Bellway housing completions rise 6.3%, average selling price hits record high
Source - SMW
Bellway saw further growth in volume in the six months to the end of January with a 6.3% increase in the number of housing completions to 4,741 (2017: 4,462), while average selling price rose nearly 7.8% to a record £276,000.
Housing revenue is expected to rise by in excess of 14% to around £1.3bn (2017 - £1,142.9m).
The group reported a 7.2% rise in the weekly reservation rate with the value of its forward order book growing by 15.7% to £1,297m (2017 - £1,121m).
The company also reported significant investment in land with 6,726 plots contracted (2017 - 6,287 plots) on sites with attractive rates of return, supporting the Group's continued growth ambitions.
The Board expects that the group will be able to replicate the rate of volume growth achieved in the first half and in doing so, complete the sale of around an additional 600 homes for the year ending 31 July 2018.
John Watson, Executive Chairman, said: 'Bellway is continuing to make a sizeable contribution to the supply of much needed new homes and has delivered a further increase in both volume and average selling price in the six month trading period.'
'Significant investment in land, together with ongoing plans to expand the divisional structure, should lead to a further increase in output and hence result in additional value creation for our shareholders.'
At 8:34am: (LON:BWY) Bellway PLC share price was +17.5p at 3330.5p