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Bellway (BWY) investor relations material
Bellway H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved strong performance in FY25 with 8,749 home completions, up 14.3%, and operating margin rising to 10.9%, driving operating profit to £300 million.
Net private sales rate per outlet per week increased to 0.57, and the order book at 31 July rose to 5,307 homes, with forward sales covering 65% of FY 2026 guidance.
Underlying return on equity improved to 8.2% from 6.5% the previous year.
New capital allocation framework introduced, emphasizing capital efficiency, cash generation, and enhanced shareholder returns, including a £150 million share buyback.
Financial highlights
Total revenue grew 16.9% to £2,782.8m, with housing revenue up 17.5% to £2,768.3m year-over-year.
Private output up 20.3% to 6,924 homes; social output normalized at 21% of completions, with social completions at 1,825 homes.
Average selling price rose 2.8% to £316,000, with private ASP at £350.4k and social at £187.3k.
Gross margin improved by 40 bps to 16.4%; underlying PBT up 27.9% to £289 million.
Proposed full-year dividend increased to 70p per share, up 29.6%.
Outlook and guidance
FY26 guidance targets around 9,200 completions, with social completions expected to represent about 20% of volume output and ASP around £320,000.
Operating margin expected to remain near 11%; admin overhead to rise to £170 million due to wage and NIC increases.
Multi-year plan to reach 10,000 homes by FY 2028, assuming stable market and modest outlet growth.
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