Redrow plc, the Flintshire-based house building giant, reported a 1.7% rise in homes turnover to £650 million for the first 18 weeks of the new financial year.
But in an AGM trading statement, Redrow said that for the first 18 weeks that ended on November 6, the value of net private reservations was down 19% to £515 million.
It said total forward order book at November 6 was £1.36 billion of which 74% is exchanged, compared to £1.49 billion at the same time last year with 73% exchanged.
Average selling price of its private reservations for the first 18 weeks was up 6.9% on the equivalent period last year at £483,000.
Redrow said it expects annual revenue to be around £2.1 billion, roughly in line with financial 2022.
Its operating margin is expected to be 18%, down from 19.3% a year prior.
Redrow Redrow chair Richard Akers said: “We entered the new financial year in a strong position with a record order book of £1.44 billion.
“The housing market had returned to normal following the elevated sales rate in the previous two years.
“However, recent instability in financial markets has had a negative impact on the housing market and the business has had to adapt to the changing economic outlook.”
In September, Redrow said revenue rose 10% to £2.14 billion for the year that ended on July 3 but pretax profit fell 22% to £246 million after booking exceptional fire safety costs of £164 million.
Reporter: Xindi Wei
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