The UK’s 4th largest House Builder delivers more good news in its latest Trading Statement for the 6 months ending 31st January 2011. With news of increased sales, unit prices and profit plus purchase of a number of new sites.
A full copy of the Statement can be seen by following the links at the bottom of this post but the high lights on its land / site purchases and housing stock are posted below details regarding its trading figures and profit can be seen on our Onyx Consultants blog site:
Monday 7 February 2011
Bellway is today updating the market as to its trading performance for the six months ended 31 January.
The Group completed the sale of 2,332 homes, an increase of 85 units, compared to the six months ended 31 January 2010. The average sales price of these homes has risen from GBP155,871 in the same period last year to GBP168,000, an improvement of circa 8%. This increase, whilst aided by greater price stability during 2010, is primarily a result of the change in product mix as Bellway continues to change its focus away from apartments towards more traditional two storey homes.
The operating margin is expected to exceed that achieved in the comparable period last year of 6.1% by almost 100 basis points. This improvement in margin should continue in the second six months as more recently acquired sites start to contribute to completions.
Around GBP130 million (2010 – GBP76 million) has been spent on land in the period and whilst Bellway is no longer in a net cash position, having GBP7 million of net debt at 31 January, it remains soundly financed, having recently renewed a bilateral facility of GBP150 million with Barclays, one of its banking partners. This new facility expires in a variety of tranches up until December 2015 and currently provides the Group with total facilities of GBP380 million…
If you are a house builder and need temporary assistance with your commercial requirements or a subcontractor looking for an introduction to major house builders such as Bellway Homes then contact Andrew Fella at Onyx Construction Consultants Ltd 0n 01473 743682