Bellway has had a bumper year, with record house sales and climbing margins.
The housebuilder said housing revenue had grown 13% to over £3.5bn, while housing completions had risen by 10.5% to a record 11,198 homes.
In a trading update issued this morning, Bellway said margins had risen to 18.5%, up from 17% last year and 14.5% in 2020, driven by improved site operating efficiency and completions from more recently acquired land.
Chief executive Jason Honeyman said: “Looking ahead, our sizeable forward order book and continued strong investment in land puts the group in an excellent position to deliver another record year of volume output, notwithstanding the ongoing challenges in the planning system and upcoming end of the Help to Buy scheme. In addition, a robust balance sheet continues to provide strategic flexibility and a platform for our long-term strategic priorities of volume growth and value creation.”
Bellway ended its financial year with £245m net cash and forward sales for 7,223 homes worth £2.1bn.
To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews
