Bellway looks to build on order book strength
The company generated revenue of £1.77 billion, up 18.9 per cent from the prior year, while pre-tax profit grew by 44 per cent to £354.2 million.
Excluding an exceptional item of £6.9m, the one-off profit generated by offloading all of its historic shared-equity assets, this amounted to £347.3m, which analyst Robin Hardy at Shore Capital Markets said exceeded the £343m expected by his team and the consensus.
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Hide AdBellway chairman John Watson said the firm has achieved “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 12 months”.
The firm – a key player in Scotland – sold a record 7,752 homes, up from 6,851 in the prior year, and grew its investment in land and land creditors by £160m to reach a record spend of £620m. Its divisions now number 17 after adding sites in Bristol and Kent. It started the current financial year with a “healthy” order book of 4,568 homes, up from 4,363 last year.
Watson said the outlook was positive, stating: “Bellway is well-positioned to continue delivering its strategy for growth, investing in high-quality locations and delivering further sustainable returns for shareholders.”