Annual profit reaches new record at Bellway

Bellway, the low-cost housebuilder, has announced a 6.4% increase in annual profits today.

Bellway reported pretax profit for the year to the end of July at a record high of £234.8 million pounds as revenue increased 9.2% to £1.35 billion. The property developer also said that its order book of £667 million compared satisfactorily with the previous year.

The company also announced that the amount of new properties sold rose by 7.3% to 7,638 from 7,117, while the average price increased by 2.5% to £173,300.

Shares in Bellway closed at 1,029 pence yesterday, valuing the housebuilder at approximately £1.2 billion.

Howard Dawe, Chairman, said in a statement that the group continues to deliver organic growth in volumes and earnings in spite of the tough market conditions encountered by the housing industry over the last year.

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