Newcastle-based house builder Bellway said its profit before tax rose 12.6% to £560.7 million on revenue up 14.2% to £2.5 billion in the year ended July 31, 2017.

Bellway said its number of completions rose 10.6% to a record 9,644 homes during the year.

Earnings per share (EPS) rose 12.7% to 370.6p, facilitating a 13% rise in proposed total dividend per share to 122p.

In its outlook, Bellway said its order book at October 1, 2017, has grown 17.4% to £1.36 billion and comprises 5,034 homes compared to 4,701 homes at the same stage last year.

“The outlook remains positive and the board expects the group to grow volume by at least 5% and the overall average selling price to increase to around £280,000 in the current financial year,” said the Newcastle firm.

“Whilst the skills shortage facing the entire construction sector is a moderator to the industry’s overall ability to deliver growth, it is not preventing Bellway from continuing to increase its output of new homes …” said Bellway executive chairman John Watson.

“For the foreseeable future, and assuming the opportunity for growth remains unchanged, Bellway will continue to reinvest earnings into financially attractive land opportunities and maintain a dividend cover of around three times earnings.”