LONDON (dpa-AFX) - Bellway Plc (BWY.L), a residential property and house building company, on Friday reported a decline in housing revenue for fiscal 2024.
For the 12-month period ended on July 31, the company's underlying operating margin is expected to be around 10 percent, down from 16 percent last year. As previously guided, the reduction, in part, reflects the effect of lower volume output.
The house builder posted housing revenue of over 2.35 billion pounds, lower than 3.396 billion pounds reported for the previous year.
The total housing completions reduced by 30.1 percent to 7,654 homes from the last year's 10,945 homes.
The overall average selling price decreased slightly to 308,000 pounds from prior year's 310,306 pounds, driven by geographic and mix changes.
Jason Honeyman, Chief Executive of Bellway, said: 'The improving trading backdrop, combined with the strength of our outlet opening programme, has generated healthy growth in the year-end order book. As a result, we are in a strong position to return to growth in financial year 2025, as previously guided.'
The Group is scheduled to release its annual preliminary results on October 15.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
