Good morning, everyone. Hope you're all safe and well. Welcome to Redrow's Interim Results presentation. A recording of this presentation will be available on the Redrow plc website, and we'll be doing an in-person analysts Q&A later this morning. Turning to the agenda. As usual, I'll begin by covering the overview before handing over to Barbara for the financial review. I'll then conclude the presentation with the operating review and outlook. Firstly, the financial overview. We increased our profit before tax by 17% to GBP 203 million. This was achieved with an operating margin of 19.5% for the first six months, and we expect a similar margin in the second half. The value of our first half reservations was GBP 884 million, an increase of 6% from the same period last year. As a result of this strong performance, I'm pleased to say the board has declared an interim dividend of 10p, up 67% as we return to a normal 33/67 interim and final dividend payment ratio. We've demonstrated the continued success of Redrow's strategy with a product range which perfectly meets customers' needs. It's clear customers' desire for larger quality homes is a long-term trend and supports our differentiated market position. By evolving rather than revolutionizing our strategy, we've capitalized on strong demand for our products and places whilst continuing to invest for growth. We have made significant progress in the area of environmental, social, and governance, working towards our new developments, achieving a minimum of 10% biodiversity net gain. We set out our intention to achieve net zero carbon by 2050. Our differentiated strategy means the group is well-positioned to continue successful and profitable growth. I'll now hand over to Barbara to cover the financial review. Thanks, Matthew. I'll start with the financial highlights. Despite the record first half revenue last year, we still managed to increase turnover by GBP 11 million this year to a new half-year record of GBP 1.05 billion in 2022. Our earnings per share is up 17% to GBP 0.481. We have more than doubled our return on capital employed to 21.5%, so we are well on our way to get back to our 25% target over the medium term. We ended the first half with net cash of GBP 242 million, and our average monthly net cash for the first half was even higher at GBP 257 million. Having picked out the highlights, let's look at the numbers in more detail, starting with the income statement. Our homes revenue was up GBP 4 million despite lower volumes, and this was due to the increase in average selling prices. Other revenue was also higher as it included the sale of our final site in London we decided not to build out. Gross profit was GBP 255 million with a gross margin of 24.2%. This is ahead of our expectations, with price increases more than covering build cost inflation. Operating expenses increased by GBP 6 million over the unusually low GBP 44 million in 2021. I expect them to pick up in the second half due to cost inflation, the ramp-up of the Southern division and a number of IT projects, so the full year figure is likely to be around GBP 103 million. We generated an operating profit of GBP 205 million, which is an operating margin of 19.5% for the six-month period. We expect a similar margin in the second half, which means we'll have achieved a normalized margin twelve months ahead of our previous guidance. With interest expense of GBP 2 million being amortization of fees plus imputed land creditor interest, our profit before tax was GBP 203 million, up 17% on last year. Now looking at the plot cost and cost of sales. The private plot cost and cost of sales increased to GBP 85,000. However, it reduced slightly as a percentage of average selling price to 20% from 21%. I'll now detail the geographical analysis of revenue. Revenue in the north is flat as it is currently constrained by lower outlets. This is due to higher sales resulting in outlets closing early. We have the same situation in the South of England. Central revenue has, however, increased as our East Midlands division continues to grow and the other divisions in that region have increased their outlets in primary locations and accordingly increased selling prices. While the revenue from the ongoing business is only up 3% in the first half, for the full year, we expect it to be up over 16% as the revenue from the regional businesses more than replaces the loss of revenue from the London build-out sites. You may remember last year, our revenue was very much first half skewed due to lockdown, stamp duty holiday, and the Help to Buy changes. This year we expect the first half/second half revenue split to be very close to 50/50. Now let's move from geography to product. Revenue from private houses was up GBP 79 million and apartments down GBP 58 million as the regional businesses increased their revenue, again more than offsetting the impact of the scale down of London. Affordable revenue at GBP 73 million represented only 7% of homes turnover in the first half. That compares to 9% in the same period last year. We expect affordable revenue to increase to 12% of turnover for the second half. Looking specifically now at revenue for private homes, you can see that the Heritage Collection represented 92% of private revenue in the first half compared to 82% last year, as we rapidly complete strategic shift to being almost entirely a regional builder of quality homes in prime locations. Given that shift, it's not surprising that the average selling price of our Heritage homes has risen by 8% to GBP 417,000. This reflects geographical mix, house price inflation, and a large increase in customers' personalizing their homes with extras. I'll now move on from the income statement to the cash flow. Our EBITDA was up 16% year-on-year at GBP 208 million. We continued to invest in land, and some of those payments were deferred, leading to a net cash investment of GBP 37 million. Work in progress increased, with significantly more revenue to be generated in the second half of 2022 compared to 2021. Other working capital movements were cash positive due to the receipt of a GBP 52 million PRS debtor shortly after the start of the financial year and an increase in trade creditors as a result of the higher activity levels. This generated an operating cash inflow of GBP 230 million. The cash conversion at 102% was below last year's highly unusual 211%, but is still above expectation, and we expect this to reduce as the cash outflow on land increases in the second half. The other cash movements are the expected outflows on tax and dividends. Plus, our employee benefit trust made a share purchase in the first half to fund our various employee share schemes. As I mentioned earlier, our average monthly net cash in the first half was GBP 257 million, a figure I expect to reduce in the second half. We now expect our net cash at the end of the financial year to be between GBP 150 million and GBP 170 million, lower than previously guided due to both the aforementioned share purchase and forthcoming land purchases. Of course, if we're more successful than planned in purchasing land, the cash balance could be a little lower. Now let's see how that looks in terms of the balance sheet. Land has increased, as you saw from the cash flow. Land creditors now stand at GBP 338 million or 21% of gross land value. The payment profile for those land creditors is GBP 110 million payable in the second half of this financial year, GBP 190 million in the 2023 financial year, and GBP 38 million beyond that. Work in progress is above the level in June due to the higher level of activity. The other working capital credit balance has increased, as I mentioned earlier, due to both a reduction in trade debtors and higher trade creditors. The capital employed at December is in line with that in June, and the net cash balance has increased by GBP 82 million. Now looking at the plot cost on the balance sheet. The original contracted plot cost has increased to GBP 81,600, or 19.5% of average selling price. This is slightly lower than the 20% in cost of sales and is due to geographical mix. Now finally from me, an update on our 2024 guidance. Given underlying demand, the mix of our product, house price inflation, and higher extras, we are increasing our revenue guidance by around GBP 100 million to over GBP 2.3 billion. We are also guiding an operating margin of 19.5%-20% for the same reasons. As a result of these upgrades, we expect earnings per share of at least 92p and dividend of at least 31p. These increases are not as high as the increases in revenue because of the increase in corporation tax to 25% and the introduction of the 4% Residential Property Developer Tax. Our guidance on average outlets has reduced slightly, mainly due to planning delays, but this has not impacted our revenue for 2024. By the time we announce our full year results, we will have further guidance on the outlet position as we will be a further six months through the planning system for these outlets. We are continuing to take steps to get back towards our medium-term return on capital employed target of 25%. With that, I'll now hand over to Matthew, who will take you through the operating review and outlook. Thank you, Barbara. Firstly, the sales market highlights. The market was strong during the first half and remained underpinned by record low interest rates, good mortgage availability, and an overall lack of supply of quality housing across England and Wales. Our larger quality family homes, combined with industry-leading place making design principles, gives us a differentiated market position, which is perfect for post-pandemic living trends. As a result, our total order book increased to GBP 1.5 billion. The value of our private reservations per outlet per week is an important metric which highlights the value attached to our products and places versus our peers. In the first half, it was GBP 292,000 versus GBP 267,000 in the same period in the previous year. Overall, the value of private reservations was GBP 884 million on a 27-week like-for-like basis. Our cancellation rate has continued to return to what we consider to be a more normal position, and was 18% for the first six months. I'm pleased to say we've made a strong start to the second half. In the first five weeks to the 6th February, private reservations in terms of value have averaged GBP 417,000 per outlet per week. The value of private net reservations was GBP 216 million, and the cancellation rate continued to stabilize at only 11%. Our closing total order book further increased to GBP 1.5 billion as we continue to capitalize on the demand for our product, with both the private and affordable order books up. The week 52 order book increased to GBP 1.6 billion, in part due to the bulk sale at Royal Docks. We remain on track to be in a position where by the end of the next financial year, our only London development will be at Colindale Gardens. As stated in our 2021 annual report, and as expected, our current year outlet numbers are lower than 2020. We expect them to increase over time as new land comes on stream to satisfy continued strong demand for our products and prices. As Barbara mentioned earlier, our guidance for active outlets in 2024 has reduced from 137 to 134, mainly due to planning delays. It is clear that the planning system is now at its lowest point for a number of years. Local planning authorities teams are experiencing resource problems. This is compounding the ongoing issues caused by a bureaucratic and unacceptably slow system. In terms of current land, we added 3,316 plots to our land holdings in H1. Our forward land, 945 plots achieved planning and were transferred to current land. In addition, almost 3,000 plots were added to our forward land holdings, including strategic review plots. We continue to purchase sites while maintaining our overall hurdle rates. We have appointed a leadership team in our new Southern division, and it remains on track to officially open this summer and make a contribution to turnover in the 2023 financial year. Moving to the operational highlights, I'd like to thank all our colleagues and partners for their hard work and support during the ongoing pandemic, playing a key role in the group's strong performance. Since the launch of our ambitious Redrow 2025 vision, significant progress has been made. We've improved our colleagues' wellbeing offering, becoming more efficient, and made great strides to position ourselves as a modern employer of choice, from the creation of a new agile office concept to support truly flexible working. Colleagues now work from where they are most efficient, whether that be in the office, site, or at home. Redrow's commitment to inspiring the next generation to build has earned industry recognition, winning the Best Recruitment or Training Initiative at the 2021 Housebuilder Awards. This award recognizes the impact of our inclusive training program for postgraduates, as well as our own sponsored degree program, which is open to A-level school leavers. We launched our new volunteering program in January 2022, which supports those colleagues who want to give something back to their communities. Now onto the build highlights. We expect build cost inflation of circa 6% for the full financial year. We're working closely with our partners to mitigate any supply and cost issues, although those upward pressures on costs and any material supply issues remain well managed. A new site compound office is being trialed. It is designed to encourage more interaction between site-based teams and their office-based colleagues. There is capacity for on-site employees to do e-learning and join webinars, and a great opportunity for those who normally work in traditional offices to operate seamlessly from site for at least some of the working week. I'll now turn to quality and customer service. The group continues to maintain its high levels of customer satisfaction with a score of 93.7% in the latest NHBC eight-week quarterly customer recommendation. It also gives us to know that every one of our divisions currently achieves a five-star recommend score, a minimum of 90% or above customer satisfaction across the board. We welcome the introduction of the New Homes Ombudsman as it is an opportunity to further highlight the quality of our products and services. We intend to register for the New Homes Ombudsman at the earliest opportunity, enabling us to begin a process of preparation and transition to the new arrangements for future completions, all in conjunction with the New Homes Quality Board. New functionality on the interactive screens within our Customer Experience Suites now enable sales consultants to sell any one of our sites across England and Wales, accessing availability and virtual homes and development tools at an instant. We believe we're the first in the new homes market to offer this capability. Our buildability and waste workshops have already proven a great forum for looking at how we can build our homes better, faster, and more cost-effectively, while producing less waste and being more sustainable throughout the process, all without compromising our unique differentiated Heritage Collection. A survey conducted by YouGov said that 78% of people aspire to live in a detached home. Those spending a great amount of time at home, whether to work, socialize, or relax, desire somewhere that's quiet, more spacious, and offers greater privacy. A sense of space is intrinsic to Redrow Homes, and not only just in the room sizes and layouts. We have the highest ceilings among our peers in the industry, along with taller doors, skirtings, and architraves. Our customers are generally highly financially resilient, have large deposits, or are cash purchasers. They value the quality, breadth, and convenience of our range of standard choices and upgrades, enabling them to shape their home for what they want from day one. This is reflected in the extra sales, up more than 100% year-on-year to GBP 19 million in half one. With new building regulations due in June 2022, we are actively preparing our building specification to ensure our new homes will meet the new Fabric Energy Efficiency Standards. The last six months, we've implemented a range of significant trials designed to strengthen our performance and ensure our homes are ready for the forthcoming changes related to fuel, power, and ventilation, and to meet the government's Future Homes Standard. We have made significant progress in the area of environmental, social, and governance. We have set out our intention to achieve net zero carbon by 2050, and we're working towards all our new developments achieving a minimum of 10% biodiversity net gain. We have signed into the Science Based Targets initiative, highlights business ambition to pursue efforts to limit global warming to 1.5 degrees. Redrow has joined the United Nations Race to Zero campaign to become one of only 3,067 companies globally, committed to setting more ambitious climate targets. The Carbon Trust has been appointed to help Redrow model its targets and develop its approach to meeting this strategy. In summary, by continuing to evolve rather than revolutionize our highly successful Arts and Crafts-style Heritage Collection, we've capitalized on strong demand, improved sales margins, and continue to invest for growth. The group has returned to a normalized margin a full 12 months ahead of previous guidance. Our digital transformation program means we are leading the industry in providing the best in-person and digital experiences for our customers. We are the first to offer a truly digital-led sales experience within our Customer Experience Suites. We've combined this with positive progress on ESG. Our strong balance sheet, forward order book, and cash generation gives an excellent platform going forward. I am confident the business will deliver further progress in the second half. Whilst delivering a strong financial and ESG performance, Redrow will continue to innovate to ensure we meet the needs of customers and stakeholders. Thank you.
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