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Bellway's pre-tax profit jumps to £158.9m for H1 2015

Bellway has posted a 53.1 per cent jump in its pre-tax profit for the half-year to 31 January 2015.

In its interim results, the housebuilder said pre-tax profit had climbed to £158.9m, compared with £103.8m for the same period the year before.

Revenue was up 18.7 per cent to £831.2m from £700.4m, while dividend per share has risen 56.3 per cent to 25p from 16p.

The housebuilder said completions jumped 15.7 per cent to 3,754 homes for the period, compared with 3,245 for the same period the previous year.

Customer demand for new homes remained “robust” across the UK with all of its 15 operating divisions described as performing well.

The housebuilder said Help to Buy remained an important initiative for the housebuilding industry and had been used to secure 23.8 per cent of reservations.

“While there continues to be a gradual improvement in the availability of mortgages, Help to Buy remains the only widely accessible and cost-effective option for those customers with a deposit of 5 per cent,” it said.

The North had shown “particular strength”, with an increase of 23.6 per cent in completions to 1,822, from 1,474 for the same period the year before.

It said this was a result from its land investment over recent years.

The company added that the South also performed well, with completions rising 9.1 per cent to 1,932, from 1,771 for the same period the year before. 

The average selling price in the South increased by 3.4 per cent to £249,112, from £240,823 the year before, which it said was influenced by strong demand and pricing improvements in London.

Bellway spent £355m on land and land creditors during the period, compared with £240m for the first half of 2014.

Its owned and controlled landbank grew to 35,837 plots, from 35,434 plots in 31 July 2014, representing a supply of 4.8 years based on the current rate of output.

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