Morgan to unveil strong performance from Redrow

Steve Morgan, the property tycoon who recently put Wolverhampton Wanderers up for sale, is set to unveil a soaring sales performance from his Redrow housebuilding company today.

Mr Morgan, who has stepped down from Wolves' board after eight years in charge, is due to speak at Redrow's AGM in Ewloe, Flintshire, predicting another year of significant progress for the company on the back of a strong sales performance so far this year.

In his statement he is due to say: "I am pleased to report that this year's positive sales trend, which I announced in the September Prelims, has continued. Currently, net private reservations are 28% ahead at 1,560 and the sales rate for the 19 weeks to 6 November 2015 is 0.68 per outlet per week, up 5% on last year.

"The average selling price of private reservations for the financial year to date is £334,000, an 18% increase mainly driven by better quality outlets coming on stream to replace lower priced sites."

Redrow will unveiled its half year figures on February 9.

Mr Morgan, who bought Wolves for a nominal £10 from Sir Jack Hayward in 2007, made his bombshell announcement that he was putting the club up for sale in September. Earlier in the month he had unveiled a record year for Redrow, smashing the £1bn sales barrier for the first time.

As revenue soared 33% to £1.15bn in the 12 months to the end of June, pre-tax profits jumped 53% to £204m/

Mr Morgan, company founder and chairman, doubled the dividend payout to investors to 4p a share, meaning a £6m payout for himself and his Bridgemere investment business which owns 40% of the business.