Housebuilder posts strong results as profit booms
Bellway has said demand for homes has been “resilient” after the Brexit vote, as the housebuilder posted another jump in full-year profit.
Pre-tax profit for the year to July 2016 increased 40.6% to £497.9m, up from £354.2m, on revenue up 27% to £2.24bn, up from £1.77bn.
The firm’s underlying profit margin now stands at 22%, up from 20.4%.
Chairman John Watson said: “”The long term outlook continues to be positive, supported by strong customer demand, a substantial forward order book and favourable trading conditions across all areas of the country where Bellway operates.
“Whilst there is some uncertainty following the result of the EU referendum, trading since that date has remained resilient. Bellway has invested significantly in high quality land opportunities and infrastructure over recent years.
“As a result, with its strong balance sheet and structure of nineteen operating divisions, the Group is well placed to deliver additional value for shareholders through further disciplined volume growth in the current financial year.”