Record year for Bellway

After a fantastic year, which has seen the Company sell a record 7,752 properties in the 12 months to end of July, Bellway has committed to building ten per cent more homes in the next year.

With pre-tax profits rising to 44%, the Company believes the strength of the market in Britain, which is being underpinned by low mortgage rates and a shortage of properties, is ripe for expansion.

Commenting on the results, Chairman, John Watson, said: “Bellway has produced another outstanding set of results, completing a record number of new homes, whilst simultaneously making a record investment in land and opening a further two new divisions in the last twelve months.

“This successful implementation of the Group’s disciplined growth strategy has enabled the Board to propose a final dividend of 52.0p per share, bringing the total dividend for the year to 77.0p.

“Bellway is well positioned to continue delivering its strategy for growth, investing in high quality locations and delivering further sustainable returns for shareholders. The outlook remains positive and the strength of the forward order book should enable the Group to achieve volume growth of up to 10% in the current financial year.”

Chief Executive Ted Ayres said reservations in the last nine weeks were up 16% on a year ago, in part because the company had more properties available.

“It’s been a very good start in the first nine weeks, and it gives us confidence we can do volume growth of around ten per cent this year,” he said

Shares in Bellway were trading up 4.2% to 2.466 pence in early trade on Tuesday, topping the mid-cap index.

 

The post Record year for Bellway appeared first on UK Construction Online.