Housebuilder increases profit 3% to 拢220m but says that most sales required incentives

Housebuilder Bellway put in a solid set of results posting rises in pre-tax profit, house sales and land bank but it warned that the house market remained challenging in most parts of the country.

Pre-tax profit grew 3.2% to 拢220.7m for the twelve months to 31 July from a turnover of 拢1.24bn giving the housebuilder a margin of 18%. Net asset value per share grew to 793p from 689p, a rise of 15.1%.

The number of homes sold rise to 7,117 up from 7,001 the previous year but chairman Howard Dawe warned that 鈥渁lthough some parts of the country have shown resilience, notably in the North East, Scotland and the Thames Gateway, the rest of the country remains challenging and, as a consequence, incentives are still required to conclude most transactions.鈥�

Bellway鈥檚 landbank nudged up slightly to 22,600 up from 22,5000.

Chief executive John Watson said that Bellway鈥檚 order book had grown to 拢647m by the end of September and that it was a good position to maintain its track record.

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