Bellway drops after half-year update

FTSE 250 housebuilder Bellway (LON:BWY) dropped by 1.30% to 4,011p (as of 13:20 GMT) despite private reservations during the six months ended 31st January rising by 11%. Completions were up by 6.3%, but operating margins continued to moderate towards more normal levels.

Chairman Paul Hampden Smith commented: “Bellway continues to increase the supply of affordably priced, good value new homes, following another successful trading period in which it has achieved further volume growth. Constructing quality homes and maintaining high standards of customer service remain a priority for the Group. I am therefore delighted that Bellway continues to maintain its five-star homebuilder rating. Looking forward, a robust balance sheet, operational capacity for expansion and a strong order book should ensure that the Group is well placed to deliver additional, long term volume growth, thereby continuing our disciplined growth strategy“.