Mar 26, 2024 / 09:00AM GMT
Jason Honeyman - Bellway PLC - Chief Executive
Good morning and welcome to Bellway's half year results. Some positive news to discuss on trading and growth outlook. First, a few key highlights from the first half, we have delivered another credible operational performance despite a challenging market and from a significantly lower order book.
Housing completions closed at 4,092 homes, underlying PBT was GBP134 million. Dividend at 16p is around one-third of the estimated full year return and reflective of our previously guided 2.5 times cover. And notably, our balance sheet remains robust with a healthy weight position and capital to invest in land.
Now trading conditions have markedly improved since I last reported at our prelims in October. And you may recall our prelims, I suggested FY24 was going to be tough and there was room for optimism in FY25, and that story is very much playing out with the exception it's happening sooner than we envisaged.
Improved affordability has led to an early pickup in sales in January and ahead of the usual spring recovery. And as a
Half Year 2024 Bellway PLC Earnings Call Transcript
Mar 26, 2024
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