LONDON (dpa-AFX) - Bellway Plc (BWY.L), on Tuesday, reported a 41% growth in housing revenue for the year ended July 31, 2021, largely driven by the recovery in volume output, with housing completions rising by 34.8%.
The company's full-year housing revenue amounted to £3.1 billion, 41% higher than the previous year's £2.20 billion. Housing completions rose by 34.8% to 10,138 from 7,522 reported in the same period of last year.
The underlying operating margin for the full financial year is still expected to be around 17%, and it is anticipated that the recovery in the underlying operating margin would continue in the year ahead, driven by increased volume output and completions from more recently acquired land.
Jason Honeyman, Chief Executive, said, 'Going forward, we are in an excellent position to continue our long-term growth strategy. The Group benefits from a substantial order book and a robust balance sheet. In addition, our record investment in land and the resultant strengthened land bank provides a strong platform for both volume growth and further margin recovery in the years ahead.'
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