Annual Report & Accounts 2002
OUR YEAR IN FOCUS 2 HIGHLIGHTS
HIGHLIGHTS
100
80
60
40
20
0
Operating Profit (£m)
Operating Profit up
18% to £94.1m
1998 1999 2000 2001
79.5
2002
94.1
67.7
56.3
47.8
Earnings Per Ordinary Share (p)
Earnings per share up
34% to 38.5p
1998 1999 2000 2001
28.8
2002
38.5
20.2
17.0
14.8
40
35
30
25
20
15
10
5
0
Dividends Per Share (p)
Dividends per share 
increased to 6.06p
1998 1999 2000 2001
5.50
2002
6.06
4.95
4.50
4.05
6
5
4
3
2
1
0 Highlights 2
Results in brief 3
Chairman’s statement 4
Chief Executive’s review 8
Finance Director’s review 22
Five year summary 27
Directors 28
Directors’ report 30
Corporate governance statement 33
Remuneration report 35
Auditors’ report 40
Consolidated profit and loss account 41
Balance sheets 42
Consolidated cash flow statement 43
Accounting policies 44
Notes to the financial statements 45
Notice of Annual General Meeting 56
Corporate information 58
3 RESULTS IN BRIEF
Restated
2002 2001
Financial Summary £m £m Increase
Turnover 573.3  421.2 36%
Operating profit 94.1  79.5 18%
Profit before taxation 85.1  72.1 18%
Net assets 238.6  187.1 28%
Pence Pence
Earnings per share 38.5 28.8 34%
Dividends per share 6.06  5.50 10%
RESULTS IN BRIEF
CONTENTS
Front Cover ‘51˚02’, Bristol City Centre I am pleased to report a highly successful year for Redrow.
When the share buy-back took place in October 2000, the
Board highlighted its focus on delivering increased shareholder
value. I am therefore delighted to report further strong 
growth in earnings per share of 34%. Part of this increase
reflects the capital restructuring but the greater part is the 
consequence of the strong financial and operational 
performance of the business.
Redrow’s financial strength is demonstrated by two key 
measures, its margins and its return on capital employed. Both
are at the top of our industry’s range. This year the operating
margin within the Homes Division was 17.6%, a considerable
achievement and one which the Board regards as sustainable in
the current markets. Equally, the return on capital employed at
30% continues to reflect the emphasis we place on the efficient
use of capital. The increased volume of the business, generated
both within the existing Redrow companies and from the 
acquisition of Tay Homes, has enabled us to grow operating
profits before integration costs relating to the acquisition by
24% from £79.5m to £98.4m. I am therefore glad to report that
once again the Board is able to recommend increasing the 
dividend by 10%, maintaining the progressive dividend policy
since flotation. 
Sustaining profitable growth is one of the key objectives of the
Board and we have therefore taken a number of important steps
aimed at underpinning the continuation of our successful 
performance. Firstly, Tay Homes was acquired in January this
year which established critical mass in two operating areas,
Yorkshire and Scotland, enabling us to bring them closer to
maturity faster than would otherwise have been possible. The
acquisition also brought useful new opportunities in the
Midlands. The purchase was almost entirely funded out of cash
generated by selling a number of successful developments by
Redrow’s commercial arm, which generated turnover of £30.2m
and an operating profit of £3.1m this year. As a result I can not
only report that gearing of the Company as a whole fell from
60% at the start of the year to 42% at the half-year end but that
there has been a further fall to 39% at the end of the second
half. The Company remains strongly cash generative while
gearing reflects a prudent balance between leveraging our 
Shareholders’ funds and maintaining an appropriately cautious
approach to debt.
4 CHAIRMAN’S STATEMENT
CHAIRMAN’S STATEMENT
Robert Jones Chairman 
I am pleased to report a highly successful 
year for Redrow. Secondly, building techniques throughout the industry
have failed to change sufficiently to reflect the problems
the country faces as a result of shortages of certain skilled
trade workers. After careful consideration of alternative 
solutions and pilot schemes using timber-frame and light 
steel-frame methods, as well as modular construction, Redrow
has decided that the benefits from the use of light steel-frame 
warrant the establishment of a joint venture for their 
manufacture. This joint venture with Corus brings together 
our expertise in residential development with their skills in steel
manufacture and application. Both companies are investing into
a stand-alone joint venture company the equivalent of up
to £3.0m. We anticipate that the utilisation of light steel 
frames will benefit the Company in terms of build times and
quality resulting in improved customer satisfaction.
5 CHAIRMAN’S STATEMENT
Above
Masterton Park, Dunfermline, Scotland
Centre
Odyssey, London Docklands
Right
Optima, the 27,000 sq.ft. office development,
St.David’s Park, Flintshire Two other areas are critical to the sustainability of the business;
land and people. Redrow has consistently anticipated changes 
in the planning system. By placing emphasis on the
Government’s aims of sustainability and increased densities, our
land acquisition programme has brought substantial financial
benefits. I am therefore pleased to report a further increase in
our current land bank from 14,300 plots to 15,600 plots. This
means that the vast majority of land we will develop in the next
three years is already owned or controlled by the Company.
Much of this is brownfield land which currently represents 69%
of our land bank. Beyond that, there are approximately 25,000
plots within our forward land bank which have a realistic
prospect of securing planning permission in the future.
Our workforce at every level is highly skilled and dedicated to
the success of the Company. However, such skills require 
continuous honing and updating and we continue to dedicate
considerable resources to training. Redrow aims to build its
strength in people not only through internal promotions but
also from external sources and I am particularly pleased to 
welcome those members of Tay’s staff who have joined Redrow
and whose contribution is proving highly beneficial.  Two new
members of the Main Board have joined us this year.  
John Tutte joined the Company as a regional chairman in the
South in January and brings with him a wealth of experience of
our industry. In July he was appointed to the Board reflecting 
his significant contribution during his short tenure with the
Company. Brian Duckworth joins us as a non-executive director
and will bring his significant experience of business in general to
the Board.
It is always gratifying that so many people comment favourably
on the quality and range of our developments, varying as they
do from stylish inner city apartments to refurbished buildings
and from traditional family properties to attractive new design
schemes. There is indeed a home for every type of customer
within our range. As in recent years, Redrow has secured a 
significant number of awards but what is particularly pleasing is
that in addition to this public recognition of the quality of our
homes, many of our customers recommend us to their friends
and relatives or move from one Redrow home to another.
6 CHAIRMAN’S STATEMENT
Above
Lansdowne Gardens, Leckwith, Cardiff 7 CHAIRMAN’S STATEMENT
For the future, our industry is not being permitted 
to build more than three-quarters of the minimum 
number of homes estimated to be necessary as a result 
of demographic change and the deterioration of older 
housing stock. Inevitably therefore, whilst there is 
house-price inflation, affordability remains good as a 
result of low interest rates. On the basis of our belief that 
the housing market remains sound, we can be confident that
Redrow has an excellent future since our high quality products,
low cost current land bank and focused management team are
the very essence of sustainability in our industry.
Robert Jones Chairman
Above
Fedden Village, Portishead, Bristol
Centre
Guinea Hall Farm, Southport, Lancashire
Right
The Maltings, Braintree, Essex Our corporate philosophy is to deliver long term sustainable
growth and by so doing deliver value to our Shareholders. The
results for the last twelve months represent our continuing 
commitment to that philosophy. Earnings per share have
increased to 38.5p representing compound growth over the last
five years of 30% p.a. This has been achieved through a 
combination of growth in operating profits which, over that
period, have increased from £35.4m to £94.1m and the 
successful share buy-back effected in October 2000.
Our focus on high quality financial returns is equally reflected
within these results. Return on capital employed, having 
averaged 28% for the last five years, has increased in the current
year to 30% whilst operating margins within the Homes
Division pre-integration costs are at 17.6%. The combination 
of these financial returns represents one of the 
strongest performances within our sector.
Although the trading fundamentals for the U.K. housing market
remain sound, the number of new homes constructed by our
industry is at its lowest level since 1924. This is principally 
due to restrictive planning policies which have constrained the
new homes industry for a number of years. The recent
announcements by the Government to tackle the growing 
housing shortage are to be welcomed. However these
‘announcements’ must be turned into ‘actions’. For the new
homes industry to respond and at the same time address the
issues arising from skilled labour trade shortages, it is important
to embrace ‘new’ construction practices to facilitate increased
output whilst improving build quality and speed. After 
undertaking extensive research and trials we announced in 
July 2002 the formation with Corus plc of a joint venture 
company, Framing Solutions plc.  
8 CHIEF EXECUTIVE’S REVIEW
CHIEF EXECUTIVE’S REVIEW
Paul L Pedley Chief Executive 
Redrow’s financial returns represent one of the
strongest within our sector. 9 CHIEF EXECUTIVE’S REVIEW
Framing Solutions has been funded by an equity 
investment from both parties of up to £3.0m each and 
will harness Corus’ manufacturing skills with Redrow’s
development expertise to provide light steel frames, a viable
and sustainable solution primarily targeted at the U.K. 
residential market.  Initially, light steel frames will be introduced
on selected Harwood and ‘Design Scheme’ developments across
the country.
The last twelve months have been a period of significant
achievement, with Redrow continuing to recognise its
responsibilities to its shareholders, its customers and the 
broader community.
Above
The Beaufort housetype from the Heritage Range
Centre
Chapel Green, Great Notley, Essex
Right
Homes at Parc Victoria, Ebbw Vale, constructed 
with the new steel-frame system
Left
Holland Park, Walton-le-Dale, Lancashire 10 CHIEF EXECUTIVE’S REVIEW
REDROW HOMES
Above
Ellerslie, Rusholme, Manchester
Redrow Homes has again reported record
results with operating profit increasing by 
20% to £89.5m.
Right
The Orchids, Great Notley, Essex
Far right 
Meadow Walk, Tattenhall, Cheshire
Over the last 20 years, Redrow Homes has been firmly 
established as a major developer of new homes. Our growth and
success have been founded on three core strengths, namely:-
• An excellent management team with a style and culture 
unique to Redrow
•A long term land policy which has delivered a substantial 
low cost land bank 
• An outstanding product portfolio combined with a clear 
focus on customer care
These strengths have historically served the Division well and
will continue to form the basis for continued organic growth.
To expand our opportunities for growth, the decision was taken
during the year to divide the existing operation in the South
East into two separate trading companies, Redrow Homes
(Eastern) and Redrow Homes (South East). The former will
trade from the existing office at Waltham Cross and focus on
the area north of the Thames, whilst the latter has been 
established at a new office at Maidstone with a focus south of
the Thames.
The acquisition of Tay Homes in January 2002 provided an
opportunity to enhance our organic growth. Through the 
acquisition, our land bank was increased by approximately 1,400
plots thereby facilitating an expansion of the Group’s operations
in both Yorkshire and Scotland whilst providing additional
trading outlets within the Midlands. The rebranding of 
developments, together with the replanning of sites where 
appropriate, has been smoothly achieved whilst the retained 
Tay Homes staff have been welcomed into their respective
Redrow teams.
Redrow Homes has again reported record results with turnover
increasing by 21.8% to £506.9m and operating profit by 20% 
to £89.5m. These results were secured from 3,573 legal 
completions, with an average selling price of £141,900, an
18.1% increase on last year, reflecting in part the increased 
contribution from the Southern and Western Regions and from
In the City schemes. 
The legal completion profile of the Heritage, Harwood and 
In the City brands was broadly in balance between the first and
second halves with 1,728 and 1,845 legal completions 
respectively. In addition the Tay Homes’ developments 
delivered a further 335 legal completions in the second half
with an average selling price of £108,100. 11 CHIEF EXECUTIVE’S REVIEW 12 CHIEF EXECUTIVE’S REVIEW
Above 
Apartments from the Harwood Range at
Litherland, Liverpool
Below
A computer generated image of Jupiter,
the mixed use ‘In The City’ scheme,
Birmingham
During the year Redrow Homes has continued to expand its
market share. Sales reservations have increased by 9.1% in 
volume and by 22.0% in value. As a result, having allowed for
the forward sales within Tay Homes at the time of acquisition,
the Division ended the year with a record forward sales position
of 1,526 units, having a sales value of £218.0m, 23.9% ahead of
the record levels of last year.
Cost pressures within the industry have increased over the last
twelve months. Whilst material price increases have been 
controlled in line with inflation, on-going trade shortages have
resulted in more significant cost increases of between 5% and
10% for some labour trades. In addition, the ever-increasing 
burden of building regulations and the various tax increases
imposed by central Government have together increased the
cost base within our industry.
Operating margins within Redrow Homes were 17.7% as 
compared with 17.9% last year. This reduction was due to the
reduced contribution from the Heritage brand, which derives 
the greatest benefit from the enhanced margins emanating from
land acquired through the forward land bank.
Tay Homes delivered an operating margin of 16.0% largely
reflecting the profitability of the developments at the time of
acquisition.  Subsequently, the adoption of the Redrow product
portfolio combined with identified cost savings will bring the
operating margin more in line with Redrow Homes.
I referred last year to ‘the Redrow philosophy of “in-house expertise”
with the formation of a centralised Health and Safety Function’.
The development of this corporate responsibility has been, and
will continue to be, an integral part of our management culture
with all health and safety issues considered and controlled on a
more cohesive basis. During the year, this philosophy has been
extended to the creation of a centralised Research and
Development team. This team is charged with identifying 
and evaluating new construction techniques and products.  
It has also been instrumental in the co-ordination and 
reassessment of previously undertaken research and the 
management of further tests which resulted in the decision 
to form the joint venture company, Framing Solutions. 13 CHIEF EXECUTIVE’S REVIEW
REGIONAL 
PERFORMANCE 
The Northern Region delivered 1,621 legal completions, as
compared with 1,695 in the previous year, representing 45.4% of
the Redrow Homes completions. The average selling price
increased by 14.9% to £122,900 to yield an overall increase in
turnover of 9.8%. In addition 267 legal completions were
secured from the Tay Homes’ developments at an average selling
price of £94,100.
The Southern Region achieved 1,050 legal completions, an
increase on the previous year of 7.4% and representing 29.4% of
the total completions of Redrow Homes.  The average selling
price increased by 19.7% to £171,300 to give an overall increase
in turnover of 28.5%. A further 68 legal completions were
secured from the Tay Homes’ developments at an average selling
price of £163,000.  
The Western Region continued to make significant progress
with legal completions increasing by 14.2% to 902 units and the
average selling price by 17.8% to £141,500. As a result, 
turnover increased by 34.5% to £127.6m.
Right
The Maltings, Braintree, Essex
Far right
Brindley Point, Birmingham City Centre The last twelve months have witnessed the continuing 
development of the Redrow portfolio. The decision to allow
each subsidiary company full access to the Heritage, Harwood,
Renaissance and In the City brands has been a major factor in the
continuing development of the Homes Division and has greatly
extended the product offering within each subsidiary company.
Our ability to offer our customers a variety of choice both in
terms of product and lifestyle has been, and will continue to be,
a major factor in their decision to acquire a new Redrow home
and is the cornerstone of our recently launched advertising 
campaign on digital TV.
Our recognition of increasing customer expectations and 
changing lifestyles resulted in the introduction of the new
Sapphire and Emerald specifications for the Heritage Range,
which last year represented 67% of our legal completions and
had an average selling price of £152,400. The importance of
individual customer lifestyles is further recognised through our
highly successful ‘Design Schemes’ which create community
environments whilst embracing current planning criteria.
Over the last two years the Harwood brand has been extended
from its origins in the North West and the West Midlands to
represent an increasingly significant element of the Division’s
portfolio in Scotland, Yorkshire, South West and South Wales.
These stylish and contemporary homes, which had an average 
selling price in the year of £81,800, now account for 20% of
legal completions.  Further, as the majority of the Tay Homes’
developments in Yorkshire and Scotland were more suited to the
Harwood Range, it is anticipated that its contribution will
increase significantly in the new financial year.
Within Heritage and Harwood, Renaissance represents a further
opportunity for customer choice through the careful restoration
of historic buildings. In addition many refurbishment schemes
provide major opportunities for new build development. 
A prime example is the former Victorian hospital at Pen-y-Fal,
Abergavenny. This historic building has been refurbished to 
provide 63 luxury apartments complemented by a Heritage
development of 110 apartments and houses within the grounds.
In the City developments contributed 13% of legal 
completions, with an average selling price in the year of
£181,100. The schemes at ‘51˚02’ in Bristol, Rigarossa in
Cardiff, Brindley Point in Birmingham and Park Wharf in
Nottingham are now complete. Odyssey in London and
Whitworthwest in Manchester continue to progress successfully
and in the new financial year will be complemented by 
additional developments, Jupiter in Birmingham and Velocity 
in Leeds.
14 CHIEF EXECUTIVE’S REVIEW
THE REDROW BRANDS
Above 
Parc Pen-y-Fal, Abergavenney, 
South Wales
The last twelve months have witnessed the 
continuing development of the Redrow portfolio.   15 CHIEF EXECUTIVE’S REVIEW
Above 
Kitchen from the Sapphire specification
Centre
Dicken’s Heath, Solihull
Right
Bathroom from the Emerald specification 16 CHIEF EXECUTIVE’S REVIEW
One of the fundamental strengths of Redrow remains its long
term land policy which has delivered a substantial low cost 
land bank.
Over the last twelve months, the current land bank has
increased substantially from 14,300 plots to 15,600 plots 
representing, on an historic basis, a four year land supply.  
As a result of significant planning successes during the year,
13,400 of these plots have the benefit of a planning consent, an
increase on the previous year of 2,100 plots. The balance are
held under contract awaiting, in the vast majority of cases, the
grant of a satisfactory planning consent.
During the year, the Homes Division acquired 6,000 plots for a
total consideration of £136.3m, representing an average plot
cost of £22,700. This included the 1,400 plots secured on the
acquisition of Tay Homes.  At the financial year end, the 
average plot cost has increased marginally from £20,900 to
£21,200, but expressed as a percentage of annual historic sales
price, continues to reflect its downward trend, reducing from
18.5% in 1998 to 15.3% for the current year. The quality of the
current land bank provides inherent support to the Homes
Division in delivering future sustainable profitability.
Above
Schooners Creek, Colchester
DEVELOPING A SUSTAINABLE
17,500
15,000
12,500
10,000
7,500
5,000
2,500
0
Land under contract
Land with planning consent
Over the last twelve months, the current 
land bank has increased substantially to
15,600 plots. 
Current Land Bank
1998
11,700
9,200
1999
3,300
12,300
9,000
2001
3,000
14,300
11,300
2002
2,200
15,600
13,400
2000
3,300
10,200
13,500
2,500 Despite the uncertainty within the planning 
process following the publication of the Planning 
Green Papers in November 2001, and more recently
through the Ministerial reshuffle, forward land has 
contributed 1,150 plots to the current land bank during 
the year. At the year end the forward land bank stood at 
approximately 25,000 plots but 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 in excess of 30% of the forward land bank.
These allocations include 750 plots at Bracknell where we have
recently secured planning consent subject to the completion of  
a planning gain agreement. This major development in a 
strategically important location will provide a backbone for 
Redrow Homes (Southern) for a considerable number of years.
FUTURE
17 CHIEF EXECUTIVE’S REVIEW
Above
Dicken’s Heath, Solihull
Centre
Aerial view of the 400 acre mixed use brownfield site at
Buckshaw Village, near Chorley
Right
The Willow/Hornbeam housetype combination from the
Harwood Range The results for Redrow Commercial reflect a turnover of £30.2m
and an operating profit of £3.1m. These results were secured
from the investment sale of the 138,500 sq. ft. office 
development at Windsor Office Park, fully let to Centrica plc,
the investment sale of the 26,000 sq. ft. office and 6,000 sq. ft.
trade warehouse at Altrincham, Manchester, fully let to ICI plc,
and the freehold sale of the 8,000 sq. ft. office development at
Wakefield to ICM Computer Group plc. These sales secured the
appropriate level of profitability within Redrow Commercial 
and provided the finance to enable the Group to acquire 
Tay Homes without any significant increase in gearing.
In last year’s review, I detailed the changes within the 
management team enabling the structure within Redrow
Commercial to mirror that of the Homes Division. These
changes have given the Group the ability to focus successfully
on mixed use developments. In addition, the extensive project
management skills within Redrow Commercial have been 
harnessed to provide the appropriate controls on all In the City
schemes undertaken throughout the Group.  
Buckshaw Village in Chorley, Lancashire, exemplifies the 
success of the Group’s mixed use philosophy.  During the year
the extensive remediation works to the initial phase have been
completed, and detailed planning consent secured for the major
infrastructure works together with the first phase of the 
commercial development. In March 2002 development of this
400 acre mixed use scheme commenced on site and has already
generated significant commercial interest.
Our mixed use philosophy has also proved successful at
Whitworthwest in Manchester. The ground floor retail space
within this highly successful 224 residential apartment scheme
has been pre-let to Sainsbury’s Supermarkets Ltd and, subject to
market conditions at the time, the resulting investment will be
marketed for sale during the new financial year.
18 CHIEF EXECUTIVE’S REVIEW
REDROW COMMERCIAL
Above
Aerial view of Western Approach,
Severnside, Bristol
The new structure within Redrow Commercial 
provides the Group with the ability to focus  
successfully on mixed use developments. I reported last year the land sale at Western Approach,
Severnside to Next plc for a 100,000 sq. ft. distribution 
facility.  This facility is now construction complete and the
activity on site has resulted in an increase in enquiries and 
in particular a pre-let to MacFarlane Group U.K. Ltd for a
51,000 sq. ft. distribution warehouse. In addition, a funding
agreement has been completed for the sale of this investment
upon practical completion. To complement this development, 
a further 51,000 sq. ft. distribution warehouse will be 
constructed on a speculative basis.
At St. David’s Park, the 27,000 sq. ft. speculative office 
development, ‘Optima’, is nearing completion and enquiry 
levels are encouraging. 
19 CHIEF EXECUTIVE’S REVIEW
Above
Aerial view of St. David’s Park, Flintshire, showing the 
new 27,000 sq. ft. development, ‘Optima’
Centre
Whitworthwest apartments and retail scheme, 
Manchester City Centre
Right
26,000 sq. ft. office development, Altrincham
Left
138,500 sq. ft. Windsor office development 20 CHIEF EXECUTIVE’S REVIEW
One of the core strengths of the Group remains the ‘Redrow
Team’. The importance of that team can never be overstated.
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 
attract the highest calibre of employee, whether they be craft 
apprentices and graduates commencing their careers within our
industry or more experienced staff.
To achieve that objective we must work to enhance the image
of our industry within the community in addition to providing
the appropriate support and training for our staff.  Last year we
announced the launch of the ‘Curriculum Resource Pack’. This
is now freely available to all primary schools in the U.K. and
seeks to promote a better understanding of the development
process, building upon the National Curriculum. Recently we
have launched a new initiative with the National Trust to bring
together children from contrasting backgrounds at selected
National Trust properties to enhance their experiences and to
promote a better understanding of the role of their communities.
Within the Group the focus remains on providing 
comprehensive training initiatives. Programmes have been
specifically designed for craft apprentices and graduates and to
assist our staff at all levels in gaining professional qualifications
and enhancing their management skills.
Redrow remains a committed member of Business in the
Community, an organisation which seeks to link the corporate
sector with the community. Through this organisation Redrow
employees continue to participate in a number of important 
initiatives so promoting a better understanding of our industry.
Above
Our team of newly recruited 
graduates, pictured with Redrow
directors and previous graduate
trainees
THE REDROW TEAM. . . THE COMMUNITY . . .
Redrow remains a committed member of Business
in the Community, an organisation which seeks
to link the corporate sector with the community. Redrow has entered the new financial year in 
excellent health.  The Homes Division enjoys 
record forward sales and an inherently profitable 
land bank together with a product portfolio that 
recognises the needs and aspirations of our customers.  
Redrow Commercial has established a development 
programme harnessing the combined residential and 
commercial skills within the Group to maximise the value 
from mixed use schemes. Further, the utilisation of the 
project management expertise on all residential city centre 
developments provides the Group with an enhanced level 
of control.
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 CHIEF EXECUTIVE’S REVIEW
AND THE FUTURE
Above
Redrow apprentices
Centre
Carol Bosley, sales manager Redrow Midlands with 
school children at a National Trust property
Left
Redrow staff present cheque to Claire House Children’s Hospice Accounting policies and standards
The financial statements for the year ended June 2002 and the
figures for the previous year have been prepared in accordance
with applicable accounting standards.
The accounts continue to reflect the adoption of the 
transitional rules of Financial Reporting Standard (FRS) 17
in respect of Retirement Benefits as well as for the first time
FRS 19 “Accounting for Deferred Taxation”.
FRS 17 has no effect on the results for the year and the 
disclosures required by FRS 17 are included under Note 7 to the
accounts. The implementation of FRS 19 has resulted in the
restatement of the prior year profit and loss account through an
increase in the tax charge of £2.6m. The Five year summary on
page 27 has been restated to reflect FRS 19 and the effect 
of FRS 19 on the current year is to increase the tax charge 
by £0.3m.
Acquisition of Tay Homes Plc
The acquisition of Tay Homes plc (Tay Homes) was completed
on 9 January 2002 for a total consideration of £30.6m.  
The Tay Homes net assets acquired have been reviewed and fair
value adjustments have been made that are set out in Note 9 to
the accounts. Overall, the book value of the net assets acquired
totalling £33.1m was reduced by £2.5m to the fair value of
£30.6m equalling the total consideration. Consequently there
was no goodwill arising on the acquisition of Tay Homes.
The results for the year include post acquisition trading of Tay
Homes for six months. During that period 335 homes were
legally completed at an average selling price of £108,100 
generating turnover of £36.2m and operating profits of £5.8m.  
Non-recurring costs of £4.3m associated with the integration of
Tay Homes have been charged. These include redundancy 
costs and costs associated with the disposal of certain surplus
leasehold properties following rationalisation of offices. Synergy
benefits arising from the rationalisation of the regional office
structure and closure of the Tay Head Office result in savings of
£5.0m per annum.
22 FINANCE DIRECTOR’S REVIEW
FINANCE DIRECTOR’S REVIEW
Neil Fitzsimmons Finance Director  Trading
This was another year of growth with turnover increasing by
36.1% to £573.3m. Homes Division turnover was £543.1m
including £36.2m relating to the trading of Tay Homes. The
increase in turnover, excluding the contribution of Tay Homes,
was 27.5% equating to £115.9m of which £90.7m related to the
Homes Division, an increase of 21.8%. The Commercial
Division increased its turnover by £25.9m to £30.2m primarily
reflecting the disposal of developments at Windsor and
Altrincham during the first half of the financial year.
The Homes Division legally completed 3,908 units in the year
including the 335 in respect of Tay Homes, an increase of
12.9%.  Redrow Homes legally completed 3,573 units, an
improvement of 3.2% on last year. The average selling price for
the Homes Division increased by 15.6% to £139,000. Within
Redrow Homes, the average selling price was up 18.1% to
£141,900 with the Tay Homes average selling price at £108,100.
The higher average selling price in Redrow Homes partly
reflects the higher proportion of units in the Southern and
Western Regions as well as the increase in number of In the City
units. These increased from 168 to 464 representing 13% of
legal completions (2001: 5%) with the average selling price
increasing from £111,700 to £181,100 and turnover increasing
to £84.0m. The selling price increase reflected the legal 
completion in the previous year of social housing units at the
Odyssey development in London Docklands. As the number
of properties from In the City schemes increased, the number 
of legal completions from the Heritage brand reduced to 
2,386 (2001: 2,600) representing 67% of the Redrow Homes
total. The average selling price for Heritage increased by 
13.7% to £152,400 (2001: £134,000) so that turnover from the 
Heritage brand was up by 4% to £363.6m. The number of 
legal completions for the Harwood brand increased by 4% to 
723 representing 20% of legal completions in Redrow Homes.
The average selling price for the brand increased by 15.9% to
£81,800 (2001: £70,600) so that turnover from the Harwood
brand was up by 20% to £59.1m.
Operating profits increased by 18.4% to £94.1m (2001: £79.5m).
The operating profits before the non-recurring integration costs
of £4.3m increased by £18.9m equivalent to 23.8%. Redrow
Homes significantly improved operating profits by 20.0% to
£89.5m with Tay Homes contributing £5.8m prior to integration
costs. The Commercial Division also increased operating profits
from £1.8m to £3.1m. The prior year operating profits included
£1.7m from the finalisation of the Park Heights development in
Jersey as well as a profit of £1.4m on the sale of listed investments.
The operating margin for the Homes operations prior to the
exceptional costs were 17.6%. The Redrow operations achieved
an operating margin for the year of 17.7% as compared with
17.9% in the previous year.   
Capital employed
Return on capital employed remains a key performance 
indicator in the management of the Group. Capital employed
increased by £32.4m to £331.7m as at June 2002 of which
£317.8m related to the Homes Division (2001: £268.6m) and
£13.9m related to the Commercial Division (2001: £30.7m).  In
the year to June 2002, the average capital employed being the
average of the opening and closing Shareholders’ funds adjusting
for net cash and borrowings was £315.5m. The inherent 
profitability of the Group’s operations has resulted in the return
on capital employed increasing to 30% and averaging 28% over
the last four years.
In the Homes Division, the increase of £49.2m in capital
employed primarily reflected the higher investment in both land
held for development and work-in-progress of £51.6m and
£46.9m respectively. These were offset by increases in land 
creditors of £31.2m and other capital employed of £18.1m.  
23 FINANCE DIRECTOR’S REVIEW 24 FINANCE DIRECTOR’S REVIEW
The higher investment in land reflected the land bank with
planning in the Homes Division increasing from 11,300 to
13,400 plots. The average plot cost remained virtually
unchanged at £21,200 (2001: £20,900). Whilst there are also
extensive forward land interests over some 25,000 plots, the
Group considers it prudent to write off all costs incurred in 
connection with this forward land with costs only being written
back when planning is secured and the land is acquired.  
The investment in work-in-progress on the In the City schemes
remained at similar levels to the end of last year. The increase in
work-in-progress includes the impact relating to the Tay Homes’
sites. Part exchange stocks at the year end had a book value of
£2.0m (2001: £3.0m) representing only 14 properties as the
Group continues to use this sales incentive on a selective basis.
The increase in land held for development and work-in-progress
has been partly funded by an increase in land creditors. These
increased from £35.7m up to £66.9m with the amount payable
after more than one year increasing from £11.1m to £25.9m.
The land creditors are either secured by way of legal charge 
over the land to which they relate or supported by financial
guarantees provided by the Group’s sureties.
The reduction of capital employed of £16.8m during the year for
the Commercial Division reflected the disposal of completed
developments at Windsor, Altrincham and Wakefield.
Investment in the Division is now primarily focused on 
mixed use schemes with on-going projects at Buckshaw Village,
St David’s Park, and Western Approach, as well as a further
phase at Altrincham.
Cash flow and interest charges
During the year net borrowing reduced from £112.2m to
£93.1m.  Cash flow generated from operations was £104.6m.
The reduction in net borrowing of £19.1m was achieved after
paying £30.6m relating to the acquisition of Tay Homes and
assuming debt on the acquisition of £12.9m. The net borrowings
represented 39% of Shareholders’ funds as at 30 June 2002, a
significant reduction from the 60% as at June 2001. The net
borrowing at 30 June 2002 is more than twice covered by 
the value of the Group’s forward sales in the Homes Division 
of £218m.
Interest is written off as incurred. Finance costs in the year were
£9.0m (2001: £7.4m) and the charge was 10.5 times covered by
operating profits.
Profit before tax, earnings per share and dividends
The Group increased its profit before tax by 18.0% to £85.1m
having charged £4.3m relating to the integration of Tay Homes.
The Group’s effective tax rate after taking into account the
effects of FRS 19 is 28.5% as compared with 30.0% restated for
last year.  It is anticipated that the effective rate will 
approximate to a standard rate in the new financial year.
Basic earnings per share increased by 33.7% to 38.5p per share
(2001: restated 28.8p). The increase reflected not only the
20.4% increase in earnings but also the change in the capital
structure of the Company resulting from the share buy-back of
30% of the issued share capital in October 2000 which resulted
in the weighted number of shares in issue reducing to 158.1m
(2001: 175.5m). The increase in earnings per share pre the Tay
Homes integration costs was 40.3%.
Subject to approval at the Annual General Meeting on
4 November 2002, a final dividend of 4.04p per share
(2001: 3.67p) will be paid on 22 November 2002. The full year 
dividend will be 6.06p (2001: 5.50p), which is 6.4 times covered
by the basic earnings (2001: 5.2 times). This dividend will 
represent an increase of 10.2% and maintains our progressive
dividend policy that has seen the dividend increase by a 
compound rate of 10% per annum since flotation in 1994.     25 FINANCE DIRECTOR’S REVIEW
Treasury
Redrow plc arranges all banking and surety facilities on behalf of
the Group.  Each operating company in the Group has a bank
account managed within an overall offset arrangement.
Arrangements are made by Redrow plc to borrow or invest the
net funds at competitive rates.  Close relationships are 
maintained with the Group’s bankers and sureties with regular
updates provided to both groups in respect of current trading
and the financial position of the Group.
Following the share buy-back in October 2000, the Group
entered into a three year Syndicated Loan to provide a
long-term facility for core borrowing with additional bilateral
facilities being separately negotiated.  As at June 2002, the
Group had total borrowing facilities of £200m as compared with
net borrowing at £93.1m.  These facilities included £110m
under the Syndicated Loan that was due to expire in September
2003.  The Group also had bilateral facilities of £90m.
On 9 August 2002, Redrow plc entered into a Supplemental
Agreement under which the Syndicated Loan was increased to
£180m and the period of the loan was extended until 9 August
2007.  This provides Redrow plc with a five-year committed
facility for core borrowing requirements.  On completion of the
Supplemental Agreement the bilateral facilities reduced to
£70m to give total facilities of £250m that are all unsecured.
Interest rates on borrowings are linked either to LIBOR in
respect of money market borrowings or base rate in respect of
overdrafts.  
The Main Board agrees the strategy with regard to interest rate
and foreign currency rate derivatives. The Group also monitors
its interest rate exposure in relation to current and forecast 
conditions.  In September 2000, the Group put in place an
interest rate cap at 7.5% on £100m of debt for a period of three
years so as to limit exposure to any significant increase in 
interest rates.  It also entered into other interest rate swaps in
respect of £75m of debt to manage the interest cost. The Group
operates entirely within the U.K. and has no material exposure
to movements in foreign currency rates.
In addition, the Group has £67.0m of bonding and financial
guarantee facilities provided by its sureties of which £38.7m
were utilised as at June 2002.  The Group also has bonding 
facilities made available through the National House Building
Council.
Pensions
The Group believes that the provision of pension benefits is an
important benefit for all employees.  Following a review of the
costs associated with the provision of defined benefits on an 
on-going basis in the light of changes in taxation of pension
schemes, investment performance and changes in mortality
rates, the Group decided to close this section of the pension
scheme as from 1 October 2001 to new members except existing
employees below the age of 21 and any new employees as 
determined by the Company.  At the same time a new 
defined contribution section of the scheme was set up for 
new employees.
With effect from 1 July 2001, the Company increased its 
contribution rate in respect of the defined benefits section of
the scheme by 2% to 12% with members increasing their 
contributions by 1% to 6% of pensionable salary as from 
1 July 2002.  Under the defined contribution section of the
scheme, monthly paid members contribute 5% with the
Company contributing between 5% and 12.5% of pensionable
salary depending on the age of the employee.  Weekly paid
members contribute 3% with the Company contributing 3%. The disclosures required under the transitional provisions of
FRS 17 are set out in Note 7 to the accounts. However, in 
summary as at June 2002, the market value of the scheme’s
assets were £26.6m as compared with the present value of 
liabilities of £28.9m resulting in a net pension deficit in the
scheme as calculated in accordance with FRS 17 after taking
into account the related deferred tax asset of £1.6m.  It should
be recognised that the method for calculating the net pension
deficit under FRS 17 may lead to volatility in the calculation
and therefore the amount that would be included in the balance
sheet. This volatility relates both to the market value of 
long-term AA bond yields used in calculating pension liabilities
under FRS 17 and market movements in the value of equities
which represent the principal constituent of the scheme’s assets.   
Information technology
Redrow has continued to progress the in-house development of
information technology systems with improvements made to the
Direct Cost Control system. Electronic communication of orders
and invoicing with key suppliers has been further developed and
Redrow continues to play a leading role in eBuild-XML, a 
project to establish the industry standards for electronic trading.
During the year, the new Sales and Build Management System
commenced development and is now on test on three sites 
within the Group. The new system encompasses IT at point 
of sale, a new legal conveyancing package and improved 
information on both sales and construction to enhance the 
buying experience for customers.
The Group continues to update and enhance the capabilities of
its web site (www.redrow.co.uk) which provides an important
source of customer enquiries with on average over 12,000 
visitors per week. As well as providing details of development
sites, the web site incorporates information on Redrow
Commercial, land acquisition, employment opportunities and
corporate information.
Outlook
The focus in Redrow remains to deliver consistently high return
on capital employed, sector leading operating margins and 
sustainable and profitable growth and by so doing to deliver
value to our Shareholders. With a record forward sales position
and effective low cost land bank in the Homes Division and an
established development programme in the Commercial
Division together with a strong balance sheet, Redrow continues
to be well placed to meet its objective.  
Neil Fitzsimmons Finance Director
26 FINANCE DIRECTOR’S REVIEW 27 FIVE YEAR SUMMARY
(Continuing operations) 2002 2001 2000 1999 1998
£m £m £m £m £m
Restated* Restated* Restated* Restated*
Turnover 573.3 421.2 405.7 341.6 307.2
Operating profit 94.1 79.5 67.7 56.3 47.8
Operating profit as a percentage of turnover 16.4% 18.9% 16.7% 16.5% 15.6%
Profit before taxation 85.1 72.1 67.2 55.6 48.2
Profit before taxation as a percentage of turnover 14.8% 17.1% 16.6% 16.3% 15.7%
Net assets 238.6 187.1 261.8 226.9 198.9
Net (debt)/cash surplus (93.1) (112.2) (11.6) 7.5 (2.7)
Gearing – net debt as a 
percentage of capital and reserves 39.0% 60.0% 4.4% N/A 1.4%
Return on Capital Employed – operating profit as a percentage
of average net assets adjusted for net debt/cash surplus 30% 28% 27% 27% 26%
Number of legal completions 3,908 3,464 3,338 3,135 3,010
Earnings per ordinary share 38.5p 28.8p 20.2p 17.0p 14.8p
Dividends per ordinary share 6.06p 5.50p 4.95p 4.50p 4.05p
Net assets per ordinary share 150.7p 118.4p 116.2p 101.1p 88.7p
*Comparatives restated for 1998 to 2001 for the impact of FRS 19 “Accounting for Deferred Taxation”.
FIVE YEAR SUMMARY DIRECTORS
Robert Jones, 51
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. Robert is Chairman of 
our environmental committee.
Paul Pedley, 48
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 the Group and 
now has overall responsibility for 
the Group.
Neil Fitzsimmons, 43
Finance Director
Neil Fitzsimmons joined Redrow in
1997 having previously been Group
Finance Director of Raine plc from
1995 to 1997. He qualified as a
Chartered Accountant with KPMG
London in 1983 and has worked
within the construction sector since
leaving the profession in 1986. Neil
joined the Board in June 1998. With
effect from July 2002, Neil is also
Chairman of Redrow Commercial
Developments.
Barry Harvey, 57
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 house building
industries. Barry joined the Board 
in June 1998.  
Colin Lewis, 45
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.
28 DIRECTORS Greg Locke, 46
Chairman – Southern Region
Greg Locke joined Redrow in 1991
to set up a new region in South
Wales. He was Managing Director of
Redrow Homes (South Wales) until
1993 when he took responsibility for
the newly acquired Redrow Homes
(South East). He was promoted 
to Southern Regional Chairman 
in 1995 and joined the Board in 
March 1996.
John Tutte, 46
Chairman – Southern Region
John Tutte joined Redrow at the
start of 2002 having previously been
Group Chief Executive at Wilson
Connolly plc. He qualified in civil
engineering and has accumulated 20
years experience in the house 
building industry. John joined the
Board in July 2002.
Jim Martin, 59
Non-Executive
Jim Martin joined the Redrow Board 
in September 1997. He has been the
Chief Executive of N Brown Group
plc since 1984, having held other
senior positions within the Company
from 1973. He previously worked 
for Unilever and Dunlop. He was 
re-appointed Senior Non-Executive
Director in February 2002.
Bob Williams, 52
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, 53
Non-Executive
Brian Duckworth joined the Redrow
Board in June this year. 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, and
remains a member of Water UK’s 
steering committee.
29 DIRECTORS The Directors have pleasure in presenting to the members 
their report and the financial statements for the year ended 
30 June 2002.
Principal activities and business review
The principal activities of the Group are house building and 
commercial development.
Turnover and profit on ordinary activities before taxation are
stated at £573.3m and £85.1m respectively. After providing for
taxation of £24.3m and paying an interim dividend of £3.2m, the
Directors recommend a final dividend of £6.4m and the transfer
of the balance of £51.2m 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 Finance Director’s 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 shareholding
S P Morgan has a 9.6% beneficial interest in the 
issued ordinary share capital.
P E Morgan has a 4.8% beneficial interest in the 
issued ordinary share capital.
Fidelity International Limited, its direct and indirect subsidiaries
and Mr Edward C Johnson 3d (principal shareholder of Fidelity
International Ltd), hold a 7.9% interest in the issued ordinary
share capital.
Standard Life Investments hold a 3.9% interest in the issued
ordinary share capital. 
On 1 July 2002, the Company received notification that Egerton
European Dollar Fund Ltd hold a 3.0% interest in the issued
ordinary share capital.
The Company has not received notification that any other 
person had, either at 30 June 2002 or 31 August 2002, more
than a 3.0% material interest in the issued ordinary share capital.
30 DIRECTORS’ REPORT
DIRECTORS’ REPORT Directors
The Directors are listed together with their biographical details
on pages 28 and 29.
J F Tutte was appointed as a Director on 10 July 2002. 
B Duckworth was appointed as a Director on 13 June 2002.
In accordance with Article 79 of the Articles of Association, 
J F Tutte and B Duckworth will retire at the Annual General
Meeting and, being eligible, offer themselves for re-election.
In accordance with Article 84 of the Articles of Association, 
P L Pedley, N Fitzsimmons 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 six 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 the Notes to the Accounts. 
The Directors’ interests in the ordinary shares of the Company
are given in the Remuneration report on pages 35 to 39.
Charitable and political donations
The Group made no political donations but made charitable
donations of £41,000 during the year. In addition, the Group and
its employees are actively involved in fund-raising activities for
specific charities.
Employees
Training and career development is available, equally and 
without discrimination, to all levels and categories of staff.
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. The Save As You Earn
scheme is administered via a Qualifying Employee Share
Ownership Trust (QUEST).
Creditor payment policy
The Group values its relationship 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 2002 the Group had 38 days’ purchases outstanding 
in respect of payments to suppliers and sub-contractors 
(2001: 49 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.
In recognition of the importance of environmental issues,
Redrow has an environmental committee under the
Chairmanship of Robert Jones to oversee this aspect of the
Group's activities. 
Redrow has documented its environmental strategy within
‘Developing a better future’ which is published on the Group’s
website. The principal elements of the strategy are as follows: 
The Group is committed to meeting the challenges set by the
Government on the use of brownfield land and the regeneration
of derelict sites. Approximately 69% of the land bank at June
2002 was brownfield land. Redrow works with the appropriate
regulatory organisations to ensure all contaminated land is 
carefully researched and remediation undertaken in accordance
with regulatory requirements.
Redrow seeks to preserve and create features to maintain natural
habitats for wildlife. This has been recognised by the Group 
31 DIRECTORS’ REPORT winning 30 Daily Mail “Green Leaf” Awards specifically for 
environmental quality in the last three years.
Redrow pursues imaginative waste management schemes. It is
committed to re-using surplus materials on site, to reduce 
transportation whilst eliminating the environmental impact of
disposal of these materials.
Energy efficiency is important in our homes and often industry
standards are exceeded. Where possible, products and materials
are specified which generate the least environmental impact.
This includes the use of timber from managed plantations and
the use of non-toxic paints. Redrow seeks to partner with 
suppliers and sub-contractors who have their own environmental
codes of practice. 
Recognising the Group's commitment to sustainability, changing
lifestyles and researching environmentally friendly new 
technologies, Redrow made a significant investment in the
“House for the Future” project with the National Museum and 
Galleries of Wales.
Notice of Annual General Meeting
Auditors
A resolution to re-appoint the auditors, PricewaterhouseCoopers,
will be proposed at the Annual General Meeting.
Remuneration Committee Report
In line with best practice, a resolution to receive and adopt the
Remuneration Committee report will be proposed at the Annual
General Meeting.
Share Capital
Resolutions 10, 11 and 12 set out in the Notice of Annual 
General Meeting on pages 56 and 57 concern the Company’s
share capital.
Resolution 10 – 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 10 renews the
Directors’ existing authority by authorising the Directors to allot
shares up to an aggregate nominal amount of £5,582,312 which
such authority shall expire on the date of the next Annual
General Meeting of the Company.  This represents 55,823,120
ordinary shares of 10p each and is equivalent to approximately
35% of the Company’s current issued ordinary share capital.
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 11 – 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 £791,855.  This sum represents 7,918,550
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 2004.
Resolution 12 – purchase of the Company’s own shares
This resolution seeks authority from Shareholders for the
Company to purchase up to 15,837,103 ordinary shares, an
aggregate nominal amount of £1,583,710, which is equivalent to
approximately 10% of the Company’s issued ordinary share 
capital at 30 June 2002.  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 2004. 
By order of the Board
R E Walker Secretary 
9 September 2002
32 DIRECTORS’ REPORT CORPORATE GOVERNANCE STATEMENT
33 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 2002.
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 page 35.
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 34 within this Corporate
governance statement.
Board and committees
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.
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.
Strategy on interest rate and currency exposures is also reserved
for the Board.
R B Jones is the Non-Executive Chairman and P L Pedley is the
Chief Executive. The Senior Non-Executive Director is J Martin
who was re-appointed as the Senior Non-Executive Director on 
26 February 2002.
The Directors have access to the advice and services of the
Company Secretary and the Board acknowledges that in 
certain circumstances individual Directors may wish to take
independent professional advice in connection with their duties.
The Company will meet the reasonable expenses incurred in 
this regard.
The Board has delegated specific responsibilities to committees,
the members of which are as follows and each comprises entirely
of Non-Executive Directors.
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 with the External Auditors four times a
year 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 were appointed auditors in 1987 and
the current audit partner was appointed in 1999. 
The fees relating to non-audit services provided by
PricewaterhouseCoopers 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. Future appointments in respect
of non-audit work will be approved by the Audit Committee.
Remuneration Committee
J Martin (Chairman)
R B Jones
R G Williams
B Duckworth
The responsibilities of the Remuneration Committee include the
agreement of terms of employment, 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 as well as
the appointment or removal of any Company nominated trustee
of any pension or retirement benefit scheme of the Company
and its subsidiaries. The Committee meets as required but at
least twice a year.
Under Resolution 2, the Remuneration Committee report will
be put before Shareholders for adoption at the Annual General
Meeting on 4 November 2002.
Nomination Committee
R B Jones (Chairman)
R G Williams
J Martin 
B Duckworth
P L Pedley resigned as a member of the Nomination Committee
on 26 February 2002.
The responsibilities of the Nomination Committee include the
identification and recommendation to the Board of suitable
Executive and Non-Executive Directors.
Environmental Committee
R B Jones (Chairman)
R G Williams
J Martin 
B Duckworth 34 CORPORATE GOVERNANCE STATEMENT
The Environmental Committee oversees not only environmental
issues relating to Redrow plc but also community and ethical
issues. During the year, the Committee reviewed and approved
the “Corporate Social Responsibility Charter” adopted in March
2002 which is summarised below and “Developing a better
future” which documents Redrow’s environmental strategy, 
community involvement and role in education. 
Copies of this document are available on the Company’s website
at www.redrow.co.uk.
Corporate responsibility and business ethics
In March 2002, the Board adopted a ‘Corporate Social
Responsibility Charter’.  The Charter provides guidelines 
regarding the Group’s relationships with employees, 
customers, suppliers and shareholders as well as its involvement
in community and environmental issues.  The main features of
the Charter are as follows:
Employees
• Clear and fair terms of employment through a letter of 
appointment and Staff Handbook with maximum 
standard hours of work and fixed holiday entitlements.  
All employees over the age of 18 are entitled to join the
pension scheme and private medical insurance is 
available to all monthly paid staff.
•A commitment to equal opportunities for and 
prevention of harassment of all staff with a clearly 
defined grievance procedure.  
•All staff are appraised annually which includes the 
setting of future performance goals. Opportunities are 
provided through in-house training and external 
courses for employees to develop their skills. 
•A Health & Safety policy relating to operations on 
development sites and within offices communicated to 
all employees endorsed by the Executive Directors and 
supported by a dedicated in-house Health & Safety 
department that reports monthly directly to the Board.
Customers
•A reservation process that sets out the relationship with 
the customer and the requirements placed on the 
customer during the transaction.
• Provision of a comprehensive customer care service post 
completion in addition to the NHBC or similarly 
recognised 10-year warranty.
• Post completion surveys of customers to identify issues 
and opinions in relation to the buying experience and 
product.
Suppliers
• Clearly defined orders setting out the terms and 
conditions of business with payments made in 
accordance with those terms and conditions.
• Buying procedures including requirements regarding 
ethical relationships with suppliers.
• Regular surveys of key suppliers regarding the 
relationship with each relevant business unit within the 
Group.
Community and Environment
•A policy of involvement in communities in areas of 
operation with a focus on promotion to children of 
safety awareness.
• Adoption of an environmental strategy that is a core 
part of Group objectives with a focus on use of 
brownfield land, waste management and energy 
efficiency.
• Support for the link between the corporate sector and 
the community via membership of “Business in the 
Community”.
Shareholders
•A policy of meetings with major Shareholders and an 
opportunity for all Shareholders to put questions to the 
Directors at the Annual General Meeting.
• Clearly set out internal control procedures summarised 
in the Annual Report to provide reasonable assurance 
against misstatement or loss.
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.
The Board has reviewed its operations and has identified risk
areas which have been assessed for their potential impact and
internal controls in relation to those risks have been identified.
The Executive Directors through quarterly meetings review the 
areas of risk on an on-going basis and consider 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 formalised reporting structure which includes the 
setting of annual budgets with updated forecasts during 
the year which are considered at both Regional and 
Group Board level. In addition, each trading entity has a
monthly Board meeting at which all key aspects of the 
business are discussed including comparison of actual 
performance with budgets 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, each trading entity is required to 
prepare a strategic plan which covers key aspects of the 
operation 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 each meeting. All reports are
distributed to the Group Board as well as to the External
Auditors. 35 REMUNERATION REPORT
REMUNERATION REPORT
Remuneration Committee and policy
The responsibilities and composition of the Committee are set out
in the Corporate governance statement on page 33.
The Committee considers that in framing its remuneration policy
it has given full consideration to the provisions of Section 1 of the
Combined Code.
The Group provides competitive remuneration packages at all 
levels in order to attract, retain and motivate staff who are 
expected to meet high levels of performance.   
Salaries are reviewed each June and senior employees receive 
further benefits commensurate with their position and the 
employment market.  These include fully expensed cars or cash 
equivalent, private health care, permanent health insurance 
and pension provisions as well as cash and share based incentives.
Further details on remuneration are provided in Note 7 to the
financial statements.
Under the Redrow Long Term Share Incentive Plan (LTSIP) in
operation from 1 July 1996 to 30 June 2000, it is acknowledged
that deferred elements vest in the participants in under three
years. The Remuneration Committee considered this to be 
acceptable in the context of the total remuneration package.
At the Annual General Meeting on 13 October 2000, the LTSIP
was amended such that options over shares granted to the
Executive Directors and senior executives under the LTSIP in
respect of future years do not vest in the participants in under
three years.  
For the year ended 30 June 2002 the basis for issuing options
under the LTSIP for senior managers with shares vesting in 
participants after one year was retained as the scheme was in effect
their annual bonus. With effect from 1 July 2002, the bonus
scheme for senior managers will be entirely cash based.
In accordance with best practice, the Remuneration report will be
put before Shareholders for adoption at the Annual General
Meeting on 4 November 2002.
Service agreements
The Executive Directors and senior executives have service 
agreements which may be terminated by either party giving 
formal notice of six months and three months respectively. 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.
Executive incentive schemes
On 17 November 1995, the Annual General Meeting approved
the LTSIP which was in operation for the years ended June 1996
to June 2000.
Under this LTSIP , Executive Directors, senior executives and 
senior managers earned performance related bonuses in Redrow
shares. The initial share bonuses awarded in the form of options
have a value of up to 25% of salary subject to seniority and 
performance. 
For years ended 30 June 1997 onwards, the shares are held in trust
for a minimum period of one year and thereafter can vest in the 
participants.  However, they may decide to leave the shares in the
trust which will earn additional incentive shares.  The value of the
incentive shares will depend on the value of the initial share
bonus, seniority and the period of time held in trust.  As a result,
the value of the initial share bonus could be increased between
25% and 100% after a further three years service.  For Executive
Directors, the value of the initial share bonuses could increase by
166% over a five year period. 
A revision to the LTSIP was approved at the Annual General
Meeting on 13 October 2000.
Under the current bonus arrangements, the Executive Directors
and senior executives in the Group are able to earn a bonus of up
to 70% of salary based on performance during the year.
Performance is measured against pre-determined targets based on
either Group performance or the performance of specific business
units as appropriate and the targets relate to profitability, return on
capital, land procurement and sales performance as well as other
specific targets as determined by the Non-Executive Directors in
relation to business objectives. A cash element is payable of up to
40% of salary dependent upon seniority and performance and is
payable in September following each financial year end. The 
balance of the bonus will be awarded as options over shares which
will be held in trust for a period of three years.  
These shares will only vest in the participant if they are still
employed by the Group at that date subject to certain specified
circumstances.
In addition, Executive Directors and certain senior executives are
entitled to receive additional incentive shares depending on the
financial performance of the Group over a three year period.  If
the average annual compound growth rate in earnings per share
over the three year period exceeds 10%, the number of initial
shares awarded 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.
The Remuneration Committee sets annual objectives for the
Executive team and individual Executive Directors. These 
objectives are considered as part of the executive’s annual 
appraisal either with the Chief Executive or the Chairman as
appropriate.
Further details on share options are provided in Note 7 to the
financial statements. 
An additional incentive scheme for key executives was approved
at the Annual General Meeting on 5 November 2001. 
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 in three equal instalments over three years.
The exercise price in respect of each instalment will be the market
value of the shares at the first exercise. The option will only be
exerciseable if the compound growth rate in earnings per share of
the Company has increased by 4.5% over RPI since the date of
grant. The option may be exercised on a change of control of the
Company provided compound growth rate of 4.5% over RPI has
been achieved since the date of grant.  
Save As You Earn
All employees are eligible to participate in the Redrow Sharesave
Scheme under which employees are periodically invited to enter
into a savings contract which, on completion after three, five or
seven years, can be used to exercise share options granted at the
start of the contract. 36 REMUNERATION REPORT
Directors’ interests in share options
Options Options Options Options
held at granted exercised held at Exercise Expiry
Director Scheme 1 July 2001 in year in year 30 June 2002 price date
P L Pedley SAYE 2000 12,593 – – 12,593 134.00p 2 July 2006
LTSIP 1996 30,416 4,279 (34,695) – – 15 Sep 2003
LTSIP 1998 49,514 7,496 (57,010) – – 29 June 2005
LTSIP 1999 43,481 8,867 – 52,348 – 29 June 2009
LTSIP 2000 36,009 9,490 – 45,499 – 29 June 2010
LTSIP 2001 – 52,760 – 52,760 – 27 Sep 2011
PRIVATE 250,000 – – 250,000 170.00p 24 June 2005
422,013 82,892  (91,705) 413,200
N Fitzsimmons SAYE 1999 1,218 – – 1,218 159.00p 31 May 2003
SAYE 2000 5,783 – – 5,783 134.00p 2 July 2004
LTSIP 1998 10,763 1,630 – 12,393 – 29 June 2005
LTSIP 1999 21,740 4,434 – 26,174 – 29 June 2009
LTSIP 2000 18,005 4,745 – 22,750 – 29 June 2010
LTSIP 2001 – 24,440 – 24,440 – 27 Sep 2011
PRIVATE 50,000 – – 50,000 170.00p 24 June 2005
107,509 35,249 –142,758
G H Locke ESOS1992 10,000 – – 10,000 102.00p 30 Nov 2004
ESOS1992 15,000 – – 15,000 126.00p 21 Nov 2005
SAYE 2000 12,593 – – 12,593 134.00p 2 July 2006
LTSIP 1996 14,081 1,981 – 16,062 – 15 Sep 2003
LTSIP 1997 37,619 4,985 – 42,604 – 14 Sep 2004
LTSIP 1998 34,191 5,176 – 39,367 – 29 June 2005
LTSIP 1999 22,492 4,587 – 27,079 – 29 June 2009
LTSIP 2000 24,897 6,562 – 31,459 – 29 June 2010
LTSIP 2001 – 26,069 – 26,069 – 27 Sep 2011
PRIVATE 75,000 – – 75,000 170.00p 24 June 2005
245,873 49,360 – 295,233 37 REMUNERATION REPORT
Directors’ interests in share options (continued)
Options Options Options Options
held at granted exercised held at Exercise Expiry
Director Scheme 1 July 2001 in year in year 30 June 2002 price date
B K Harvey SAYE 2000 5,783 – 5,783 134.00p 2 July 2004
LTSIP 1997 21,704 2,875 (24,579) – – 14 Sep 2004
LTSIP 1998 6,649 1,007 (7,656) – – 29 June 2005
LTSIP 1999 15,864 3,235 – 19,099 – 29 June 2009
LTSIP 2000 13,531 3,566 – 17,097 – 29 June 2010
LTSIP 2001 – 23,082 – 23,082 – 27 Sep 2011
PRIVATE 50,000 – – 50,000 170.00p 24 June 2005
113,531 33,765 (32,235) 115,061
C E Lewis SAYE 1999 2,122 – – 2,122 159.00p 31 May 2005
SAYE 2000 7,555 – – 7,555 134.00p 2 July 2006
SAYE 2001 – 2,006 – 2,006 165.00p 2 July 2007
LTSIP 1996 3,544 498 (4,042) – – 15 Sep 2003
LTSIP 2000 12,993 3,451 – 16,444 – 29 June 2010
LTSIP 2001 – 19,397 – 19,397 – 27 Sep 2011
PRIVATE 30,000 – – 30,000 170.00p 24 June 2005
56,214 25,352 (4,042) 77,524
All options are in respect of shares in Redrow plc.
All options are currently exercisable apart from:
•SAYE 1999 held by N Fitzsimmons and C E Lewis.
•SAYE 2000 held by P L Pedley, N Fitzsimmons, G H Locke, B K Harvey and C E Lewis.
•SAYE 2001 held by C E Lewis.
•LTSIP 2001 held by P L Pedley, N Fitzsimmons, G H Locke, B K Harvey and C E Lewis.
• PRIVATE options held by P L Pedley, N Fitzsimmons, G H Locke, B K Harvey and C E Lewis.
The PRIVATE options represent options granted by S P Morgan (the ex Chairman) over shares 
controlled by him and they do not involve the Group in any expense or the issuing of additional
shares.  The options are exercisable at a price of 170.0p between 25 June 2004 and 24 June 2005.
The options stated as expiring on 30 November 2004 and 21 November 2005 are exercisable subject to
earnings per share performance of the Group exceeding the change in RPI by 2% per annum.
On 2 July 2001, P L Pedley exercised options over 91,705 shares issued under the 1996 and 1998
LTSIP .  The mid-market price on the date of exercise was 219.5p. These shares were subsequently sold.
On 2 July 2001, B K Harvey exercised options over 32,235 shares issued under the 1997 and 1998
LTSIP .  The mid-market price on the date of exercise was 219.5p. These shares were subsequently sold.
On 1 July 2002, options were issued relating to deferred elements of the LTSIP for prior years.  
P L Pedley was granted options over 14,980 shares, N Fitzsimmons was granted options over 8,820
shares, G H Locke was granted options over 17,389 shares, B K Harvey was granted options over 5,550
shares and C E Lewis was granted options over 2,816 shares.
The mid-market price of the shares at 30 June 2002 was 256.0p and the range during the year was
180.5p to 323.5p. 38 REMUNERATION REPORT
Directors’ emoluments
Basic salary Pension cap T otal salary Bonus Bonus 2002 2001
and fees allowance and fees Benefits 2002 Deferred T otal T otal
£000 £000 £000 £000 £000 £000 £000 £000
Executive Directors
P L Pedley 350 – 350 1 140 40 531 520
N Fitzsimmons 190 17 207 15 72 23 317 261
G H Locke 225 20 245 12 72 46 375 321
B K Harvey 190 17 207 12 72 15 306 254
C E Lewis 167 10 177 11 59 8 255 –
Non-Executive Directors
R B Jones 97 – 97 – – – 97 79
J Martin 22 – 22 – – – 22 20
R G Williams 79 – 79 – – – 79 64
B Duckworth 1 – 1 – – – 1 –
1,321 64 1,385 51 415 132 1,983 1,519
Beneficial: At 30 June 2002 At 30 June 2001
P L Pedley 750,000 750,000
G H Locke 19,308 39,308
N Fitzsimmons 15,160 15,064
B K Harvey 1,000 1,000
C E Lewis 4,042 13,062
R G Williams 5,629 1,000
R B Jones 10,064 10,000
J Martin 10,000 10,000
B Duckworth 5,000 –*
Directors’ interests in shares
The Directors’ interests in the ordinary shares of the Company were:
The pension cap allowance represents the annual adjustment to basic salary to mitigate pension
benefits being based only on the level of the earnings cap.
J F Tutte was appointed to the Board on 10 July 2002.
B Duckworth was appointed to the Board on 13 June 2002.
The 2002 bonus represents the cash bonus earned by each Director participating in the Redrow
LTSIP for the year ended 30 June 2002.
The deferred bonus represents the value of further incentive shares awarded in respect of the
Redrow LTSIP for prior years.
Share options granted in 2002 and earlier years not yet exercised in respect of the LTSIP schemes
are included in the Directors’ interests in share options on pages 36 and 37. Additional share
options under the LTSIP schemes are contingent on the Directors completing additional years’
service and are set out in the Directors’ contingent interests in share options.
*Shares held at date of appointment.
On 12 July 2002, R B Jones purchased a beneficial interest in 5,000 ordinary shares. This increased
his beneficial holding in the Company to 15,064 shares.
There has been no other movement in the Directors’ interests between 30 June 2002 and 
31 August 2002.
In addition, in respect of the 2002 and 2001 LTSIP , the Directors may be entitled to further 
incentive shares which are dependant upon the level of the average annual compound growth rate
in earnings per share as explained on page 35 of this Remuneration report.
Directors’ contingent interests in share options
As referred to in Note 24 to the financial statements, further incentive shares may be made 
available to Directors and senior executives achieving further service with Redrow. 
The value of these further incentive shares in respect of the Directors is:
LTSIP 98 LTSIP 99 LTSIP 2000 LTSIP 2001 LTSIP 2002 Total
£000 £000 £000 £000 £000 £000
P L Pedley – 39 62 102 105 308
N Fitzsimmons 4 19 31 47 54 155
G H Locke 11 20 43 50 54 178
B K Harvey – 14 23 45 54 136
C E Lewis – – 22 37 44 103 39 REMUNERATION REPORT
Phantom Share Option Scheme
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.
Pension Scheme
The Group believes that the provision of pension benefits is an important benefit for all employees
and membership of the Redrow Staff Pension Scheme is available to all staff over the age of 18.
Following a review of the costs associated with the provision of defined benefits on an on-going
basis in the light of changes in the taxation of pension schemes, investment performance and
changes in mortality rates, the Group decided to close this section of the Scheme as from 
1 October 2001 to new members except existing employees below the age of 21 and any new
employees as determined by the Company.  At the same time a new defined contribution section 
of the Scheme was set up for new employees.
With effect from 1 July 2001, the Group increased its contribution rate in respect of the defined
benefits section of the Scheme by 2% to 12% with employees increasing their contributions by 1%
to 6% of pensionable salary as from 1 July 2002.  The Scheme can enable members to achieve the
maximum pension of two thirds of their calculated final pensionable salary after 40 years’ service.
Benefits only accrue on salary up to the level of the earnings cap.
Under the new defined contribution section of the Scheme, monthly paid employees contribute
5% with the Group contributing between 5% and 12.5% of pensionable salary depending on the
age of the employee.  Weekly paid employees contribute 3% with the Group also paying 3%.
Both sections of the Scheme provide lump sum benefits and the defined benefit section also 
provides dependents’ pension in the event of death in service. Annual bonuses and benefits in kind
are not part of pensionable salary.
All the Executive Directors of the Company are members of the defined benefits section of the
Scheme on the same terms as other members.  As from 11 June 2001, N Fitzsimmons, G H Locke,
B K Harvey and C E Lewis agreed to accrue future pension benefits from the Company based only
on the level of the earnings cap in return for an adjustment in their salary as from 1 July 2001 to
mitigate this change in pension benefit. This amount is disclosed separately within the directors
emoluments on page 38 of this report.
Details of the Executive Director’s pension entitlements are as follows:
The accrued pension shown above is the amount of the 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
9 September 2002
Increase in
Accrued   accrued
Pension pension Transfer 
at 30 June during value 
2002 the year of increase
Director £ £ £
P L Pedley 88,343 12,739 63,955
N Fitzsimmons 12,852 1,671 7,430
G H Locke 37,368 1,785 8,702
B K Harvey 18,090 1,562 14,639
C E Lewis 21,141 1,870 15,852 40 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, the
related notes and details of Directors remuneration reported
within the Remuneration report.
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.
Our responsibility is to audit the financial statements in 
accordance with relevant legal and regulatory requirements,
United Kingdom Auditing Standards issued by the Auditing
Practices Board and the Listing Rules of the Financial 
Services Authority.
We report to you our opinion as to whether the financial 
statements give a true and fair view and are 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 or the Listing Rules 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 Chairman's statement, the 
Chief Executive's review, the Finance Director’s review, the
report of the Remuneration committee 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, 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 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. 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 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 2002 and of the profit and cash flows of the Group 
for the year then ended and have been properly prepared in
accordance with the Companies Act 1985.
PricewaterhouseCoopers
Chartered Accountants and Registered Auditors, 
Manchester
9 September 2002
AUDITORS’ REPORT Continuing operations 
Existing Acquisition Total Restated
Operations
2002 2002 2002 2001
12 months ended 30 June 2002 Note £m £m £m £m
Turnover 1 537.1 36.2 573.3 421.2
Cost of Sales (413.1) (29.9) (443.0) (314.9)
Gross profit 124.0 6.3 130.3 106.3
Net operating expenses before integration costs 1 (31.4) (0.5) (31.9) (26.8)
Integration costs     – (4.3) (4.3) –
Net operating expenses including integration costs 1 (31.4) (4.8) (36.2) (26.8)
Operating profit 1 92.6 1.5 94.1 79.5
Interest payable 1,3 (9.0) (7.4)
Profit on ordinary activities before taxation 1,2 85.1 72.1
Tax on profit on ordinary activities 4 (24.3) (21.6)
Profit on ordinary activities after taxation 60.8 50.5
Dividends 5 (9.6) (8.7)
Retained profit 18,19 51.2 41.8
Earnings per ordinary share - basic 6 38.5p 28.8p
- diluted 6 38.3p 28.7p
- adjusted 6 40.4p 28.8p
Dividends per ordinary share 5 6.06p 5.50p
There are no 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
41 CONSOLIDATED PROFIT AND LOSS ACCOUNT 42 BALANCE SHEETS
The financial statements were approved by the
Board of Directors on 9 September 2002.
Directors
P L Pedley
N Fitzsimmons
BALANCE SHEETS
The Group The Company
2002 2001 2002 2001
As at 30 June 2002 Note £m £m £m £m
Fixed assets 8
Tangible assets 15.8 13.8 – –
Investments 0.1 0.1 160.2 80.2
15.9 13.9 160.2 80.2
Current assets
Assets held for resale 10 0.8 0.7 – –
Stocks and work in progress 11 496.8 417.1 – –
Debtors 12 8.8 6.2 225.9 265.0
Bank and cash deposits 1.0 8.0 0.5 8.0
507.4 432.0 226.4 273.0
Creditors due within one year 13 (214.8)   (136.3) (108.0) (57.1)
Net current assets 292.6 295.7 118.4 215.9
Total assets less current liabilities 308.5 309.6 278.6 296.1
Creditors due after more than one year 14 (66.3)  (120.9) (40.0) (109.0)
Provisions for liabilities and charges 15 (3.6)  (1.6) – –
Net assets 1 238.6 187.1 238.6 187.1
Capital and reserves 17,18
Called up share capital 15.8 15.8 15.8 15.8
Share premium account 51.9 51.3 51.8 51.2
Revaluation reserve 0.3 0.3 – –
Revaluation of shares in subsidiary companies – – 129.5 80.1
Capital redemption reserve 7.0 7.0 7.0 7.0
Consolidation reserve 0.9 0.9 – –
Profit and loss account 162.7 111.8 34.5 33.0
Equity shareholders’ funds 19 238.6 187.1 238.6 187.1 43 CONSOLIDATED CASH FLOW STATEMENT
CONSOLIDATED CASH FLOW STATEMENT
2002 2001
12 months ended 30 June 2002 Note £m £m
Cash inflow from operating activities 20 104.6 45.6
Returns on investments and servicing of finance
Interest received 1.0 0.7
Interest paid (9.4)   (6.8)
Issue costs of bank borrowings –  (1.1)
Net cash (outflow) from returns on investments and servicing of finance (8.4) (7.2)
Taxation
Corporation tax paid (24.2) (17.4)
Capital expenditure and financial investment
Purchase of tangible fixed assets (3.1) (2.9)
Sale of tangible fixed assets and investments 3.4 0.6
Sale of current asset investments – 6.6
Net cash inflow from capital expenditure and financial investment 0.3 4.3
Acquisition
Purchase of Tay Homes plc (30.6) –
Net overdrafts acquired (12.9) –
Net cash (outflow) from acquisition (43.5) –
Dividends paid (9.0) (10.3)
Cash inflow before financing 19.8 15.0
Financing and liquid resources
Capital redemption costs – (116.9)
Issue of ordinary share capital 0.3 0.3
Cash deposits – restricted use – 2.0
Issue of bank borrowings – 150.0
Repayment of bank borrowings (70.0) (40.0)
Net cash (outflow) from financing (69.7) (4.6)
(Decrease)/increase in cash in period (49.9) 10.4
Reconciliation of net cash flow to movement in net (debt)/cash
(Decrease)/increase in cash in period (49.9) 10.4
Cash deposits – restricted use – (2.0)
Movement in bank borrowings 70.0 (110.0)
Issue costs of bank borrowings – 1.3
Other non-cash movements (1.0) (0.3)
Change in net (debt) 19.1 (100.6)
Net (debt) at 1 July (112.2) (11.6)
Net (debt) at 30 June 21 (93.1)   (112.2) 44 ACCOUNTING POLICIES
The financial statements have been prepared in accordance
with applicable Accounting Standards in the United Kingdom.  
A summary of the more important accounting policies is set
out below.
Changes in accounting policies
The Group has adopted FRS19 “Accounting for Deferred
Taxation” in the financial statements. The adoption of this 
new standard represents a change in accounting policy and the
comparative figures have been restated accordingly.  The effect
of this change in accounting policy was to increase tax on profit
on ordinary activities by £0.3m (2001:£2.6m) and to decrease
profit for the financial year by £0.3m (2001:£2.6m).
(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 for 
the year ended 30 June 2002.
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
All 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 45 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 Existing Acquisition Total
Operations
2002 2002 2002 2001
£m £m £m £m
Turnover
Homes 506.9 36.2 543.1 416.9
Commercial 30.2 – 30.2 4.3
537.1 36.2 573.3 421.2
Profit on ordinary activities before taxation
Homes 89.5 5.8 95.3 76.3
Commercial 3.1 – 3.1 1.8
Listed investments – – – 1.4
92.6 5.8 98.4 79.5
Integration costs – (4.3) (4.3) –
92.6 1.5 94.1 79.5
Interest (9.0) (7.4)
85.1 72.1
Net Assets
Homes 317.8 268.6
Commercial 13.9 30.7
331.7 299.3
Net (debt) (93.1) (112.2)
238.6 187.1
Note 2.  Profit on Ordinary Activities 2002 2001
Profit on ordinary activities before taxation is stated £m £m
After crediting:
Rental income 0.4 0.4
Profit on disposal of fixed assets – 0.1
Profit on disposal of current asset investments – 1.4
After charging:
Depreciation 1.3 1.0
Plant hire 4.7 3.4
Operating leases - plant and machinery 1.6 1.8
- other 0.1 0.1
Research and development expenditure 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 (2001: £7,000) in respect of the audit of the Company.
Restated
2002 2001
£m £m
Holding company (5.8) (5.6)
Subsidiary companies 66.6 56.1
60.8 50.5
Net operating expenses comprise £31.9m administrative expenses and £4.3m integration costs. The
£4.3m integration costs are attributable within the results of the Homes Division. £3.3m of the 
integration costs relate to the acquisition of Tay Homes plc (see Note 9) and the reorganisation
and restructuring costs arising from this. The remaining £1.0m relates to duplicate overheads 
arising from the running of the Tay office facilities prior to their closure following the 
implementation of the reorganisation plan.
In 2001, net operating expenses of £26.8m comprised administrative expenses of £28.2m and other
operating income of £1.4m in respect of listed investments. A charitable donation of £1.0m was
included within the £26.8m administrative expenses and in the results of the Homes Division. 46 NOTES TO THE FINANCIAL STATEMENTS
Note 5.  Dividends 2002 2001
£m £m
Interim of 2.02p (2001: 1.83p) per share 3.2 2.9
Final proposed of 4.04p (2001: 3.67p) per share 6.4 5.8
9.6 8.7
The interim dividend of £3.2m was paid on 10 May 2002 and the final dividend of £6.4m
will be paid on 22 November 2002, subject to approval at the Annual General Meeting on 
4 November 2002.
Note 6.  Earnings per Ordinary Share
The calculation of basic earnings per ordinary share of 38.5p (2001: Restated 28.8p) is based on
Group profit on ordinary activities after taxation of £60.8m (2001: Restated £50.5m) and on the
weighted average number of 10p ordinary shares of 158,097,193 (2001: 175,528,157).
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
158,763,954 (2001: 176,526,272).
Adjusted earnings per share before integration costs (net of tax) of 40.4p is calculated based on
earnings of £63.8m and on the weighted average number of shares in issue disclosed above. 
The directors have 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 2002 2001
£m £m
Payable on overdrafts (2.0) (2.2)
Payable on other loans (8.0) (5.8)
(10.0) (8.0)
Receivable 1.0 0.6
(9.0) (7.4)
2002 Restated 2001 Restated
Earnings No.of shares Per share Earnings No.of shares Per share
£m millions pence £m millions pence
Basic earnings 60.8 158.1 38.5 50.5 175.5 28.8
per share
Effect of share – 0.7 (0.2) – 1.0           (0.1)
options and SAYE
Diluted earnings 60.8 158.8 38.3 50.5 176.5 28.7
per share
Interest payable on other loans includes £1.0m in respect of the amortisation of the issue costs of
bank borrowings (2001: £0.3m).
Note 4.  Tax on Profit on Ordinary Activities Restated
2002 2001
£m £m
Current year
U.K. Corporation tax at 30% (2001: 30%) 25.3 19.0
Over provision in respect of prior year (1.3) –
24.0 19.0
Deferred tax
Origination and reversal of timing differences (see Note 16) 0.3 2.6
24.3 21.6
Reconciliation of current taxation charge
Tax on total profits at 30% (2001:30%) 25.5 21.6
Over provision in respect of prior year (1.3) –
Origination and reversal of timing differences (0.3) (2.6)
Net expenses not deductible for tax purposes 0.1 –
Current tax charge 24.0 19.0
It is anticipated that the effective rate will approximate to a standard corporation tax rate in the
new financial year. 47 NOTES TO THE FINANCIAL STATEMENTS
Note 7.  Employees 2002 2001
£m £m
(a) Cost (including Directors)
Salaries and wages 32.3 26.2
Social security 2.9 2.2
Pensions 2.1 2.0
37.3 30.4
(b) Number 2002 2001
Number Number
The average number of persons employed by the Group was:
Directors and administrative staff 506 485
Other personnel 754 609
1,260 1,094
(c) Directors
Details of Directors’ emoluments and interests in shares are included in the Remuneration report
on pages 35 to 39.
(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.
As from 1 October 2001, the Group closed the defined benefits section of the Scheme to new
members except existing employees below the age of 21 and any new members as determined by
the Group. At the same time, the defined contribution section of the Scheme was set up for new
employees and also weekly paid staff as part of the Group's implementation of the new Stakeholder
pension requirements.
The pension charge for the year was £2.1m (2001: £2.0m).
During 2002, redundancy costs of £1.0m were incurred following the acquisition of Tay Homes plc
(see Note 9). These are included in the £4.3m integration costs (see Note 1).
A full independent actuarial valuation was last undertaken as at 1 January 2000. The method used
was the Projected Unit Method.
The main assumptions were an investment return of 6.9% per annum compound, salary increase of
6.3% per annum compound, and mortality in accordance with similar schemes. In the opinion of
the Actuary, the Scheme's assets covered the benefit liabilities in accordance with the Scheme's
rules and with a funding level of 150%.
The valuation of the defined benefit section of the Scheme was updated to June 2002 for FRS 17
purposes by a qualified independent actuary.
The main assumptions used by the actuary in measuring the present value of the Scheme 
liabilities were:
30 June 2002 30 June 2001
Discount rate 5.75% 6.19%
Rate of increase in salaries 5.70% 5.60%
Rate of increase in pensions in payment 2.70% 2.60%
Inflation assumption 2.70% 2.60%
The assets in the Scheme and the expected rate of return were:
Long term rate Long term rate
of return expected Value of return expected Value
at 30 June 2002 at 30 June 2002 at 30 June 2001 at 30 June 2001
£m £m
Equities 7.00% 24.1 7.20% 26.4
Cash on deposit 3.70% 2.3 ––
Other cash 3.50% 0.2 – 0.6
26.6 27.0 48 NOTES TO THE FINANCIAL STATEMENTS
The following amounts were measured in accordance with the requirements of FRS 17:
30 June 2002 30 June 2001
£m £m
Total market value of assets 26.6 27.0
Present value of Scheme liabilities (28.9) (23.2)
(Deficit)/surplus in Scheme (2.3) 3.8
Related deferred tax asset/(liability) 0.7 (1.1)
Net pension (liability)/asset (1.6) 2.7
If the amounts had been recognised in the financial statements, the Group's net assets and profit
and loss reserve would be as follows:
2002 2001
£m £m
Net assets excluding pension (liability)/asset 238.6 187.1
Pension (liability)/asset (1.6) 2.7
Net assets including pension (liability)/asset 237.0 189.8
Profit and loss reserve excluding pension (liability)/asset 162.7 111.8
Pension reserve (1.6) 2.7
Profit and loss reserve including pension (liability)/asset 161.1 114.5
At the year end £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 the year end, they would have reduced the deficit above by £0.4m.
The following amounts would have been recognised in the performance statements in the year to
30 June 2002 under the requirements of FRS 17:
2002
£m
Operating profit
Current service cost 2.6
Past service cost –
Total operating charge 2.6
Other finance income
Expected return on pension scheme assets 1.9
Interest on pension scheme liabilities (1.4)
Other finance income 0.5
Statement of total recognised gains and losses (STRGL)
Actual return less expected return on pension scheme assets (4.2)
Experience gains and losses arising on the scheme liabilities 0.8
Changes in assumptions underlying the present value of the scheme liabilities (3.0)
Actuarial loss recognised in STRGL (6.4)
Movement in (deficit)/surplus during the year
Surplus in scheme as at 1 July 2001 3.8
Current service cost (2.6)
Contributions 2.4
Other finance income 0.5
Actuarial loss (6.4)
Deficit in scheme at 30 June 2002 (2.3)
Details of experience gains and losses for the year to 30 June 2002:
% of scheme assets £m
Difference between the expected and 
actual return on scheme assets 16 (4.2)
Experience gains and losses on scheme liabilities 3 0.8
Total amount recognised in STRGL 24 (6.4) 49 NOTES TO THE FINANCIAL STATEMENTS
(e) Share Options
The following share options were outstanding as at 30 June 2002:
The total share options outstanding at 30 June 2002 under the Executive Share Option scheme,
the Long Term Share Incentive Plan and the Save As You Earn schemes represent 1.9% 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 2001 13.0 1.7 3.8 18.5
Additions 1.7 0.6 0.8 3.1
Acquisitions – 0.4 0.3 0.7
Disposals – (0.7) (0.4) (1.1)
At 30 June 2002 14.7 2.0 4.5 21.2
Depreciation
At 1 July 2001 0.9 1.0 2.8 4.7
Charge 0.2 0.3 0.8 1.3
Disposals – (0.3) (0.3) (0.6)    
At 30 June 2002 1.1 1.0 3.3 5.4
Net book value
At 30 June 2002 13.6 1.0 1.2 15.8
At 30 June 2001 12.1 0.7 1.0 13.8
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 2002 of £14.7m comprised £0.7m stated at valuation and 
£14.0m stated at cost. The aggregate historic cost was £14.3m and the aggregate historic 
cost depreciation was £1.1m. There was £0.3m of capital expenditure contracted at 
30 June 2002 (2001: £0.6m).
Type of Scheme Date of Grant Number of Shares Exercise Price
Executive Share Option 1 December 1994 27,500 102.00p
Executive Share Option 22 November 1995 68,000 126.00p
Long Term Share Incentive 16 September 1996 23,575 –
Long Term Share Incentive 15 September 1997 41,121 –
Long Term Share Incentive 30 June 1998 47,981 –
Long Term Share Incentive 15 September 1998 42,341 –
Long Term Share Incentive 30 June 1999 136,098 –
Long Term Share Incentive 17 September 1999 78,027 –
Long Term Share Incentive 30 June 2000 384,827 –
Long Term Share Incentive 18 September 2000 92,442 –
Long Term Share Incentive 30 June 2001 181,747 –
Long Term Share Incentive 28 September 2001 559,511 –
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 70,897 130.00p
Save As You Earn 1 December 1999 255,185 159.00p
Save As You Earn 1 January 2001 600,597 134.00p
Save As You Earn 2 January 2002 383,036 165.00p
PRIVATE Option 25 June 2001 1,150,000 170.00p 50 NOTES TO THE FINANCIAL STATEMENTS
(d) 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 58.  All are incorporated in
Great Britain except Redrow Homes (Jersey) Limited which is incorporated in Jersey. A full list of 
subsidiary undertakings as at 30 June 2002 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.
(e) Other investments at 30 June 2002 comprised capitalised ground rents.
Note  9.  Acquisitions 
On 9 January 2002 the Group acquired the entire issued share capital of T ay Homes plc (now renamed
Redrow Corporate Services Ltd) for a total consideration of £30.6m. This acquisition has been accounted
for using the acquisition method of accounting. The consolidated profit and loss account of T ay Homes
plc from 1 July 2001, the beginning of its financial year, to the date of acquisition showed a profit after
taxation of £2.0m. The consolidated profit after taxation on ordinary activities for the year ended 
30 June 2001 was £3.2m.
The analysis of net assets acquired and the fair value to the Group is as follows:
The book value of the assets and liabilities shown above has been taken from the consolidated
management accounts of Tay Homes plc at the date of acquisition.
The other adjustments represent: 
the restatement of land to its estimated market value
the write down of work in progress to an assessment of its net realisable value
the assessment of further costs in relation to completed sites
The accounting policy alignment relates to a provision against option and pre-development costs
which were included within work in progress by Tay Homes plc and which is not in accordance
with the accounting policies of the Group.
The taxation adjustment relates to the recognition of a deferred tax asset in respect of the fair 
value adjustments and losses in the acquired group in accordance with FRS 19.
Cash consideration of £30.6m includes £0.7m of fees and incidental costs relating to the 
acquisition including stamp duty.
(b) Investments The Group The Company
2002 2001 2002 2001
£m £m £m £m
Subsidiary companies – – 160.2 80.2
Other investments 0.1 0.1 – –
0.1 0.1 160.2 80.2
(c) Investments - movements The Group The Company
£m £m
(1) Subsidiary companies
At 1 July 2001 – 80.2
Acquisitions – 30.6
Increase in net asset value before dividends – 66.3
Dividends – (16.9)
At 30 June 2002 – 160.2
(2) Other investments
At 1 July 2001 0.1 –
Disposals –       –
At 30 June 2002 0.1 –
Accounting
Policy Fair value
Book value Other Alignment Taxation to Group
£m £m £m £m £m
Tangible fixed assets 0.7 – – – 0.7
Investments 2.9 – – – 2.9
Stocks and work in progress 57.1 (4.1) (0.5) – 52.5
Debtors 2.3 – – 3.1 5.4
Bank borrowings (12.9) – – – (12.9)
Creditors: amounts falling 
due within one year (15.2) (1.0)   – – (16.2)
Creditors: amounts falling 
due after more than one year (1.3)     – – – (1.3)
Provisions for liabilities 
and charges (0.5) – – – (0.5)
Net Assets 33.1 (5.1) (0.5) 3.1 30.6
Consideration:
Cash 30.6
Goodwill arising – 51 NOTES TO THE FINANCIAL STATEMENTS
Note 13.  Creditors due within one year
Provisions relate to maintenance within the Homes Division, which it is assessed will be utilised
within three 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
£m
At 1 July 2001 1.6
Profit and loss account charge 2.7
Utilised in year (0.7)
At 30 June 2002 3.6
Note 12.  Debtors
Other debtors include an amount of £0.5m (2001: £0.5m) due in more than one year.
The Group The Company
2002 2001 2002 2001
£m £m £m £m
Trade debtors 2.0 1.9 – –
Amounts owed by subsidiary companies – – 225.9 265.0
Other debtors 3.2 3.3 – –
Deferred taxation 2.8 – – –
Prepayments 0.8 1.0 – –
8.8 6.2 225.9 265.0
Note 14.  Creditors due after more than one year
The Group The Company
2002 2001 2002 2001
£m £m £m £m
Bank loans 40.0 109.0 40.0 109.0
Amounts due in respect of development land 25.9 11.1 – –
Accruals and deferred income 0.4 0.8 – –
66.3 120.9 40.0 109.0
Note 11.  Stocks and Work in Progress
Work in progress includes £2.0m (2001: £3.0m) in respect of part exchange properties.
Land held for development in the sum of £29.7m is subject to a charge in respect of deferred
consideration (2001: £16.4m). 
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. The net book value of the property at June 2001
was £0.7m.
The Group The Company
2002 2001 2002 2001
£m £m £m £m
Land for development 294.5 252.0 – –
Work in progress 203.3 162.7 – –
Stock of showhomes 10.3 9.5 – –
508.1 424.2 – –
Cash on account (11.3) (7.1) – –
496.8 417.1 – –
The Group The Company
2002 2001 2002 2001
£m £m £m £0m
Bank overdrafts 54.1 11.2 85.3 36.0
Trade creditors 82.5 66.8 – –
Amounts due in respect of development land 41.0 24.6 – –
Amounts owed to subsidiary companies – – 12.9 13.3
Other creditors 0.5 0.4 – –
Current corporation tax 17.4 17.6 1.9 –
Other taxation and social security 1.3 0.9 – –
Accruals and deferred income 11.6 9.0 1.5 2.0
Proposed final dividend 6.4 5.8 6.4 5.8 
214.8 136.3 108.0 57.1 52 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).
2002 2001
£m £m
Authorised
330,000,000 ordinary shares of 10p each (2001: 330,000,000) 33.0 33.0
Allotted, called up and fully paid 15.8 15.8
Number of
ordinary shares
of 10p each
Movement in the year was as follows:
At 1 July 2001 157,985,074
Share options exercised 385,955
At 30 June 2002 158,371,029
Share Capital Profit 
premium Revaluation redemption Consolidation and loss
account reserve reserve reserve account
(a) Group £m £m £m £m £m
At 1 July 2001 51.3 0.3 7.0 0.9 111.8
Premium on shares issued 0.6 – – – –
Profit retained – – – – 51.2
Contribution to QUEST – – – – (0.3)
At 30 June 2002 51.9 0.3 7.0 0.9 162.7
(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 2001 51.2 80.1 7.0 33.0
Premium on shares issued 0.6 – – –
Profit retained – – – 1.5
Revaluation – 49.4 – –
At 30 June 2002 51.8 129.5 7.0 34.5
Prior to the introduction of FRS 10, goodwill amounting to £0.4m was transferred to reserves.
Deferred tax – movements Group
2002
£m
At 1 July 2001 –
(Asset) arising on acquisition (3.1)
Deferred tax charge in profit and loss account for year (see Note 4) 0.3
At 30 June 2002 (2.8)
The deferred tax asset of £2.8m is included in debtors (see Note 12).
Note 16.  Deferred Tax
The Group has adopted FRS 19 "Accounting for Deferred Taxation" this year.
As a result of this change in accounting policy, profit after tax has decreased by £0.3m in the year
ended 30 June 2002 (2001: a decrease of £2.6m). 53 NOTES TO THE FINANCIAL STATEMENTS
Note 19. Reconciliation of movement in Shareholders’ Funds Restated
2002 2001
£m £m
Profit for the year as originally stated 60.8 53.1
Prior year adjustments – (2.6)
Profit for the financial year 60.8 50.5
Dividends (9.6) (8.7)
Profit retained 51.2 41.8
Shares issued 0.6 0.5
Contribution to QUEST (0.3) (0.1)
Capital redemption – (116.9)
Movement in the year 51.5 (74.7)
Shareholders’ funds at 1 July 187.1 261.8
Shareholders’ funds at 30 June 238.6 187.1
Note 20. Analysis of Cash Inflow from Operating Activities 2002 2001
£m £m
Operating profit 94.1 79.5
Depreciation, including profits and losses on disposals of fixed assets 1.3 0.9
Profit on disposal of current asset investments – (1.4)
Increase in stocks and work in progress and assets held for resale (27.3) (55.5)
Decrease in debtors 2.5 2.3
Increase in creditors and provisions 34.0 19.8
104.6 45.6
Note 21. Analysis of Net (Debt)/Cash
Note 22. Operating Lease Annual Commitments
At Other At
1 July Cash non-cash 30 June
2001 flow Acquisition movements 2002
£m £m £m £m £m
Bank and cash deposits 8.0 (7.0) –              – 1.0
Bank overdrafts (11.2) (30.0) (12.9)               – (54.1)
(3.2) (37.0) (12.9) – (53.1)
Bank loans (110.0) 70.0 – – (40.0)
Issue costs 1.0 – – (1.0) –
(112.2) 33.0 (12.9) (1.0) (93.1)
Other non-cash movements comprise amortisation of issue costs relating to debt issues and an
interest rate cap. 
2002 2001
£m £m
Expiring in under one year - other 0.3 0.2
Expiring in second to fifth year - other 0.3 0.6
Expiring after five years - land and buildings 0.5 – 54 NOTES TO THE FINANCIAL STATEMENTS
Note 23.  Financial Instruments
The section headed Treasury within the Finance Director's review on page 25 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 2002, the Group had total bank borrowing facilities of £200.0m, representing £130.0m
committed facilities and £70.0m uncommitted facilities.
After taking account of interest rate swaps, as at 30 June 2002, £75.0m of debt was at a fixed rate of
5.3%. The swaps expire between December 2003 and March 2004. 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.
In order to manage its interest rate risk, the Group enters 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
not interest bearing.
The Group
2002 2001
Book value Book value
£m £m
Financial assets
Cash at bank and in hand 1.0 8.0
Fixed asset investments 0.1 0.1
Other amounts receivable after more than one year 0.5 0.5
1.6 8.6
The Group
2002 2001
Book value Book value
£m £m
Financial liabilities
Bank overdraft 54.1 11.2
Bank loans 40.0 110.0
Amounts due in respect of development land 66.9 35.7
Accruals and deferred income 0.4 0.8
Vacant property provision 2.1 –
163.5 157.7
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 2002, there was no material difference between book value and fair value of the
Group's financial assets and financial liabilities disclosed above. The fair value of these has been
calculated by discounting expected future cashflows to present value.
The fair value of the Group’s interest rate hedging arrangements based on the market value of 
comparable instruments at 30 June 2002 was a loss of £0.9m (2001: £nil). 55 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
2002 2002 2001 2001
Bank overdraft Bank loans Bank overdraft Bank loans
£m £m £m £m
Due within one year 54.1 – 11.2 –
Due between one and two years – 40.0 ––
Due between two and five years –– – 110.0
54.1 40.0 11.2 110.0
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
2002 2001
£m £m
Due within one year 17.5 38.8
Due between one and two years 70.0 20.0
87.5 58.8
Since the end of the year, the Group has extended and increased  the £110m syndicated facility
that was due to expire in September 2003 to £180m which matures in September 2007.
Amounts provided in respect of vacant properties are non-interest bearing and are expected to be
utilised within three years.
Amounts due in respect of development land and deferred income are non-interest bearing and the
maturity profile is set out below:
The Group
2002 2002 2001 2001
Deferred Development Deferred Development
income land income land
£m £m £m £m
Due within one year – 41.0 – 24.6
Due between one and two years 0.2 15.6 0.2 7.6
Due between two and five years 0.2 10.3 0.6 3.5
0.4 66.9 0.8 35.7
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 2000 – – –
Recognised in year – – –
Arising in the year but not recognised – – –
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)
Expected to be recognised in the year
ended 30 June 2003 – (0.5) (0.5)
Expected to be recognised thereafter – (0.4) (0.4)
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.
Under the terms of the Redrow Long Term Share Incentive Plan further incentive shares up
to a value of £3.9m may be made available to Directors and senior executives achieving 
further years service with the Group.
Note 25.  Related Party Transactions
At the Annual General meeting on 5 November 2001 Shareholder approval was obtained for 
N Fitzsimmons to acquire a property from Redrow Homes (North West) Limited for total
consideration of £304,500 being the property’s market value as confirmed by an independent
valuer less a discount calculated on terms consistent with those available to all other employees.
The purchase of the property was completed on 23 May 2002 on the terms approved by the
Shareholders. In addition, N Fitzsimmons paid for customer extras relating to the property in the
sum of £56,000. 
There were no other material related party transactions requiring disclosure under FRS 8. 56 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 
4 November 2002 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 2002, 
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 2002.
4. To re-elect Mr J F Tutte as Director.
5. To re-elect Mr B Duckworth as Director.
6. To re-elect Mr P L Pedley as Director.
7. To re-elect Mr N Fitzsimmons as Director.
8. To re-elect Mr B K Harvey as Director.
9. To re-appoint PricewaterhouseCoopers as auditors and 
authorise the Directors to fix their remuneration.
Special Business
To consider and, if thought fit, pass the following resolutions of
which Resolution 10 will be proposed as an Ordinary Resolution
and Resolutions 11 and 12 will be proposed as Special
Resolutions:
10. 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 £5,582,312 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.
11. Special Resolution
That, subject to the passing of Resolution 10 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 10 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
NOTICE OF ANNUAL GENERAL MEETING 57 NOTICE OF ANNUAL GENERAL MEETING
(ii) any other allotments for cash of equity securities up to 
a maximum nominal amount of £791,855
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 2004, 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.
12. 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 15,837,103.
(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 2004 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.
By order of the Board
R E Walker Secretary
9 September 2002
Notes:
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 4 November 2002 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 1 November 
2002 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. 58 CORPORATE INFORMATION
Redrow plc
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
Television House
Mount Street
Manchester
M2 5NT
Telephone: 0161 830 7400
Facsimile: 0161 830 7401
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
Redrow Homes (South East) Limited
Whatman House
St. Leonard’s Road
20/20 Industrial Estate
Maidstone
Kent
ME16 OLF
Telephone: 01622 679950
Facsimile: 01622 680444
southeast.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 618141
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 Redrow Homes
(Scotland)
Cambuslang
Dunfermline
Falkirk
Gartcosh
Glasgow
Kilmarnock
Kilwinning
Paisley
Rumford
Redrow Homes
(Lancashire)
Chorley
Garstang
Gillibrands
Grimsargh
Longton
Rochdale
Southport
Stanah, Blackpool
Walmer Bridge
Walton-le-Dale
Widnes
Redrow Homes
(Yorkshire)
Bradford
Bridlington
East Morton
Halifax
Harrogate
Hedon
Huddersfield
Leeds City Centre
Norton
Pool in Wharfedale
Sheffield
Redrow Homes 
(North West)
Altrincham
Bebington
Blackley
Heswall
Kingsmead, Northwich
Litherland
Lymm
Manchester City Centre
Moreton
Oldham
Rusholme
Staleybridge
Stubley
Swinton
Wrexham
Redrow Homes
(Midlands)
Birmingham City  Centre
Bromsgrove
Dickens Heath
Hilton
Leek
Mickleover
Northampton
Peterborough
Solihull
Syston
Warwick
Wollaston
Redrow Homes
(West Midlands)
Burntwood
Coventry
Hednesford
Kidsgrove
Stoke-on-Trent
Wolverhampton
Redrow Homes
(South West)
Chard
Cheltenham
Exeter
Frome
Gloucester
Ham Green, Bristol
Portishead
Rogerstone
Weston-Super-Mare
Redrow Homes 
(South Wales)
Abergavenny
Cardiff
Llantarnam
Merthyr Tydfil
Pencoed
Pengam Green
Pontyclun 
Pontypridd
Radyr
Redrow Homes 
(Southern)
Angmering
Bletchley
Bournemouth
Brockham
Eastbourne
Hythe
Luton
Milton Keynes
Portchester
Redrow Homes 
(South East)
Ashford (Kent)
Chatham
Hailsham
Herne Bay
Sittingbourne
Sovereign Harbour
Redrow Homes 
(Eastern)
Ashingdon
Braintree
Colchester
Ipswich
Little Dunmow
London, Docklands
REGIONAL OFFICES NATIONAL DEVELOPMENTS
Redrow Homes
Regional Offices
Redrow plc
Head Office
St David's Park
Leigh
High
Wycombe
Halesowen
Bristol
Falkirk
Cardiff
Wakefield
Warrington
Tamworth
Maidstone
Waltham
Cross
Northhampton
59 CORPORATE INFORMATION
Secretary
Rhiannon Walker BA(Hons)
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
Joint Stockbrokers
Cazenove & Co
12 Tokenhouse Yard
London EC2R 7AN
ING Barings Limited
60 London Wall
London
EC2M 5TQ
Principal Banker
Barclays Bank PLC
Corporate Banking Centre
PO Box 1015
3rd Floor
3 Windsor Place
Cardiff CF10 3ZL
Auditors
PricewaterhouseCoopers
101 Barbirolli Square
Lower Mosley Street
Manchester M2 3PW
Solicitors
Nabarro Nathanson
Lacon House
Theobald’s Road
London WC1X 8RW
OFFICERS & ADVISERS 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