Bellway PLC (BWY)
Posted: October 19th, 2021, 9:39 am
Strong recovery in profitability, supported by good market conditions and a robust balance sheet
§ Revenue rose by 40.3% to £3,122.5 million (2020 - £2,225.4 million, 2019 - £3,213.2 million), only 2.8% below the record level achieved in financial year 2019.
§ The number of housing completions rose by 34.8% to 10,138 (2020 - 7,522, 2019 - 10,892).
§ Good underlying demand across the country, with a private reservation rate of 169 per week (2020 - 141, 2019 - 160), an increase of 19.9% and 5.6% compared to the prior year and financial year 2019 respectively.
§ Underlying profit before taxation rose by 71.6% to £530.8 million1,4 (2020 - £309.3 million, 2019 - £662.6 million).
§ A front-footed and early re-entry into the land market, with a record 19,819 plots5 contracted (2020 - 12,124 plots, 2019 - 13,284 plots), at a value of £1,066.0 million5 (2020 - £777.7 million, 2019 - £787.7 million), provides the opportunity for volume growth and margin recovery in the years ahead.
§ Strong balance sheet, with year-end net cash of £330.3 million1 (2020 - £1.4 million, 2019 - £201.2 million) and committed debt facilities of £500 million as at 18 October 2021, together ensure that Bellway retains strategic flexibility and can proactively respond to new investment opportunities.
§ Proposed total dividend per share of 117.5p (2020 - 50.0p, 2019 - 150.4p), a rise of 135.0%.
https://www.investegate.co.uk/bellway-p ... 00074476P/
§ Revenue rose by 40.3% to £3,122.5 million (2020 - £2,225.4 million, 2019 - £3,213.2 million), only 2.8% below the record level achieved in financial year 2019.
§ The number of housing completions rose by 34.8% to 10,138 (2020 - 7,522, 2019 - 10,892).
§ Good underlying demand across the country, with a private reservation rate of 169 per week (2020 - 141, 2019 - 160), an increase of 19.9% and 5.6% compared to the prior year and financial year 2019 respectively.
§ Underlying profit before taxation rose by 71.6% to £530.8 million1,4 (2020 - £309.3 million, 2019 - £662.6 million).
§ A front-footed and early re-entry into the land market, with a record 19,819 plots5 contracted (2020 - 12,124 plots, 2019 - 13,284 plots), at a value of £1,066.0 million5 (2020 - £777.7 million, 2019 - £787.7 million), provides the opportunity for volume growth and margin recovery in the years ahead.
§ Strong balance sheet, with year-end net cash of £330.3 million1 (2020 - £1.4 million, 2019 - £201.2 million) and committed debt facilities of £500 million as at 18 October 2021, together ensure that Bellway retains strategic flexibility and can proactively respond to new investment opportunities.
§ Proposed total dividend per share of 117.5p (2020 - 50.0p, 2019 - 150.4p), a rise of 135.0%.
https://www.investegate.co.uk/bellway-p ... 00074476P/