Housebuilder reports sharp rise in revenue and profit on the back of strong growth in housing market

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Bellway Homes has posted bumper full-year results on the back of strong growth in the housing market, with revenue rising 34% to £1.49bn and profit jumping 75% to £246m.

Reporting its results for the year to 31 July this morning, the housebuilder said it sold 6,851 homes over the period, up 21% on the previous year, with its average selling price rising by 10.4% to £213,182.

Revenue rose 34% from £1.1bn to £1.49bn, with pre-tax profit jumping 75% from £141m to £246m.

The firm’s operating profit jumped 70% to £256m, with its operating margin increasingly sharply from 13.6% the previous year to 17.2%.

The housebuilder said its landbank had also risen over the period from 32,991 plots to 35,434 plots.

Bellway chairman John Watson, said: “This has been an exceptional year of progress for the group in which we have delivered record revenue and profit.

“There has been a significant improvement in customer confidence during the year and this has enabled Bellway to accelerate the construction and delivery of much needed new homes.

“The outlook remains positive with a record forward order book and this should enable the group to deliver volume growth of around 10% in the current financial year.”