Bellway performance disappoints

FTSE 250 residential property developer Bellway (LON:BWY) saw its share price drop by 3.88% to 2,524p (as of 13:10 BST) after revenues for the year ended 31st July fell by 30.7%. Pre-tax profits for the period declined by 64.3% as completions fell and COVID led to additional costs.

Management said that demand had rebounded well during the current year with forward sales up by about 30% and productivity levels are continuing to improve.