Bellway revenue climbs to £1.78bn amid record numbers of new homes
Housebuilder Bellway is on track for revenue of £1.78bn in the first half of the year driven by a record number of home completions.
In a sign that the construction sector is staging a recovery from the Covid-19 pandemic Bellway completed 5,694 new homes in the six months to January 31 with an average selling price of £311,800 as the market benefitted from pent-up demand and improved construction progress. In an interim update published today, Bellway said Revenue is expected to grow three per cent year on year, rising from £1.715bn to £1.778bn.
Jason Honeyman, Bellway’s chief executive said, “Bellway has delivered a strong first half performance, achieving record volume output and housing revenue, notwithstanding the wider economic challenges presented by labour, material and fuel shortages and COVID-19 related absenteeism.
“We have continued our disciplined investment in land and enter the second half of the financial year with a strong order book and a backdrop of ongoing, positive trading conditions,” Honeyman added, referencing the company’s £567.8m spend on 8,660 plots of land.
Bellway revealed that it is on track to boost annual revenues by 10 per cent this year on the back of a strong order book comprising 6,628 homes, with a value of £1.9bn.
“Going forward, Bellway is on track to deliver its target volume growth of around 10% this financial year and further growth to around 12,200 homes in financial year 2023. Thereafter, our strong balance sheet and capacity to invest positions the Group well to continue its long-term and disciplined growth strategy,” Honeyman said.
Read more: Bellway’s profits double despite supply chain woes slowing construction activities