Newcastle-based house building giant Bellway said its revenue rose 12.3% to £1.429 billion in the half year to January 31, 2025, and profit before tax rose 19.9% to £140.8 million.

Interim dividend per share rose 31.3% to 21p.

Bellway reported growth in total housing completions of 11.9% to 4,577 homes at an average selling price of £310,581 (2024 – £309,278).

The Newcastle firm said its “encouraging” recent trading and order book underpin its FY25 targets.

It said that in the seven weeks since February 1, its private reservation rate per outlet per week was 0.76 (1 February to 17 March 2024 – 0.67).

Bellway’s forward order book at March 16 comprised 5,582 homes (17 March 2024 – 5,063 homes) with a value of £1.581 billion (17 March 2024 – £1.344 billion).   

The group said it remains on track to deliver full year volume output of at least 8,500 homes (31 July 2024 – 7,654 homes) with output weighted towards the first half.

“We continue to expect the full year average selling price to be around £310,000 (31 July 2024 – £307,909) and the underlying operating margin to approach 11.0% (31 July 2024 – 10.0%).  

Bellway CEO Jason Honeyman said: “Bellway has delivered a strong first half performance with good growth in volume output and profits. Underlying demand for our homes is healthy and we have been encouraged by the improvement in customer enquiries and reservations since the start of the new calendar year. 

“The group remains on track to deliver volume output of at least 8,500 homes (31 July 2024 – 7,654) in the full financial year and we currently expect to build the order book through the second half to support further growth in financial year 2026.

“I am confident that, given our operational strengths and land bank depth, we remain very well-positioned to capitalise on the positive long-term fundamentals of the UK housebuilding industry, and Bellway will continue delivering the high-quality new homes the country needs.”