Investec: ‘Take Bellway profit’
Investec Securities has advised shareholders to take profits in Bellway which reported interim revenue up 12% to £458.6m on Tuesday.
Pretax profits climbed 69% to £40.6m but the broker nevertheless cut its recommendation on the stock from “buy” to “hold”. Bellway pointed to continuing stronger demand in the past two months with private customer reservations up 16% year-on-year. The housebuilder sold 2,455 homes over the six-month period, up from 2,332 a year earlier. The shares closed down 2.4% at 839p.
28/03/12 Financial Times 22, 24, 34Times 36, 40Daily Telegraph B2, B7Independent 56
Investec Securities has advised shareholders to take profits in Bellway which reported interim revenue up 12% to £458.6m on Tuesday.
Pretax profits climbed 69% to £40.6m but the broker nevertheless cut its recommendation on the stock from “buy” to “hold”. Bellway pointed to continuing stronger demand in the past two months with private customer reservations up 16% year-on-year. The housebuilder sold 2,455 homes over the six-month period, up from 2,332 a year earlier. The shares closed down 2.4% at 839p.
28/03/12 Financial Times 22, 24, 34Times 36, 40Daily Telegraph B2, B7Independent 56
