1.9 -
Attributable taxation 0.2 -
At 30 June 2003 2.1 -
(2) Subsidiary undertakings
At 1 July 2002 - 160.2
Increase in net asset value before dividends - 79.4
Dividends - (22.0)
At 30 June 2003 - 217.6
(3) Other investments
At 1 July 2002 and 30 June 2003 0.1 -
(4) Interest in own shares
At 1 July 2002 - -
Reclassified in the year 0.4 -
At 30 June 2003 0.4 -
The Group has an Employee Benefit Trust (EBT) in relation to its LTSIP Scheme. The £0.4m
interest in own shares represents surplus shares held by the EBT at 30 June 2003 over and above
the total level of outstanding options capable of vesting at that date. The market value of the
213,000 shares as at 30 June 2003 was £0.6m. 59 NOTES TO THE FINANCIAL STATEMENTS
Note 13.  Creditors due within one year
Other provisions relate to maintenance and sundry remedial costs within the Homes Division,
which it is assessed will be utilised within four years and a lease provision for vacant properties
expected to be utilised within three years.
Note 15.  Provisions for liabilities and charges
The Group Total
Other provisions £m
At 1 July 2002 3.6
Profit and loss account charge 1.4
Utilised in year (2.6)    
At 30 June 2003 2.4
Deferred taxation 1.3
At 30 June 2003 3.7
Note 12.  Debtors
Other debtors include an amount of £0.5m (2002: £0.5m) due in more than one year.
The Group The Company
2003 2002 2003 2002
£m £m £m £m
Trade debtors 5.3 2.0 - -
Amounts owed by subsidiary companies - - 202.7 225.9
Other debtors 4.8 3.2 - -
Deferred taxation - 2.8 - -
Prepayments 0.9 0.8 - -
11.0 8.8 202.7 225.9
Note 14.  Creditors due after more than one year
The Group The Company
2003 2002 2003 2002
£m £m £m £m
Bank loans 94.6 40.0 94.6 40.0
Amounts due in respect of development land 40.1 25.9 - -
Accruals and deferred income - 0.4 - -
134.7 66.3 94.6 40.0
Note 11.  Stocks and work in progress
Work in progress includes £5.1m (2002: £2.0m) in respect of part exchange properties.
Land held for development in the sum of £42.9m is subject to a charge in respect of deferred
consideration (2002: £29.7m). 
Note 10.  Assets held for resale
At 30 June 2002 assets held for resale of £0.8m represented Harwood House, Cheadle, a property
previously occupied by Harwood Homes (North West) Limited which was transferred from freehold
property in fixed assets during the previous year. This property was sold during the year.
The Group The Company
2003 2002 2003 2002
£m £m £m £m
Land for development 327.3 294.5 - -
Work in progress 257.9 203.3 - -
Stock of showhomes 9.4 10.3 - -
594.6 508.1 - -
Payments on account (15.6) (11.3) - -
579.0 496.8 - -
The Group The Company
2003 2002 2003 2002
£m £m £m £0m
Bank overdrafts 4.8 54.1 8.7 85.3
Trade creditors 94.1 82.5 - -
Amounts due in respect of development land 35.2 41.0 - -
Amounts owed to subsidiary companies - - 10.1 12.9
Other creditors 0.3 0.5 - -
Current corporation tax 18.3 17.4 1.9 1.9
Other taxation and social security 1.3 1.3 - -
Accruals and deferred income 13.7 11.6 1.6 1.5
Proposed final dividend 7.9 6.4 7.9 6.4
175.6 214.8 30.2 108.0 60 NOTES TO THE FINANCIAL STATEMENTS
Note 18.  Share premium account and reserves
Note 17.  Share capital
Options granted to Directors and employees under the Executive Share Option scheme, the
Long Term Share Incentive Plan and the Save As You Earn schemes are set out in Note 7(e).
2003 2002
£m £m
Authorised
330,000,000 ordinary shares of 10p each (2002: 330,000,000) 33.0 33.0
Allotted, called up and fully paid 15.9 15.8
Number of
ordinary shares
of 10p each
Movement in the year was as follows:
At 1 July 2002 158,371,029
Share options exercised 203,029
At 30 June 2003 158,574,058
Share Capital Profit 
premium Revaluation redemption Consolidation and loss
account reserve reserve reserve account
(a) Group £m £m £m £m £m
At 1 July 2002 51.9 0.3 7.0 0.9 162.7
Premium on shares issued 0.4 - - - -
Profit retained - - - - 62.4
Contribution to QUEST - - - - (0.2)
At 30 June 2003 52.3 0.3 7.0 0.9 224.9
(b) Company Revaluation 
Share of shares in Capital Profit
premium subsidiary redemption and loss
account companies reserve account
£m £m £m £m
At 1 July 2002 51.8 129.5 7.0 34.5
Premium on shares issued 0.4 - - -
Profit retained - - - 4.8
Revaluation - 57.4 - -
At 30 June 2003 52.2 186.9 7.0 39.3
Prior to the introduction of FRS 10, goodwill amounting to £0.4m was transferred to reserves.
Deferred tax – movements Group
2003
£m
At 1 July 2002 (2.8)
Liability arising on acquisition 2.2
Deferred tax charge in profit and loss account for year (see Note 4) 1.9
At 30 June 2003 1.3
In 2002, the deferred tax asset of £2.8m was included in debtors (see Note 12).
The deferred tax liability relates to short term timing differences.
Note 16.  Deferred tax 61 NOTES TO THE FINANCIAL STATEMENTS
Note 19. Reconciliation of movement in shareholders’ funds 2003 2002
£m £m
Profit for the financial year 74.3 60.8
Dividends (11.9) (9.6)
Profit retained 62.4 51.2
Shares issued 0.5 0.6
Contribution to QUEST (0.2) (0.3)
Movement in the year 62.7 51.5
Shareholders’ funds at 1 July 238.6 187.1
Shareholders’ funds at 30 June 301.3 238.6
Note 20. Analysis of cash inflow from operating activities 2003 2002
£m £m
Total operating profit 113.7 94.1
Add back share of joint venture operating loss 0.8 -
Group operating profit 114.5 94.1
Depreciation, including profits and losses on disposals of fixed assets 1.7 1.3
Increase in stocks and work in progress and assets held for resale (61.1) (27.3)
(Increase)/decrease in debtors (5.2) 2.5
Increase in creditors and provisions 9.7 34.0
59.6 104.6
Note 21. Analysis of Net (debt)/cash
At Other At
1 July Cash non-cash 30 June
2002 flow Acquisition movements 2003
£m £m £m £m £m
Bank and cash deposits 1.0 4.6 - 0.6 6.2
Bank overdrafts (54.1) 57.2 (7.9) - (4.8)
(53.1) 61.8 (7.9) 0.6 1.4
Bank loans (40.0) (55.0) - - (95.0)
Issue costs - 0.5 - (0.1) 0.4
(93.1) 7.3 (7.9) 0.5 (93.2)
Other non-cash movements comprise amortisation of issue costs relating to debt issues and the
recognition of £0.6m restricted access deposits held within the Redrow Employee Benefit Trust.
Note 22. Operating lease annual commitments 2003 2002
£m £m
Expiring in under one year - other - 0.3
Expiring in second to fifth year - other 1.4 0.3
Expiring after five years - land and buildings 0.1 0.5 62 NOTES TO THE FINANCIAL STATEMENTS
Note 23.  Financial instruments
The section headed Treasury within the Financial review on page 29 summarises the Group’s 
financial risk management and treasury policies. The Group does not trade in financial 
instruments.
The numerical disclosures FRS 13 requires are set out below.
Short term debtors together with short term creditors, excluding bank overdrafts and amounts due
in respect of development land, are excluded from the analysis.
a) Interest rate risk
At 30 June 2003, the Group had total bank borrowing facilities of £250.0m, representing £200.0m
committed facilities and £50.0m uncommitted facilities. These are unsecured.
After taking account of interest rate swaps, as at 30 June 2003, the £99.8m (2002: £75.0m) of debt
was at a fixed rate of 4.3% (2002: 5.3%). Interest rate swaps totalled £100m and they expire
between February 2004 and June 2006. All other debt is subject to floating interest rates linked
either to LIBOR or base rate at a range of margins, though a £100.0m interest rate cap is in place at
a rate of 7.5% until September 2003. As at 30 June 2003, there was no other such debt (2002:
£19.1m).
In order to manage its interest rate risk, the Group may enter into interest rate swaps, options and 
forward rate agreements. All interest rate exposures are sterling denominated.
Cash at bank earns interest at floating rates.
The amounts receivable within debtors after more than one year and fixed asset investments are
non-interest bearing.
The Group
2003 2002
Book value Book value
£m £m
Financial assets
Cash at bank and in hand 6.2 1.0
Fixed asset investments 0.1 0.1
Other amounts receivable after more than one year 0.5 0.5
6.8 1.6
The Group
2003 2002
Book value Book value
£m £m
Financial liabilities
Bank overdraft 4.8 54.1
Bank loans 95.0 40.0
Amounts due in respect of development land 75.3 66.9
Accruals and deferred income - 0.4
Vacant property provision 0.3 2.1
175.4 163.5
b) Fair values of financial assets and liabilities
All the Group’s financial assets and liabilities are in sterling as follows:
As at 30 June 2003, the only material difference between the book and fair values of the Group’s
financial assets and liabilities related to amounts due in respect of development land, which had a
book value of £75.3m and a fair value of £71.9m. The fair value of these were calculated by 
discounting expected future cash flows to present value. As at 30 June 2002, the difference 
between book value and fair value was not regarded as material.
The fair value of the Group’s interest rate hedging arrangements based on the market value of 
comparable instruments at 30 June 2003 was a loss of £0.7m (2002: £0.9m loss). 63 NOTES TO THE FINANCIAL STATEMENTS
c) Maturity of financial assets and liabilities
The maturity profile of the Group’s bank loans and overdrafts is set out below:
The Group
2003 2003 2002 2002
Bank overdraft Bank loans Bank overdraft Bank loans
£m £m £m £m
Due within one year 4.8 - 54.1 -
Due between one and two years -- – 40.0
Due between two and five years - 95.0 ––
4.8 95.0 54.1 40.0
The amount receivable after more than one year is secured on freehold property and is repayable in
2008 at the earliest.
The maturity profile of the undrawn committed bank facilities is as follows:
The Group
2003 2002
£m £m
Due within one year 20.0 17.5
Due between one and two years 85.0 70.0
105.0 87.5
Amounts due in respect of development land and deferred income are non-interest bearing and the
maturity profile is set out below:
The Group
2003 2003 2002 2002
Deferred Development Deferred Development
income land income land
£m £m £m £m
Due within one year 0.4 35.2 – 41.0
Due between one and two years - 28.5 0.2 15.6
Due between two and five years - 11.6 0.2 10.3
0.4 75.3 0.4 66.9
The following table sets out the movement in the Group’s unrecognised gains and losses for the
year on its interest rate hedging arrangements:
Gains Losses Total
£m £m £m
Unrecognised at 30 June 2001 - - -
Recognised in year - - -
Arising in the year but not recognised - (0.9) (0.9)
Unrecognised at 30 June 2002 - (0.9) (0.9)
Recognised in year - 1.6 1.6
Arising in the year but not recognised - (1.4) (1.4)
Unrecognised at 30 June 2003 - (0.7) (0.7)
Expected to be recognised in the year
ended 30 June 2004 - (0.5) (0.5)
Expected to be recognised thereafter - (0.2) (0.2)
Note 24.  Contingent liabilities
The Company has guaranteed the bank borrowings of its subsidiaries. Performance bonds and other
building guarantees have been entered into in the normal course of business.
As at 30 June 2003, under the terms of the Redrow Long Term Share Incentive Plan further 
incentive shares up to a value of £4.0m may be made available to Directors and senior executives
achieving further years service with the Group.
Note 25.  Related party transactions
There were no material related party transactions requiring disclosure under FRS 8. 64 NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN
that the Annual General Meeting of Redrow plc will be held 
at St. David’s Park Hotel, St. David’s Park, Flintshire on 
5 November 2003 commencing at 12 noon to transact the 
following business:
Ordinary Business
1. To receive and adopt the Directors’ report and the 
Financial statements for the year ended 30 June 2003, 
together with the Auditors’ report.
2. To receive and adopt the Remuneration Committee 
report.
3. To declare a final dividend for the year ended
30 June 2003.
4. To re-elect Mr D L Arnold as Director.
5. To re-elect Mr R B Jones as Director.
6. To re-elect Mr B K Harvey as Director.
7. To re-elect Mr C E Lewis as Director.
8. To re-appoint PricewaterhouseCoopers LLP as Auditors of 
the Company (having previously been appointed by the 
Board to fill the casual vacancy arising by reason of the 
resignation of PricewaterhouseCoopers), to hold office 
until the conclusion of the next General Meeting at which 
Financial statements are laid before the Company and that 
their remuneration is fixed by the Directors.
Special Business
To consider and, if thought fit, pass the following resolutions of
which Resolution 9 will be proposed as an Ordinary Resolution
and Resolutions 10, 11, 12 and 13 will be proposed as Special
Resolutions:
9. Ordinary Resolution
That the Directors, in place of any existing authority
conferred upon them for the purpose of section 80 of
the Companies Act 1985, be generally and unconditionally 
authorised pursuant to section 80 of the Companies Act 
1985 to exercise all powers of the Company to allot and
to make offers or agreements to allot relevant securities 
(as defined in section 80 of the said Act) up to an aggregate
nominal amount of £5,565,957 provided that this authority
shall (unless previously revoked or renewed) expire on the 
date of the next Annual General Meeting of the Company 
but so that the Company may, before such expiry, make an 
offer or agreement which would or might require relevant 
securities to be allotted after such expiry and the Directors
may allot relevant securities in pursuance of such offer or 
agreement as if the authority had not expired.
10. Special Resolution
That, subject to the passing of Resolution 9 set out in the 
Notice convening the Annual General Meeting at which 
this resolution is to be considered and in place of any
existing authority given pursuant to section 95 of the 
Companies Act 1985, the Directors be given power
pursuant to section 95 of the Companies Act 1985 to make 
allotments of equity securities (as defined in section 94 of 
the said Act) pursuant to the authority contained in the 
said Resolution 9 as if section 89(1) of the said Act did 
not apply to such allotments provided that this power shall 
be limited to:
(i) allotments of equity securities in connection with a 
rights issue, being an offer of equity securities by way of 
rights to ordinary shareholders of the Company in
proportion (as nearly as may be) to their holdings 
subject to such exclusions or other arrangements as the 
Directors may deem necessary or expedient in relation 
to fractional entitlements or legal or practical problems 
under the laws of or the requirements of any recognised 
regulatory body or stock exchange in any territory;
and
(ii) any other allotments for cash of equity securities up to 
a maximum nominal amount of £792,870
and shall (unless previously revoked or renewed) expire 
on the date which is the earlier of the next Annual 
General Meeting of the Company or 4 February 2005, 
save that the said power shall permit the Company to 
make an offer or enter into an agreement before the 
expiry of such power which would or might require 
equity securities to be allotted after such expiry and the 
Directors may allot equity securities in pursuance of 
such offer or agreement as if such power conferred had 
not expired.
NOTICE OF ANNUAL GENERAL MEETING 65 NOTICE OF ANNUAL GENERAL MEETING
11. Special Resolution
That, pursuant to Article 10 of the Company’s Articles of 
Association, the Company is generally and unconditionally 
authorised, in accordance with section 166 of the
Companies Act 1985, to make market purchases (within 
the meaning of section 163(3) of the said Act) of ordinary 
shares of 10p each in the capital of the Company (“ordinary
shares”) on such terms and in such manner as the Directors 
may from time to time determine provided that:
(a) the maximum number of ordinary shares authorised to 
be purchased is 15,857,406.
(b) the minimum price which may be paid for an ordinary 
share is 10p exclusive of expenses payable by
the Company;
(c) the maximum price which may be paid for an ordinary 
share is an amount equal to 105% of the average of the 
middle market quotations for an ordinary share derived 
from the London Stock Exchange Daily Official List for
the five business days immediately preceding the day 
on which the ordinary share is purchased (exclusive of 
expenses payable by the Company); and
(d) the authority conferred shall expire at the conclusion of
the next Annual General Meeting of the Company 
(or 4 February 2005 whichever shall be the earlier) 
except that the Company may before such expiry make 
a contract to purchase its own shares which will or 
may be completed or executed wholly or partly after 
such expiry.
12. Special Resolution
That, Article 83 of the Articles of Association of the 
Company be deleted and replaced with the following new 
Article 83:
Subject to the provisions of Section 293 of the Companies 
Act 1985 every Director shall retire at the first Annual 
General Meeting which shall occur after the date of his 
seventieth birthday, but shall then be eligible for re-election
for the period from that Annual General Meeting until the 
end of the next following Annual General Meeting when 
again he shall retire. Any such Director shall be eligible for
re-election for a subsequent term or terms, but on each 
occasion only until the end of the next following Annual 
General Meeting after the date of his re-election. A 
Director retiring at any Annual General Meeting in
accordance with the provisions of this Article shall not be 
taken into account in determining the number of Directors 
to retire by rotation at such meeting in accordance with 
Article 84 and Article 84 of the Articles of Association of 
the Company be amended by the insertion of the following 
words after “time being” in the first sentence (other than 
those retiring in accordance with Articles 79 and 83).
13. Special Resolution
That Article 163 of the Articles of Association of the 
Company be deleted and be replaced with the following 
new Article 163:
Subject to the Acts and without prejudice to any indemnity
to which he may otherwise be entitled, every Director, 
Secretary or manager of the Company shall be entitled to 
be indemnified by the Company against all costs, charges, 
losses, expenses and liabilities incurred by him in the 
execution and discharge of his duties or the exercise of his 
powers, authorities and discretions, including any liability 
incurred by him in defending any proceedings, civil or 
criminal, which relate to anything done or omitted or 
alleged to have been done or omitted by him as an officer or 
employee of the Company and in which judgement is given 
in his favour or the proceedings are otherwise disposed of 
without any finding or admission of any material breach of 
duty on his part or in which he is acquitted or in 
connection with any application in which relief is granted 
to him by the court from liability in respect of negligence, 
default, breach of duty or breach of trust, in relation to the 
affairs of the Company. 66 NOTICE OF ANNUAL GENERAL MEETING
Subject to the Acts, the Board may exercise all the powers 
of the Company to purchase and maintain insurance for the
benefit of a person who is an officer or employee, or former 
officer or former employee, of the Company or a Subsidiary 
Undertaking or in which the Company has an interest, 
direct or indirect, or who is or was a trustee of a retirement 
benefits scheme or another trust in which an officer or 
employee or former officer or former employee is or has 
been interested indemnifying him against any liability for 
negligence, default, breach of duty of trust or any other 
liability which may lawfully be insured against by the 
Company.
By order of the Board
G A Cope Group Company Secretary
15 September 2003
Notes to Annual General Meeting:
1. Proxies: A member entitled to attend and vote may appoint 
a proxy or proxies to attend and, on a poll, to vote instead 
of him.  A proxy need not be a member of the Company.
A form of proxy is enclosed which, if required, should be 
completed in accordance with the instructions set out therein
and returned so as to reach the Company’s Registrars not 
later than 48 hours before the time of the Meeting or any 
adjourned meeting.  Members who complete a form of proxy
will not be precluded from attending the Meeting and 
voting in person if they so wish.
2. Documents available for inspection:
The Register of Directors’ interests will be available for 
inspection at the place of the Meeting from 12 noon on 
5 November 2003 until the conclusion of the Meeting.
3. Directors’ Service Contracts: None of the Directors has a 
service contract which cannot be terminated within one 
year without payment of compensation.
4. The Company specifies, pursuant to Regulation 34 of the 
Uncertificated Securities Regulations 1995, that only those 
shareholders registered in the Register of Members of the 
Company as at 6pm on 3 November 2003 shall be entitled 
to attend or vote at the Meeting in respect of the number of
shares registered in their respective names at that time.  
Changes to entries on the Register after that time will be 
disregarded in determining the rights of any person to 
attend or vote at the Meeting.
Explanatory Notes to Annual General Meeting Resolutions:
Auditors
Resolution 8 set out in the Notice of Annual General Meeting
concerns the re-appointment of PricewaterhouseCoopers LLP as
Auditors.
Following the conversion of PricewaterhouseCoopers to a
Limited Liability Partnership (LLP) from 1 January 2003,
PricewaterhouseCoopers resigned as auditors, and the Directors
appointed PricewaterhouseCoopers LLP to fill the casual vacancy
by resignation.
Share Capital
Resolutions 9, 10 and 11 set out in the Notice of Annual 
General Meeting on pages 64 and 65 concern the Company’s
share capital.
Resolution 9 – authority to allot shares
Under the Companies Act 1985, the Directors of the Company
may only allot unissued shares if authorised to do so by the
Shareholders in a General Meeting.  Resolution 9 renews the
Directors’ existing authority by authorising the Directors to allot
shares up to an aggregate nominal amount of £5,565,957 which
such authority shall expire on the date of the next Annual
General Meeting of the Company.  This represents 55,659,572
ordinary shares of 10p each and is equivalent to approximately
35% of the Company’s current issued ordinary share capital.   67 NOTICE OF ANNUAL GENERAL MEETING
Except in relation to the issue of ordinary shares arising from the
exercise of options under the Company’s employee share option
schemes, the Directors have no present intention of issuing any
of the authorised but unissued ordinary shares of the Company.
Resolution 10 – limited authority to allot shares for cash
The Directors may only allot shares for cash to persons who are
not already Shareholders in the Company if authorised to do so
by the Shareholders in a General Meeting.  This resolution
renews authority for the Directors to allot shares for cash without
first offering them to existing members up to an aggregate 
nominal amount of £792,870.  This sum represents 7,928,703
ordinary shares of 10p each, being equivalent to approximately
5% of the Company’s current issued ordinary share capital.
The resolution also enables the Directors to modify the strict
requirements for a rights issue in circumstances where they 
consider it necessary or expedient.
The authority will expire on whichever is the earlier of the 
conclusion of the next Annual General Meeting or  4 February 2005.
Resolution 11 – purchase of the Company’s own shares
This resolution seeks authority from Shareholders for the
Company to purchase up to 15,857,406 ordinary shares, an
aggregate nominal amount of £1,585,741, which is equivalent to
approximately 10% of the Company’s issued ordinary share 
capital at 30 June 2003.  The authority will expire at the end of
next year’s Annual General Meeting and the resolution specifies
the maximum and minimum prices at which the shares may be
bought.  Other investment opportunities, appropriate gearing
levels and the overall financial position of the Company will be
taken into account before deciding upon this course of action. 
Any shares purchased in this way will be cancelled and the 
number of shares in issue will accordingly be reduced. The
Directors have no immediate intention of exercising the 
proposed authority when it becomes effective, but believe that
the ability of the Company to buy its own shares if, in the
Directors’ opinion, market prices do not reflect the Company’s
worth, will be in the best interests of the Company and its 
Shareholders. The Directors intend to exercise this power only 
if they believe the effect of such purchases will increase earnings
per ordinary share. The authority will expire on whichever is the
earlier of the conclusion of the next Annual General Meeting or
4 February 2005. 
Articles of Association
Resolutions 12 and 13 set out in the Notice of Annual General
Meeting on pages 65 and 66 concern proposed changes to the
Company’s Articles of Association. 
Resolution 12 set out in the Notice of Annual General Meeting
on page 65 proposes an amendment to the Company’s Articles of
Association to require that Directors aged 70 years or over
require annual re-appointment.
Resolution 13 set out in the Notice of Annual General Meeting
on pages 65 and 66 proposes an amendment to the Company’s
Articles of Association removing the right of the Auditors to an
indemnity out of the assets of the Company. 68
Redrow plc
Redrow House
St. David’s Park
Flintshire
CH5 3RX
Telephone: 01244 520044
Facsimile: 01244 520580
marketing@redrow.co.uk
Redrow Commercial Developments
Limited
60 Oxford Street
Manchester
M1 5EE
Telephone: 0161 234 6800
Facsimile: 0161 234 6801
rcdl@redrow.co.uk
Redrow Group Services Limited
Redrow Corporate Services Limited
Pôche Interior Design
Redrow House
St. David’s Park
Flintshire
CH5 3RX
Telephone: 01244 520044
Facsimile: 01244 520580
Redrow Homes
Northern Region
Redrow Homes (North West) Limited
Priory Court
Wellfield Road
Preston Brook
Cheshire
WA7 3FR
Telephone: 01928 755600
Facsimile: 01928 755601
northwest.sales@redrow.co.uk
Redrow Homes (Lancashire) Limited
Redrow House
Holden Road
Leigh
Lancashire
WN7 1HH
Telephone: 01942 672488
Facsimile: 01942 609071
lancashire.sales@redrow.co.uk
Redrow Homes (Yorkshire) Limited 
Redrow House
Brunel Road
Wakefield 41
Wakefield
West Yorkshire
WF2 0XG
Telephone: 01924 822566
Facsimile: 01924 822599
yorkshire.sales@redrow.co.uk
Redrow Homes (Scotland) Limited
Redrow House
3 Central Park Avenue
Larbert
Falkirk
FK5 4RX
Telephone: 01324 555536
Facsimile: 01324 574890
scotland.sales@redrow.co.uk
Southern Region
Redrow Homes (Midlands) Limited
Redrow House
Kinsall Green
Wilnecote
Tamworth
Staffordshire
B77 5PX
Telephone: 01827 260600
Facsimile: 01827 262454
midlands.sales@redrow.co.uk
Redrow Homes 
(South Midlands) Limited
1st Floor
Woodlands House
The Avenue
Cliftonville
Northampton
NN1 5BT
Telephone: 01604 601115
Facsimile: 01604 603113
southmidlands.sales@redrow.co.uk
Redrow Homes (Southern) Limited
Redrow House
Boundary Road
Loudwater
High Wycombe
Buckinghamshire
HP10 9QT
Telephone: 01628 539700
Facsimile: 01628 539701
southern.sales@redrow.co.uk
Redrow Homes (Eastern) Limited
Redrow House
Trust Road
Waltham Cross
Hertfordshire
EN8 7DD
Telephone: 01992 655800
Facsimile: 01992 655801
eastern.sales@redrow.co.uk
Western Region
Redrow Homes (West Midlands) Limited
Redrow House
Coombswood Business Park
Steelpark Road
Halesowen
West Midlands
B62 8HD
Telephone: 0121 504 0280
Facsimile: 0121 504 0281
westmidlands.sales@redrow.co.uk
Redrow Homes (South West) Limited
Redrow House
West Point
Great Park Road
Bradley Stoke
Bristol
BS32 4QG
Telephone: 01454 625000
Facsimile: 01454 616033
southwest.sales@redrow.co.uk
Redrow Homes (South Wales) Limited
Redrow House
Copse Walk
Cardiff Gate Business Park
Cardiff
CF23 8RH
Telephone: 02920 549103
Facsimile: 02920 541540
southwales.sales@redrow.co.uk
CORPORATE INFORMATION
CORPORATE INFORMATION 69 CORPORATE INFORMATION
Redrow Homes
(Scotland)
Brightons
Cambuslang
Dunfermline
Falkirk
Gartcosh
Glasgow
Greenock
Hallside
Hamilton
Kilmarnock
Kilwinning
Tranent
Redrow Homes
(Lancashire)
Buckshaw Village, Chorley
Bury
Gillibrands, Chorley
Grimsargh
Pecks Hill, Widnes
Penwortham
Upton, Widnes
Walmer Bridge
Walton-le-Dale
Redrow Homes
(Yorkshire)
Apperley Bridge
Bridlington
Elland
Flockton
Harrogate 
Leeds City Centre
Pool in Wharfedale
Sheffield
Sowerby Bridge
Redrow Homes 
(North West)
Allerton, Liverpool
Altrincham 
Blackley
Boughton, Chester
Chester
Chorley
Heswall
Irlam
Kingsmead, Northwich
Little Sutton
Moreton
Oldham
Stalybridge
Swinton
Upton, Chester
Redrow Homes
(Midlands)
Birmingham City  Centre
Bromsgrove
Leek
Shepshed
Solihull
W ollaston
Redrow Homes
(West Midlands)
Baddeley Green
Etruria
Kidsgrove 
Tettenhall
Wolverhampton City Centre
Redrow Homes
(South Midlands)
Harrold
Luton
Wellingborough
Redrow Homes
(South West)
Chard 
Cheltenham
Exeter
Frome
Gloucester
Portishead
Swindon 
Weston-Super-Mare
Redrow Homes 
(South Wales)
Abergavenny
Cardiff City Centre
Church Village, Pontypridd
Leckwith, Cardiff
Llantarnam
Marshfield
Merthyr Tydfil
Neath
Pencoed
Pengam Green, Cardiff
Redrow Homes 
(Southern)
Angmering
Bexhill-on-Sea
Bletchley
Bournemouth
Brockham
Eastbourne
Porchester
Thatcham
Redrow Homes 
(Eastern)
Ashingdon
Braintree
Chatham
Chingford
Ipswich 
London, Docklands
Singleton, Ashford
Sittingbourne
REGIONAL OFFICES NATIONAL DEVELOPMENTS
(September 2003)
Redrow Homes
Regional Offices
Redrow plc
Head Office
St David's Park
Leigh
High
Wycombe
Halesowen
Bristol
Falkirk
Cardiff
Wakefield
Warrington
Tamworth
Waltham
Cross
Northhampton OFFICERS & ADVISERS
Group Company Secretary
Graham A Cope
Registered Office
Redrow House, St. David’s Park, Flintshire CH5 3RX
Registered No. 2877315
Registrars
Computershare Investor Services PLC
PO Box 82, The Pavilions, Bridgewater Road, Bristol BS99 7NH
Stockbrokers
Cazenove & Co
12 Tokenhouse Yard, London EC2R 7AN
Auditors
PricewaterhouseCoopers LLP
101 Barbirolli Square, Lower Mosley Street, Manchester M2 3PW
Solicitors
Nabarro Nathanson
Lacon House, Theobald’s Road, London WC1X 8RW
70 OFFICERS & ADVISERS This Document has been produced on environmentally friendly paper from sustained forests REDROW plc
Redrow House, St. David’s Park, Flintshire CH5 3RX
Telephone: 01244 520044  Facsimile: 01244 520720
E-mail: marketing@redrow.co.uk
www.redrow.co.uk