Published Date:
13 October 2009
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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Last Updated:
13 October 2009 8:33 AM
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Source:
n/a
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Location:
Yorkshire
