Bellway aims for £1.25bn profit over two years, as housing demand remains solid

Asia's Tech News Daily

Bellway has seen high demand for new homes (Bellway)

Bellway expects solid growth to outlast the pandemic housing boom, with the builder outlining a target for £1.25 billion of profits over two years.

The FTSE 250 housebuilder is aiming to generate that underlying pre-tax profit figure over the next two financial years, amid continual buyer demand and after having invested £1 billion into the land bank during the pandemic.

In the year to July 2023 it expects to sell 12,200 homes, around 20% above the year just ended.

Sites purchased for development in the capital include in Barking and Enfield.

Bellway gave the update alongside reporting that in the year to July 31 revenue jumped 40.3% to £3.1 billion and pre-tax profits more than doubled to £479 million.

The shares rose 47p to 3399p.

It has been boosted as people sought more space following lockdowns and a stamp duty holiday enticed buyers.

The tax break has now ended. But Bellway, led by Jason Honeyman, said in its outlook: “Market conditions and customer confidence are strong.”

But Bellway warned that like rivals, it faces supply chain headaches. It added that the HGV driver shortage and recent disruption to fuel supplies “has had some impact on the availability of materials”.

Numerous flat owners are facing huge bills for fire-safety improvements after the tragic Grenfell blaze in 2017. Across the industry firms have set aside money towards addressing this. Bellway today said it has provided £164.7 million in total since that year in relation to fire safety costs.

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