Bellway (BWY) Trading Update summary

Trading performance

• Housing completions rose 11.9% to 4,577 homes, with average selling price up slightly to £310,600.

• Private reservation rate per outlet per week increased 18.6% to 0.51, including higher bulk sales.

• Overall reservation rate rose 14.3% to 160 per week, and cancellation rate normalized to 14%.

• Housing revenue grew 12% to over £1.42 billion, supported by a strengthened forward order book.

• Trading remained stable throughout the first half, with firm pricing across regions.

Land and outlets

• Operated from an average of 248 outlets, with plans to open over 30 new outlets in H2.

• Contracted to purchase 5,246 plots across 32 sites, significantly up from prior period.

• Strategic land bank further strengthened with new option agreements on 11 sites.

Financial position and outlook

• Maintained a strong balance sheet with modest net debt of £8.0 million and low adjusted gearing.

• Forward order book at period end comprised 4,726 homes valued at £1,311.5 million.

• On track to deliver at least 8,500 homes for the full year, with output weighted to H1.

• Full year average selling price expected around £310,000 and operating margin to approach 11%.