Profit up 15.1% at Bellway

Profit up 15.1% at Bellway

Newcastle-based national housebuilder Bellway has announced its results for the year ending 31 July 2017, reporting strong growth in revenue and profits.

In this period, the company’s revenue rose by 14.2%, to £2,558.6m and gross profit grew 15.1% from £574.8m to £661.6m.

Earnings per share has risen by 12.7% to 370.6p, paving the way for a 13% rise in the proposed total dividend per share to 122.0p.

The number of buildings completed rose by 10.6% to a record 9,644 homes. The board expects the group to grow volume by 5% and the overall average selling price to increase to around £280,000 in the current financial year.

The group will also acquire 11,613 plots, providing a secure base to build for future growth.

John Watson executive chairman of Bellway said: “The Group, comprising nineteen trading divisions, has delivered another excellent set of results, surpassing the records set last year in respect of volume, operating margin and profit.  

“At the same time as achieving these outstanding results and adding further value for shareholders, Bellway remains committed to growing the business in a safe, responsible and sustainable manner.  In doing so, the Group has increased its contribution to the supply of much needed new homes whilst upholding high standards in both customer care and health and safety.

“Bellway has invested significantly in land, maintaining its rigorous and disciplined investment criteria and with a strong balance sheet and focus on operational delivery, I am confident that the Group is well positioned to deliver further growth, this year and beyond.”