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Housebuilder Bellway posts 15.7% jump in legal completions

Bellway has posted a 15.7 per cent increase in its housing completions ahead of its interim results for the six months to January.

In a trading update, the housebuilder said it had completed 3,754 homes for the period, compared with 3,245 the year before.

Revenue is expected to rise by 19 per cent to over £820m, compared with £688.2m in 2014.

Operating margin is expected to reach 20 per cent for the period, compared with 15.6 per cent in 2014.

Average selling price for homes sold increased by 3 per cent to around £219,000, from £212,071 the year before.

The group said it has made “significant” investment in land with around £355m used for land and land creditors, compared with £240m the year before.  

Recent land acquisitions included Kempshott Park in Basingstoke, Stokesley Road in Guisborough and Kings Hill in West Malling, which are all expected to be released for sale in the next 12 months.

Bellway’s growth in the North was particularly strong it said, completing 1,822 homes across its seven northern divisions.

This represents an increase of 23.6 per cent compared to last year, with strong performances in Scotland and the North East, where its divisions completed the sale of 327 and 431 homes respectively.

The housebuilder said it has plans to open a sixteenth operating division in the second half of the current financial year.

Bellway chief executive Ted Ayres said: “The group’s strategy of delivering volume growth, with a strong focus on return on capital employed has resulted in a further significant rise in profitability. 

“With advanced plans to open a sixteenth division in the second half of the financial year, Bellway is well positioned to deliver further earnings growth.”

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