Housebuilder's turnover reaches £1.18bn in the year to July 0150 up 7.8% on last year.

Housebuilder Bellway has posted record figures for turnover and a 14th successive year of volume growth in its year-end results this morning.

Despite testing market conditions, the firm’s turnover reached £1.18bn in the year to July – up 7.8% on £1.09bn last year.

Pre-tax profits also increased 6.2 per cent form £205.5m to £218.2m and chairman Howard Dawe announced a 25% increase in the dividend to 31.25p.

Despite rising interest rate rises, Bellway increased its land bank to 22,500 plots and sold 7001 homes in the year – up 5.9%.

Dawe said: "Despite testing market conditions, Bellway has recorded its 14th successive year of volume growth. Turnover increased to a new record."

“Bellway has a broad national coverage serving most areas of the country which gives us flexibility to react quickly to changes in the market,” he added.

The firm is now operating out of 17 divisions, including a new Thames Gateway North division to capitalise on increased demand in the area due to London winning its bid for the 2012 Olympic Games.

The firm said that the continued use of prefabricated components had helped mitigate the impact of build cost increases. Timber framed construction has been used in 25% of the homes we completed during the course of the year, especially in areas such as Milton Keynes.