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08 Aug 2019 | 07:43

Bellway expects annual profits to meet market expectations

Bellway said annual pre-tax profits were expected to be in line with market expectations thanks to a pickup in housing demand during the spring selling season, though margins continued to moderate toward a more normalised level. For the year ended 31 July 2019, the company expected pre-tax profits to meet market expectations of £664m with housing revenue expected to rise by over 8% to almost £3.2bn. The uptick in revenue comes as the company sees the number of housing completions rising by 5.7% to 10,892 , up from 10,307, a record for the group.

The forward order book included 4,878 homes, up from 4,841 homes a year earlier, providing a 'solid platform from which to deliver further, more moderate volume growth in the year ahead,' the company said. The cancellation rate for the year remained low, at just 12%, up slightly from 11% last year. 'Customer confidence was resilient and despite the evolving political backdrop, trading in the second half of the financial year was more robust, benefitting from site openings and the usual increase in demand throughout the spring selling season,' the company said.

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