Bellway's growth

Bellway saw further growth in volume in the six months to the end of January with a 6.5% increase in the number of housing completions to 4,462 (2016 – 4,188).

The group said it has a substantial forward order book with a value of £1,121 million (2016 – £1,027 million), comprising 4,487 homes (2016 – 4,434).

Other highlights:

- A strong trading performance is expected to result in an operating margin of around 22%

- Significant investment in land with £380 million spent on land and land creditors (2016 – £315 million), supporting the Group’s ongoing growth strategy

Chief executive Ted Ayres said: "Bellway has delivered another strong half year result, increasing both the number of legal completions and the value of the forward order book.

"Market conditions remain positive and accordingly Bellway is continuing to invest in a controlled manner, both in land and work in progress, in order to achieve further disciplined volume growth, thereby creating additional value for shareholders."