Redrow says outlook for 2009 'very weak'

House builder Redrow has warned that the outlook for 2009 is "very weak with mortgage availability still limited" in a statement ahead of its annual general meeting today.

The company said it would focus on "tight control" of its cost base and cash flow in order to try and weather the economic storm.

It also reported that housing reservations are 45% lower year-on-year in the first 18 weeks of trading since the start of its current financial year, with only a modest seasonal upturn for September and October.

The company secured a new £450m debt facility to 2011 in September and said it was on track to reduce its current debt by June. Net debt stood at £300m at the end of October.