Bellway drops following annual results

The price of shares in FTSE 250 housebuilder Bellway (LON:BWY) has fallen by 6.76% to 3,256p (as of 13:50 BST) after it posted its results for the year ended 31st July. Revenues for the period rose by 8.6%, but gross margins dropped by 100 basis points as it continued to shift towards a more normalised level.

Management said that the new financial year had started positively with increased reservations, suggesting that increases in volumes for the current year so long as market conditions remain positive.