Bellway year-end update fails to bolster shares

Housebuilder Bellway (LON:BWY) watched its share price sink by 2.85% to 2,799p (as of 12:45 BST) as it said that operating margins for the year ended 31st July had moderated towards a normalised level. Revenues for the year were up by around 8% and management said that the company’s profits would be in line with market expectations.

CEO Jason Honeyman commented: “Bellway has concluded another successful year, further increasing the supply of much needed new homes and delivering a record number of housing completions. Quality and customer care remain a priority for the business and this has helped the Group achieve recognition as a five-star homebuilder2 for the third year in succession. Trading conditions remain stable and customer confidence is resilient. This, together with a strong forward order book and a healthy balance sheet, ensures that Bellway is well placed to continue its long term growth strategy“.