Bellway reveunes rise

Bellway revenues rose thanks to a record number of housing completions.

The group completed 5,694 new homes in the six months to January 31. Revenues are expected to grow from £1.715bn to £1.778bn.

Chief executive, Jason Honeyman, 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,” he added.

“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,”

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