Bellway FY Performance and Outlook
Bellway PLC reported that housing completions for the year ended 31 July rose 11% to 9,695 units, up from 8,749 the previous year and exceeding its prior guidance range of 9,300‑9,500 units. Underlying operating profit is expected to be around £320 million, compared with £303.5 million in the prior year, while housing revenue increased by more than 13% to £3.14 billion. The average selling price of homes rose to approximately £324,000 from £316,412, a change attributed to geographic and product‑mix effects rather than underlying house‑price inflation.
Customer demand improved early in the spring selling season but moderated from April as mortgage rates rose and build‑cost inflation re‑emerged, leading the forward order book to decline to 4,206 homes valued at £1.20 billion, down from 5,307 homes valued at £1.52 billion a year earlier. Adjusted operating cash flow jumped to over £850 million, surpassing the earlier guidance of £750‑£800 million.
The company announced it will launch an additional £50 million share buyback after completing its existing £150 million programme. Bellway also indicated that it will provide FY27 guidance together with its full‑year results on 13 October, while noting that near‑term outlook remains uncertain due to higher mortgage rates and renewed build‑cost inflation.