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Bellway secures 86pc of 2009/10 sales target

Bellway has now secured 86 per cent of its 2009/10 sales target with average sales prices slightly ahead of expectations.

At the group’s AGM today chairman Howard Dawe said reservations in the five months to 31 December 2009 are 54 per cent up on the same period a year earlier.

But he added: “With concerns over mortgage availability and unemployment in particular, we await the spring selling season with caution.”

Bellway’s net cash position at 31 December 2009 stood at £51 million.

The board will now selectively increase work in progress expenditure where appropriate and continue to pursue new land opportunities, but only at attractive margins.

Meanwhile non executive director David Perry retired at the meeting after having served on the board since 1999.

Mr Dawe said: “David has contributed greatly to Bellway’s performance over the years and the board would like to thank him for all his efforts on behalf of the group.

“David has been replaced by John Cuthbert who joined the group as a non executive director on 1 November 2009.”