Operating margin rose sharply to 10.1%, due to the greater proportion of homes sold on higher margin land acquired since the economic downturn.
Chairman Howard Dawe said: “There remains an underlying demand for our homes the group therefore intends to continue its three-pronged strategy of delivering volume, selling price and operating margin growth”.
Completions rose 5% to 2,455 homes. Bellway completed the sale of 2,048, private homes during the period, up 14.8% on the prior year, together with a further 407 (2011 – 548) sales to housing associations.
On-going changes in mix delivered an improvement in the average selling price, which in the north rose by 4.3% to £151,468, due to building more traditional two storey family housing.
Average selling prices in the south jumped 9.8% increase to £211,378, driven by strong demand within the Greater London boroughs.
The rise in prices and completions lifted turnover 12% to £459m.