Housebuilder Bellway has reported solid progress in the 17 weeks to 31 May, which prompted City analysts to raise their profits forecasts, and management thinks the group is well placed to continue increasing volumes, margins and average selling prices.
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During the period, net reservations increased 9 per cent year-on-year, while average selling prices rose 5 per cent. The group has boosted its land bank and management says that Bellway's target for increasing sales volumes by 5 per cent now looks secure and they expect an operating margin of at least 11 per cent.
