LONDON (dpa-AFX) - Bellway Plc (BWY.L), a residential property developer, Tuesday reported that its first-half profit before taxation grew 9.8 percent to 307.6 million pounds from last year's 280.2 million pounds.
Earnings per share increased 9.3 percent to 203.1 pence from 185.9 pence a year ago.
Underlying profit before taxation was 327.2 million pounds, compared to 300.5 million pounds last year.
Revenue increased 3.5 percent to 1.78 billion pounds from prior year's 1.72 billion pounds.
Further, the company said the interim dividend has been increased 28.6 percent from last year to 45.0p per share.
The Board anticipates that the dividend cover will be 3 times underlying earnings for the full financial year.
The Board intends to reduce dividend cover to around 2.5 times underlying earnings by July 31, 2024.
Looking ahead for fiscal 2022, underlying operating margin is expected to be around 18.5 percent, up from last year's 17.0 percent.
Bellway expects to deliver strong volume growth of around 10 percent to over 11,100 homes in 2022, from last year's 10,138 homes.
Average selling price is now expected to be over £305,000 for the full financial year, down from last year's £306,479.
The substantial order book, strong land bank, and significant balance sheet capacity supports medium-term target to deliver annual output of around 12,200 homes in financial year 2023.
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