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Bellway profit up 26pc

Housebuilder Bellway has posted pre tax profits of £24 million for the half year ended 31 January 2011, up from £19m in 2010.

The strong performance comes after a marginal increase in sales – up 85 to 2,332 – and a substantial increase in average price, up to £168,428 from £155,871 in the same period last year.

Group turnover was also up substantially, climbing £47.1m to £407.9m for the half year.

And the group’s outlook remains positive with an order book at 13 March of £479.2m, ahead of the £435.4m achieved on 14 March last year.

Bellway chairman Howard Dawe said the group had exceeded its targets for the six month period and announced a 12.1 per cent increase to the interim dividend.

He said: “Last week’s budget announcements regarding our industry are to be welcomed and our appetite for land purchase continues.

“Visitors and reservations have returned to the pattern of a traditional spring market but consumer confidence remains fragile.

“However Bellway is……currently well positioned to deliver increasing returns.”

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