Bellway move south sees profits soar to £105m

Aaron Morby 10 years ago
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House builder Bellway has delivered a rise in completions, selling prices and profits for the third year running.

The Newcastle-based house builder, which started a push into the southern market several years ago, lifted pre-tax profits 57% to £105m, on revenue just topping £1bn.

Across the board improvements in average sales prices and volumes lifted operation margins from 8.5% last year 11.4%.

Chief Executive John Watson said: “Even though the national output of new homes is reported to be at or near an all time low of approximately 120,000 homes, Bellway has now achieved three consecutive years of increased volume output.

“We ended the year under review with completions up by 6.2% to 5,226 homes.  This was supported by an increase in the completion of private homes of 13.4% to 4,358.”

He added: “This volume growth is primarily derived from increasing the average number of sales outlets to 208 from 195, having opened 40 new outlets during the year.

“This increase was supported by a stronger market in the south of England, where the group continues to benefit from exposure to the London boroughs.”

Completions to housing associations declined to 868 (2011 – 1,079).

The average selling price of private homes exceeded £200,000 for the first time and is up 4.6% to £200,287 compared to the previous year.

 

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