Revenue and completions also up
Bellway has reported increased revenue, profit and completions in its interim results, alongside an sunny assessment of its prospects going forward.
In interim results for the half-year ended 31 January 2025, the housebuilder pointed to an improvement in planning delays and predicted forecast growth for the years to come.
Revenue was £1.43bn in the period, up 12.3% from £1.27bn, while housing completions were up 12% from 4,092 to 4,577.
Statutory pre-tax profit was £140.8m, up 19.9% from £117.4m, although the increase to the underlying pre-tax profit numbers saw smaller growth with a 11.9% rise.
Bellway opened 17 new outlets in the period and has 30 openings planned for the second half.
It also provided £9.4m as an adjusting item for legacy building safety, which it said comprised an adjusting finance expense of £7.3m.
The average selling price also increased, from £309,278 to £310,581, as did the private reservation rate per outlet per week, which rose 18.6% to 0.51.
The group said recent trading had been encouraging, with a private reservation rate per outlet per week of 0.76 and a forward order book at 16 March comprising 5,582 homes.
The firm said that planning delays were beginning to ease and predicated that if conditions remain stable it could deliver cumulative volume growth of 20% in the two years to full-year 2026.
“Bellway has delivered a strong first half performance with good growth in volume output and profits,” said Jason Honeyman, group chief executive.
“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 said it remained on track to build at least 8,500 homes in the full financial year, almost a thousand more than in the previous year.
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