Bellway H1 profit up to £314m on £1.49bn revenue

Newcastle-based house building giant Bellway said on Wednesday its revenue rose 12.4% to £1.49 billion in the 26 weeks to January 31 and profit before tax rose 8.7% to £313.9 million.

Interim dividend will rise 5% to 50.4p per share.

Bellway’s average selling price rose 6.5% to £293,832. The firm said 5,007 homes were completed during the period, an increase of 5.6%.

Bellway said recent trading has also been positive and its forward order book is strong with a value of £1.48 billion at March 10, comprising 5,724 homes.

Bellway chairman Paul Hampden Smith said: “A long-term approach to growth that benefits all of our stakeholders Bellway has delivered another positive set of financial results driven by a strong operational performance.

“The group has achieved substantial volume growth and following ten consecutive years of rising output, the number of homes sold by Bellway has risen by almost 150%.

“Bellway retains significant capacity for further growth, both from its existing divisional structure and through the continued investment in new sites and divisions, where land opportunities meet or exceed the group’s minimum return requirements.”

The firm saw completions rise 5.6% to 5,007 homes, and said that recent trading is positive.The forward order book stands at £1.49 billon and Bellway has capacity to deliver up to 13,000 homes per year.