Bellway (BWY) continued its strong run in the six months to January, with housing completions up by nearly 16 per cent at 3,754. The outlook remains extremely bright, too, with forward sales up 25 per cent from a year earlier at £975m. Operating margins are expected to be close to 20 per cent against 15.6 per cent a year ago, while there are plans to open a sixteenth operating division.
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The group has also made significant investment in new land, with spending up from £240m a year ago to £355m, resulting in net debt at the half year of £93m compared with nominal cash at the July year-end.
