Bellway Homes posts record results

Bellway Homes posts record results

Housebuilder reports sharp rise in revenue and profit on the back of strong growth in housing market

Bellway Homes has posted bumper full-year results on the back of strong growth in the housing market, with revenue rising 34% to £1.49bn and profit jumping 75% to £246m.

Reporting its results for the year to 31 July this morning, the housebuilder said it sold 6,851 homes over the period, up 21% on the previous year, with its average selling price rising by 10.4% to £213,182.

Revenue rose 34% from £1.1bn to £1.49bn, with pre-tax profit jumping 75% from £141m to £246m.

The firm's operating profit jumped 70% to £256m, with its operating margin increasingly sharply from 13.6% the previous year to 17.2%.

The housebuilder said its landbank had also risen over the period from 32,991 plots to 35,434 plots.

Bellway chairman John Watson, said:

This has been an exceptional year of progress for the group in which we have delivered record revenue and profit.

"There has been a significant improvement in customer confidence during the year and this has enabled Bellway to accelerate the construction and delivery of much needed new homes.

"The outlook remains positive with a record forward order book and this should enable the group to deliver volume growth of around 10% in the current financial year.

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