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.

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

BWY chart looking very bulish I can see why Broker Liberum raised SP Target to 1900p.

StockMarketWire.com
Homebuilder Bellway unveils record revenues and profits for the year to the end of July as the group responded to strong consumer demand.

The number of homes sole rose by 21% to 6,851 and pre-tax profits increased buy 74.5% to £245.9m.

Revenues were up 33.8% at £1,486.4m and the total proposed dividend has been increased by 73.3% to 52.0p per ordinary share (2013 - 30.0p).

Chairman John Watson, said: "This has been an exceptional year of progress for the Group in which we have delivered record revenue and profit. This increase in earnings has enabled the Board to propose a final dividend of 36.0p per share, bringing the total dividend payment for the year to 52.0p, another record for the Group. "There has been a significant improvement in customer confidence during the year and this has enabled Bellway to accelerate the construction and delivery of much needed new homes. "The outlook remains positive with a record forward order book and this should enable the Group to deliver volume growth of around 10% in the current financial year."

Annual General Meeting and Interim Management Statement

Bellway p.l.c. is holding its Annual General Meeting today, at 12.00 noon and
is issuing an Interim Management Statement relating to the 18 week period from
1 August 2014 to 30 November 2014.


Highlights

- The reservation rate remains robust at 147 per week (2013 - 144 per week).

- The Group has made a significant investment of £233 million (2013 - £121
million) on attractive land opportunities.

- The operating margin is expected to be around 20% for the current financial
year.

- The Group is well placed to deliver further disciplined volume growth,
slightly in excess of 10% for the year ending 31 July 2015, with further
improvements in profitability and return on capital employed.

Interim Results

Highlights

Volume growth to meet the demand for housing has resulted in earnings per share growing by 56.1% to 103.5p and return on capital employed increasing by 580 bps to 22.8%.

Operational Highlights

§ Completions up 15.7% to 3,754 (2014 - 3,245).
§ London remains resilient, with housing revenue in this region up 16.4% to £203.2 million (2014 - £174.6 million).
§ £355 million spent on land opportunities at attractive margins, up 47.9% (2014 - £240 million).
§ Owned and controlled land bank continuing to grow to 35,837 plots (31 July 2014 - 35,434 plots).
§ Order book up 35.2% to £1,121.1 million at 8 March (9 March 2014 - £829.5 million).
§ New South West division now open in Bristol to facilitate future growth plans.

Jefferies International lifts Bellway to buy from hold, target raised from 1717p to 2542p

Interim Management Statement
Friday 5 June 2015

Bellway is today updating the market with regard to its current trading position by issuing an Interim Management Statement (IMS) in respect of the period from 1 February to 31 May 2015.

Highlights
* Housing completions for the full year to 31 July 2015 are expected to
exceed those achieved last year by around 850 units (2014 - 6,851).

* A strong trading performance should result in the full year operating
margin increasing by around 300 bps to over 20% (2014 - 17.2%).

* A record £500 million has been spent on land and land creditors since 1
August (2014 - £400 million), thereby securing further growth potential at
attractive rates of return.

* The successful disposal of the Group's entire portfolio of shared equity
assets for cash consideration of £32.5 million has resulted in an
exceptional profit of £6.9 million and will facilitate additional
investment in land.

* The forward sales position is strong, with growth of 22% in the value of
the forward order book to £1,270 million (2014 - £1,040 million).

Ted Ayres, Group Chief Executive, commented:
"Positive market conditions, implementation of our strategy for growth and a continuing focus on return on capital employed are allowing Bellway to deliver a further increase in volume and a significant rise in profitability. Our disciplined investment in land, alongside plans to open a seventeenth operating division early in the next financial year, ensure that the Group is well positioned to create additional value for shareholders. "

Liberum note :
"Bellway’s IMS showed that the housing market has continued to be strong, giving management confidence it will achieve its guidance for July 2015. Orders and the land bank are rising, and this has driven up our expectation for volumes in 2016, leading to 2% EPS upgrades for 2016E-2018E, extending a long period of positive estimate momentum. We upgrade our target price from 2352p to 2512p to reflect better expected NAV and return on equity, and a smaller discount to fair value. We are running out of upside in the sector, but Bellway remains our preferred mainstream housebuilder as it is well placed to grow in the gap left by the big builders eschewing volume growth and the SMEs who are constrained by access to finance.

Bellway’s IMS (four months to end May) says that the strong start to the spring selling season has continued. Management noticed no slow-down in activity coming into the election and no bounce after, but sales rates have remained good throughout. Reservations in the first four months of the second half (1 Feb to 31 May) were 3% ahead of a strong period last year. Pricing is said to remain positive, with London still outperforming. Bellway's guidance for July 2015 is broadly in line with our estimates, with management guiding to volumes of 7,700 (up from 6,851), ASP of over £220,000 and a margin in excess of 20% (we have 7,700, £222,500 and 20.3% (up from 20.2%), in our model).

Bellway is building good momentum into 2016, with an order book up 10% by volume and 22% by value, and has been very active in the land market, spending £500m in the financial year to date. Management has said that these acquisitions are meeting or exceeding its minimum gross margin and return on capital criteria. Bellway opened its sixteenth division recently, in the South West, and a 17th has been identified in the South East, to open shortly. This suggests that momentum is building for 2016.

We have made a very small upgrade for 2015 as we have tweaked our margin assumption upwards (from 20.2% to 20.3%), but we move 2016E onwards up more materially as we increase expected volume growth (from 6% to 7% for 2016E)."

StockMarketWire.com
Bellway reports that customer demand has continued to be robust throughout the usually quieter summer months and on into the traditionally stronger autumn selling season.

The reservation rate has increased by 12% to 165 homes per week (2014 - 147 per week) in the 18 weeks to 6 December and housing completions for the full year to 31 July 2016 are expected to increase by around 10% (2015 - 7,752).

The average selling price of completions in the current financial year is expected to rise by around 10%.

The operating margin is expected to rise to at least 21% in the current financial year, contributing to a further anticipated improvement in return on capital employed.

Chief executive Ted Ayres said: The Group is committed to its strategy of creating shareholder value through disciplined volume growth and increasing the supply of much needed new homes. The measures announced in the government's recent autumn statement, particularly in relation to the amendments to the Help to Buy scheme in London and its extension in England until 2021, not only provide access to mortgages for homebuyers but also provide further visibility in relation to the longer term outlook when assessing land opportunities. The Group continues to trade well and is favourably positioned to continue delivering volume growth, whilst maintaining a strong focus on return on capital employed.⬝

Bellway said its most recently opened operating divisions, located in Bristol and Kent, are both performing well, with high customer demand in respect of the homes they are constructing.

The average selling price in respect of reservations taken in the period has risen by 5.8% to £252,100 (2014 - £238,200). The increase is modestly ahead of expectations, influenced by the favourable pricing environment and is reflective of the ongoing investment in higher value locations. The Board anticipates that the average selling price of completions in the current financial year will rise by around 10%, although the rate of increase in the six months to 31 January 2016 is likely to be higher due to the legal completion of a number of high value London apartments

StockMarketWire.com
Bellway's housing completions for the full year to 31 July are expected to rise by at least 10% (2015 7,752).

The group reports a strong sales performance in the period from 1 February to 5 June with an 8% increase in the weekly reservation rate to 196 per week during the period (2015 182 per week).

Other highlights:
- Interest in Barking Riverside Limited sold resulting in an exceptional profit of £17.3 million, whilst retaining a pre-emption to purchase around 2,600 development plots.

- Plans to open a nineteenth operating division to support the Group's ongoing growth strategy are well progressed.

Chief executive Ted Ayres said: "The continued positive trading environment, the availability of good quality land opportunities and disciplined investment in an expanding divisional structure are enabling Bellway to continue delivering ongoing volume growth. This strategy for growth, together with a focus on return on capital employed, should lead to another record performance in the year ending 31 July 2016, resulting in further value creation for shareholders."

Liberum comment:
"Past episodes of slowing GDP growth suggest UK house prices could fall by 3% in 2017. Using this as our central case drives EPS cuts of around 18%, and target price cuts of around 20%. Valuations across the sector are much more compelling after a 34% fall in the shares, especially with dividends mainly intact. We limit our enthusiasm to three high conviction stocks: Bellway (BUY), Berkeley (up from HOLD to BUY) and Gleeson (BUY)."

http://i.imgur.com/g1ShqVY.jpg

StockMarketWire.com
Bellway reports an outstanding trading performance in the year to the end of July, achieving new records in both volume and operating margin.

An update ahead of its preliminary results on 18 October shows that housing revenue is expected to increase by around 27% to £2.2 billion (2015 £1,735.1 million) and further volume growth with a 12.5% increase in the number of housing completions to 8,721 (2015 7,752).

Bellway also achieve a record pre-exceptional operating margin, which is expected to rise by around 150 basis points to approach 22%.

Other highlights:
- A substantial forward order book comprising 4,644 homes (2015 4,568 homes) with a value of £1,117.1 million (2015 £1,087.9 million) provides a solid foundation for the next financial year.

- Strong balance sheet with net cash of £26 million (2015 net bank debt of £38.5 million).

Chief executive Ted Ayres said: "The group has delivered an outstanding trading performance, achieving new records for Bellway in respect of both volume and operating margin. We have invested in high quality land and have maintained a significant forward order book, thereby ensuring that the Group is well placed to continue its sizeable contribution to meeting the UK's requirement for new homes in the year ahead.

"It is still too early to assess the effect of the EU referendum result, however trading in recent weeks has been encouraging and Bellway, with its strong balance sheet and robust land bank, can be flexible and respond opportunistically to any changes in market conditions."

StockMarketWire.com
Bellway reports another record year, further increasing the number of new homes sold, which has resulted in a substantial growth in earnings.

Total revenue rose by 26.9% to £2,240.7 million in the year to the end of July (2015 - £1,765.4 million) as a result of the number of homes sold rising by 12.5% to 8,721 (2015 - 7,752), a new record and the Group's seventh successive year of volume growth, together with a further rise of 12.9% in the average selling price to £252,793 (2015 - £223,821).

The group said the strong trading performance resulted in an operating margin of 22.0% (2015 - 20.4%1). This has contributed to earnings per share ('EPS') rising by 42.0% to 328.7p (2015 - 231.5p) and the net asset value per ordinary share ('NAV') has increased by 18.4% to 1,522p (2015 - 1,286p).

The proposed total dividend per share has risen by 40.3% to 108.0p (2015 - 77.0p).

And it says a disciplined approach towards investment has resulted in return on capital employed rising by 430 bps to 28.2%2 (2015 - 23.9%).

Chairman John Watson said: "Bellway has delivered another record year, further increasing the number of new homes sold, which has resulted in a substantial growth in earnings.

"The excellent operating performance has facilitated further investment into the business and has enabled the Board to propose a final dividend of 74.0p per share, bringing the total dividend for the year to 108.0p per share.

"The long term outlook continues to be positive, supported by strong customer demand, a substantial forward order book and favourable trading conditions across all areas of the country where Bellway operates. Whilst there is some uncertainty following the result of the EU referendum, trading since that date has remained resilient.

"Bellway has invested significantly in high quality land opportunities and infrastructure over recent years. As a result, with its strong balance sheet and structure of nineteen operating divisions, the Group is well placed to deliver additional value for shareholders through further disciplined volume growth in the current financial year."