Bellway has posted a rise in completed homes and house selling prices in the year to 31 July, helping it to achieve a £62m pretax profit.
The number of houses the group completed rose 7.1% to 4,922 from 4,595 in the previous financial year. During the same period the average selling price of homes increased to £175,000 from £163,175.
A strong second half helped the group to achieve an above-forecast pretax profit of £62m, compared with £44m last year.
The firm has an order book of £426.8m (£421m in 2010), and as at 31 July, has net cash of £3m with combined bank facilities of £290m. It had expended around £250m on land and land creditors during the year.
An increase in volumes and average selling prices are Bellway’s 2011/12 targets, depending on the level of consumer confidence and mortgage finance availability.
The company also announced that group finance director Alistair Leitch has decided to retire from the board, and will be replaced by group chief accountant Keith Adey with effect from 1 February 2012.
joanna.bourke@estatesgazette.com
