Housebuilder says it enjoyed record-breaking financial year in trading update
Housebuilder Bellway enjoyed a record-breaking financial year in the 12 months to July and hit a 20% operating margin, the firm said in a trading update ahead of publication of its results.
Bellway鈥檚 operating margin jumped around three percentage points over the year, up from 17.2% the previous year.
The firm鈥檚 order book broke the 拢1bn barrier - hitting 拢1.1bn - up from 拢924m the previous year. This represents 4,568 homes, up from 4,363 homes.
House completions were up 13.2% to 7,752, up from 6,851, while the average selling price rose 5% to 拢224,000, up from 拢213,182.
Bellway said demand for new homes 鈥渞emained strong throughout the year鈥� and 鈥渢hroughout the country鈥�.
The firm added: 鈥淭he land market remains attractive and the recent confirmation that the Help to Buy shared equity scheme will be extended to 2020 in England, provides stability and visibility when assessing future land opportunities.鈥�
Bellway has opened a new division in Kent as part of its expansion.
Ted Ayres, Bellway chief executive, said: 鈥淲e have made a substantial investment in attractive land opportunities and the group has the balance sheet and operational capability to invest further, thereby enabling Bellway to continue delivering additional and much needed new homes.鈥�
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