Bellway completes 9,695 homes in fiscal year, exceeding expectations

en.Wedoany.com Reported - Bellway completed 9,695 homes in the fiscal year ending July 31, up 11% year-on-year and exceeding its previously guided range of 9,300 to 9,500 homes. The housebuilder completed 8,749 homes in the previous fiscal year. The company said the outperformance was primarily driven by "a high conversion rate in the bulk sales pipeline."

Bellway expects underlying profit for the current fiscal year to be approximately £320 million, up from £303.5 million in the prior year. The company also announced plans to implement an additional £50 million share buyback program after completing its £150 million share buyback program, which is set to conclude later this month.

In its trading update, the group stated that, similar to the prior year, customer demand in the autumn was impacted by uncertainty ahead of the government's budget, with demand improving in early spring but moderating since April due to rising mortgage rates.

Chief Executive Jason Honeyman called on the government to "improve the accessibility of housing across all tenures, both helping first-time buyers onto the property ladder and supporting the delivery of affordable and social housing for those who need it most." He added that to ease affordability pressures and stimulate demand, an immediate reduction in stamp duty should be introduced, alongside a government-backed deposit support scheme for first-time buyers, which would both drive economic growth and accelerate the delivery of much-needed new homes across the country.

Bellway will release its final results on October 13.