Jason Honeyman

Bellway is targeting to deliver completions of around 7,500 homes in this financial year, down from 10,945 homes in the previous year, though says the “final volume outturn will depend on the trajectory of mortgage interest rates and the strength of demand in the autumn and spring selling seasons”.

In its preliminary financial results for the year ending 31 July 2023, the housebuilder reported a 3.7% decrease in revenue to £3.4 billion and a 18.1% decrease in profit before tax to £532.6 million.

However, it said it has a strong balance sheet with year-end net cash for £232m and a high-quality land bank comprising 98,164 plots.

Jason Honeyman, group chief executive, said: “Bellway has delivered a resilient performance against a backdrop of rising mortgage interest rates and challenging market conditions.

“Looking ahead, our operational strength and experienced teams will enable the group to successfully navigate a changing market, and we will maintain a clear focus on delivering high-quality homes to our customers and making further progress against the priorities set out in our ‘Better with Bellway’ sustainability strategy.

“The depth of our land bank and robust balance sheet provide ongoing strategic flexibility and scope for outlet growth in the year ahead. Notwithstanding the near-term market challenges, Bellway remains very well-placed to capitalise on future growth opportunities and to continue creating long-term value for all our stakeholders.”