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Bellway (BWY) investor relations material
Bellway Trading Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Trading performance and financial results
Housing completions rose 14.3% to 8,749 homes, with average selling price up to £316,000, both ahead of guidance.
Housing revenue increased 17% to over £2.76bn, and underlying operating margin is expected to approach 11%.
Private reservation rate per outlet per week grew 11.8% to 0.57, with bulk sales contributing to the increase.
Forward order book at year-end increased to 5,307 homes valued at £1,519.4m.
Net cash position at year-end was £42m, compared to net debt of £10.5m last year.
Market conditions and operational highlights
Customer demand supported by stable mortgage rates and good mortgage finance availability.
Build cost inflation remained low, and material/subcontractor availability was strong.
Private completions rose to 79% of total output, with overall reservation and cancellation rates stable.
Maintained five-star homebuilder status for the ninth year; 47 site managers won NHBC awards.
Average number of outlets operated was 246, with a closing position of 249.
Land investment and capital allocation
Contracted to purchase 8,120 plots across 51 sites, with a total contract value of £567m.
Strategic land bank strengthened with 30 new option agreements.
Adjusted gearing remains low at around 10%, supporting balance sheet strength.
Dividend cover expected at around 2.5 times, with earnings growth driving higher dividends.
Refined capital allocation framework to be detailed in October, focusing on cash generation and shareholder returns.
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