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FTSE 250 housebuilder Bellway (LON:BWY) has reported an 8.7% increase in profits before taxation for the half-year ended 31st January. Revenues were up by 12.4%, but there was also a 70 basis point contraction in operating margins as the gains from cheaper land acquisitions before rapid real estate price inflation begain to fade.
Chairman Paul Hampden-Smith commented: “Bellway has delivered another positive set of financial results driven by a strong operational performance. The continuation of our growth strategy has resulted in additional volume output and a further rise in the average selling price, with earnings increasing by 8.3% to 207.5p per share, a record for a first half trading period“.
The price of Bellway shares climbed by 2.57% to 3,077p (as of 13:00 GMT),