Lovely looking chart with uptrend channel in place.



Brokers in the main like the company....

Bellway PLC

FORECASTS
2009 2010

Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Panmure Gordon
03-03-09 HOLD 28.55 17.84 8.00 13.71 8.57 8.00

Arbuthnot Securities
02-03-09 BUY 38.50 33.60 8.00 29.00 25.31 5.00

Collins Stewart
24-02-09 HOLD

Numis Securities Ltd
20-02-09 BUY 40.00 25.70 12.00 31.00 19.70 12.

Preliminary Results

HIGHLIGHTS

§ Number of homes sold increased to 5,226 (2011 - 4,922)

§ Average selling price increased to £186,648 (2011 - £175,613)

§ Total Group turnover increased to £1,004.2m (2011 - £886.1m)

§ Operating margin increased to 11.4% (2011 - 8.5%)

§ Profit before tax increased by 57% to £105.3m (2011 - £67.2m)

§ Earnings per share increased by 58% to 65.5p (2011 - 41.5p)

§ Total dividend increased by 60% to 20.0p (2011 - 12.5p)

§ Net asset value increased to 933p (2011 - 888p)

Mind the gap.

AGM Statement

At today's AGM, the Chairman, Mr Howard Dawe, made the following statement:-

"In the short period since the Interim Management Statement (IMS) on 7
December, reservations have remained in line with expectations. The Group
therefore starts the calendar year with 76% of its current year target secure
and assuming the usual pattern of reservations throughout the spring selling
season, the Board, as previously indicated, anticipates that completions will
increase by around 5% for the full year. In addition, the Board expects that
completions for the half year ending 31 January 2013 will also increase by
around 5%.

I am pleased that the final dividend of 14.0 pence per ordinary share has been
approved and this will be paid to shareholders on 16 January 2013, thereby
bringing the total dividend in respect of the year ended 31 July 2012 to 20.0
pence per ordinary share, representing an increase of 60% compared to the prior
year.

A pre-close Trading Update will be issued on Thursday 7 February following the
conclusion of the six month trading period ending 31 January 2013.

As previously announced, I will be retiring as non-executive Chairman on 31
January 2013 and would like to thank the Board, our employees and all connected
with Bellway for their tremendous support throughout my 51 years of service
with the Group."

Bellway going like the clappers
10:56 am by John Harrington The operating margin continues to advance, primarily due to the increasing proportion of completions arising from higher margin land, acquired since the downturn. As a result, the board expects that the operating margin will continue to improve throughout the rest of the financial year.

Bellway (LON:BWY) rose to a 52-week high this morning after a trading update revealed a 2.3% rise in the average selling price of its houses.

The house builder completed the sale of 2,597 homes in the six months to the end of January, up 5.8% from 2,455 in the same period a year earlier.

The average selling price (ASP) of homes sold increased by 2.3% to £187,000 from £182,753 the year before. The increase was ascribed to continuing changes in product and geographic mix.

The board anticipates that the average selling price will continue its upward trend for the remainder of this financial year.

Broker Panmure Gordon acknowledged the strong trading update but said solid growth in units, price and margin against the backdrop of relatively stagnant market condition is the case throughout the house building sector.

As a result, the broker reckons with the shares trading at a premium to the sector’s price/net asset value (NAV) ratio, “the valuation looks up with events”.

Panmure Gordon’s ‘hold’ recommendation and 1063p price target remain unchanged.

“The outlook for the business is relativity positive in our view with continued growth forecast in unit completions, ASPs (on mix) and net margin. However, the pace of underlying growth in unit completions on a per site per week basis is low, and underlying prices are stagnant (growth is currently mix-driven) so we are not seeing anything at Bellway that we are not seeing elsewhere in the sector at present. The margin will continue to progress due to the replacement of old low margin land with new higher margin land,” Panmure Gordon said.

“Weekly sales reservations stood at 97 compared to 89 a year ago – the driver being site growth. We consider this a healthy position for the company to be in going into the important Spring selling season,” the broker added.

Shares in Bellway were up 3.4% to 1,160p in mid-morning

Great results. Thank you Bellway.

Bellway: UBS raises target price from 1100p to 1270p and upgrades to buy.

Sold my holding, been in since OCT 2011 at 6.75p :-))

Well done DC - r u selling up and moving on?

Leaving on a jet plane don't know when I'll be back again. lol

No, lol. I have some very good profits sitting in some of these. I saw in IC today they are starting to question is the boom to come to an end ?

As posted, last week I sold out of NMX3720 which I'd been long since August - at about the current level, as it had had a near vertical rise.

Lets hope we are both wrong and the sector continues up.

I see in IC - st Modwen and Intu properties raised cash on the markets. As IC says its only a trickle but does not want to turn into a torrent. Lets hope we are wrong skinny.

Looking at your posting about hose builder holdings, you might want to look at the Household Goods & Home Construction constituents which is an easy way of exposure to the sector.

Thanks skinny.

Interim Results

Operational Highlights

§ 2,597 homes sold (2012 - 2,455) - up 5.8%
§ Average selling price increased to £187,426 (2012 - £182,753) - up 2.6%
§ Land investment increased to £145 million (2012 - £105 million)
§ Land bank increased to 32,025 plots (31 July 2012 - 31,136 plots)
§ Low net bank debt of £75.4 million representing gearing of only 6.5%
§ 94% of current full year volume target reserved or legally completed

Interim Management Statement

Market

The Group's performance since the beginning of the second half of the financial
year has been encouraging, with strong consumer demand for new homes. Wider
accessibility to affordable, higher loan to value mortgages has led to visitor
numbers and reservations being ahead of expectations and these have been
further enhanced by an increase in the number of active sales outlets.

Trading

Reservations since 1 February have averaged 160 per week, a 31% increase
compared with the same period last year and there has been an improvement in
customer interest since the launch of the government's Help to Buy scheme on 1
April.

Bellway's previous restriction on the use of shared equity incentives has now
been lifted due to the introduction of full government funding for Help to Buy
shared equity loans. Whilst lenders' credit scoring procedures remain robust,
Help to Buy continues to gather momentum, having been used in some 360
reservations. The Board is therefore hopeful that this initial momentum since
launch can be maintained as more lenders begin to offer this product.

The average selling price of reservations has increased as a result of changes
in product mix, although on certain new sites, especially in the south, prices
achieved have been modestly above management's expectations. As a result, the
average selling price of reservations taken since 1 February is £200,300, some
5% ahead compared to the same period last year. It is anticipated that this
increase will mainly benefit the average selling price of completions in the
next financial year.

Land

The Group has continued to invest in new land where the gross margin meets its
acquisition criteria of at least 20% and in doing so has expended £270 million
on land and land creditors since 1 August. In addition, the Group has heads of
terms agreed on a further 4,900 plots.

The Group had net bank debt of £95 million at 31 May and remains well
positioned to continue its investment in land, provided opportunities continue
to offer attractive rates of return. Bellway retains its ability to be
selective in its approach to site acquisitions with the required land already
in place to meet the Group's growth aspirations for the next financial year,
together with a strong pipeline of land progressing through the planning
system.

Outlook

As a result of its investment in land, Bellway is now operating from 223 sites
(2012 - 213 sites) and the Board therefore expects that approximately two
thirds of completions in the year ending 31 July 2013 will arise from land
acquired since the downturn. This should result in the Group achieving around a
200 basis point improvement in the operating margin, compared to the 11.4%
achieved last year.

Subject to construction delivery, Bellway has already secured its initial
target of increasing volumes by at least 5% and the Board therefore now expects
to increase the number of legal completions by around 7% in the year ending 31
July 2013. Furthermore, the Group has reservations in place with a value of £
380 million for completion in the next financial year (2012 - £270 million).

The Board is encouraged by the gradual improvement in market conditions and is
hopeful that this will facilitate further organic growth through geographic
expansion. Given recent history and the wider economic uncertainties, a
disciplined approach to land investment will be maintained, thereby leading to
a sustainable enhancement in shareholder return.

Final results for year ended 31 July 2013

Operational Highlights

§ 5,652 homes sold (2012 - 5,226) - up 8.2%
§ Average selling price increased to £193,025 (2012 - £186,648) - up 3.4%
§ Land bank increased to 32,991 plots (2012 - 31,136 plots)
§ Low net bank debt of £5.8m (2012 - £40.6m) representing gearing of only 0.5% (2012 - 3.6%)

Ex-divi wed 13th Dec (21p)

Friday’s agenda: Bellway hoping to finish 2013 in style
By Jamie Nimmo
December 12 2013, 6:40pm
Friday’s agenda: Bellway hoping to finish 2013 in style


A trading statement from housebuilder Bellway (LON:BWY) will be the highlight of Friday, a typically quiet day for company news.

Shares in Britain’s fourth biggest housebuilder have risen along with its rivals in 2013 as rising house prices and a shortage of properties have provided the perfect combination for property developers.

Any news on the Bank of England’s plans to scrap the Funding for Lending scheme will be in focus. News that it was being cut to allay fears of a housing bubble in the UK dragged down shares in the housebuilders at the end of last month.

Of course there is still Help to Buy, the scheme aimed at helping first-time buyers get a foot on the property ladder.

Broker Jefferies now thinks there are more believers than doubters in a UK residential recovery, with attention turning from “'Do I need exposure to the sector?' to 'Where should I be exposed?'”.

It picks out Bellway as one of the best stocks in the sector with a target price, upgraded last Friday, of £19.54 against the current price of £14.15, down 2.3% on Thursday.

Jefferies thinks the housebuilder, whose only exposure to London is in lower priced boroughs, will be “one of the few housebuilders with exposure to London which may benefit from ‘Help to Buy’”.

Deutsche Bank meanwhile has a ‘hold’ rating on the stock with a target price of £15.92 for the shares.

The share price has risen 37% so far in 2013 and investors will be hoping there are a few more pennies to be added before the year is out.

Annual General Meeting and Interim Management Statement