Bellway’s revenue returns to pre-pandemic levels
A rise in home sales for Bellway has seen revenue over the past year climb to over £3.1bn, almost reaching pre-pandemic levels.
The housebuilder reported a 41% increase in revenue for the year ended 30 June 2021, against a previous figure of £2.2bn in 2020 and £3.18bn in 2019.
Bellway completed 10,138 homes during the year, up 34.8% on the 7,522 in 2020, and almost reaching 2019 levels of 10,892.
A rise in home sales for Bellway has seen revenue over the past year climb to over £3.1bn, almost reaching pre-pandemic levels.
The housebuilder reported a 41% increase in revenue for the year ended 30 June 2021, against a previous figure of £2.2bn in 2020 and £3.18bn in 2019.
Bellway completed 10,138 homes during the year, up 34.8% on the 7,522 in 2020, and almost reaching 2019 levels of 10,892.
Its forward order book surged to a record £2bn as of 31 July, compared with £1.22bn two years prior.
The rush in funds has allowed Bellway to replenish its balance sheet cash, after a dramatic fall to just £1.4m last year, from £201.2m a year earlier.
The housebuilder had £330m in net cash at the end of June. Bellway said this was ahead of previous expectations and came as a result of the increase in home completions, alongside changes in the timing of land acquisitions. At the end of the period, it had £455m in committed land contracts, after spending over £1bn last year.
Bellway said it was continuing to invest in its strategic land portfolio, and was working to further strengthen the division to better pursue long-term opportunities.
Chief executive Jason Honeyman said: “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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Image credit: Bellway
