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Bellway's profits slump
HOUSEBUILDER Bellway posted an 82 per cent fall in pre-tax profit, beating market expectations, and said reduced debt left it well positioned should the housing market mount a robust recovery.
The company, which sold 4,380 homes in the year to end-July, reported a pre-tax profit of 29.8m, down from 165.7m a year earlier, on turnover of 683.8m, down from 1.15bn.
Analysts were expecting the group to post pre-tax profit of 26.8m and revenue of 668m.
Net debt stood at 36.8m, giving the group gearing of 3.8 per cent after it reduced borrowing by 180.9m.
Bellway, the only national builder to currently pay a dividend, kept its final payout steady at 6.0 pence a share.
It said reservations since the beginning of August were 58 per cent ahead of a year ago, and it would open new outlets and buy land, mainly in the south of England.
"With national coverage, a robust balance sheet and low gearing, the board believes Bellway is well positioned, " the firm said.
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Wednesday 23 May 2012
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