Bellway bullish as home sales soar
House-builder Bellway is set to report a strong rise in half-year profits next month as it has been selling more new homes and at significantly higher prices.
In the six months to 31st January 2016 Bellway completed the sale of 4,188 homes, up nearly 12% on the 3,754 for the same period in 2014. The average selling price rose by 17% to a record £257,000.
In a trading update, the directors said that this strong trading performance should lead to a significant rise in housing revenue of more than 30% to above £1,075m. They said that they have both the order book and land bank to continue to deliver volume growth.
Chief executive Ted Ayres said: “We have achieved a strong performance for the half year to 31st January 2016, delivering a further increase in both volume and average selling price, which should result in a substantial rise in earnings. We have made a significant investment in land at attractive rates of return to secure future growth and this, together with the positive market conditions and government support for new housing, should lead to further value creation for our shareholders.”
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This article was published on 10 Feb 2016 (last updated on 10 Feb 2016).