|
Bellway PLC on Tuesday reported a rise in first half earnings and an increased dividend, with the housebuilder also backing annual guidance.
Pretax profit climbed by 9.8% to £307.6 million in the six months to January 31, from £280.2 million a year before. Bellway's revenue rose 3.5% to £1.78 billion from £1.72 billion.
The FTSE 250-listed company proposed an interim dividend of 45.0 pence, up 29% from 35.0p a year earlier.
For the full year, it expects dividend cover to be three times its underlying earnings. This will be reduced to 2.5 times by financial 2024, Bellway said. It thinks this would represent a ‘prudent and sustainable level, supported by strong investment returns and enhanced cash generation’.
The order book stood at the end of the half-year stood at 7,491 homes, up from 6,028 a year ago. The value of the order book climbed to £2.21 billion from £1.64 billion a year earlier.
For the full-year, Bellway expects an underlying operating margin of around 18.5%, an increase from 17.0% a year before. Its half-year underlying operating margin improved to 18.7% from 17.3%.
For the financial year 2023, the company is on track for an annual output of around 12,200 homes, the Newcastle-based residential property developer added.
‘The group is well positioned to deliver future growth, and despite global uncertainty, it retains the strength and resilience to deliver value for shareholders and stakeholders, well into the future,’ the company said.
Bellway shares were 2.2% lower at 2,544.00 pence each in London on Tuesday morning.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
