Bellway update fails to reassure markets

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Bellway update fails to reassure markets

Shares in FTSE 250 housebuilder Bellway (LON:BWY) slipped 3.89% to 2,843p (as of 14:10 BST) after it provided an update on current trading. Construction has resumed at around 230 sites and all sales offices have reopened as of the start of June. All furloughed staff were employed on basic pay during April and May and the company said that it had no plans for claim grants from the Government’s Coronavirus Job Retention Scheme.

CEO Jason Honeyman commented: “Our priority remains the health, safety and wellbeing of our colleagues, customers and subcontractor workers. With this in mind and following updated Government guidance with regards to restarting the housing market, we have carefully and gradually recommenced onsite construction and sales activity in England and Wales, whilst introducing strict social distancing requirements. This measured approach has enabled us to continue serving our customers and has facilitated the safe return to work for many of our employees“.

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