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Bellway halves dividend, sees home completions rising by a quarter amid pent-up demand
StockMarketWire.com
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Homebuilder Bellway halves final dividend and said it expected annual home completions to rise by 25% amid pent-up demand.
The company forecast housing completions for the full year to 31 July 2021 to increase by around 25% from 7,522 seen at 31 July 2020.
The company said it expected first-half home sales - for the six months period ended 31 January 2021 - to be similar to the 5,321 homes sold in the same period last year.
For the 17 weeks from 1 August to 29 November, the forward order book rose 18.7% to £1.77 billion.
'The robust forward sales position, together with the higher number of completions already achieved in the period and our focussed investment in work-in-progress, will result in volume output in the current financial year being weighted towards the first half trading period,' the company said.
The company, however, the reservation rate slowed during November to an average of 164 per week, compared with 233 per week seen in the period from 28 October 2019 to 24 November 2019, as a result of the reintroduction of more widespread lockdown measures, the company said.
The company proposed a final dividend of 50.0p per share, down 50% from 100.0 pence a share.
The company said it was 'optimistic that it will be able to increase future dividend payments, commensurate with the recovery in earnings.'
At 8:32am: (LON:BWY) Bellway PLC share price was 0p at 2958p
Story provided by StockMarketWire.com
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