Bellway Shares Drop 8% as Margin Squeezed

Bellway's shares fell over 8% after H1 2026 operating margin slipped to 10.5% from 11% despite revenue rising 6.3% to £1.52 bn.
Administrative expenses jumped 12.2% to £86.3 m, prompting a full‑year cost forecast of £170‑£175 m and a £10.7 m increase to safety remediation provisions.
Underlying operating profit rose modestly 1.5% to £159 m, while adjusted operating cash flow fell to £314.1 m and net debt rose to £72 m.
Bellway lifted full‑year volume guidance above 8,749 homes, kept margin guidance near 10.5%, and raised the interim dividend to 23 p per share.