Firm blames slowing housing market
Bellway鈥檚 turnover jumped 12% year-on-year in the six months to 31 January as the firm saw a hike in housing completions and average selling price.
But in a trading update, the firm warned that its operating margin had dipped to 21.5% 鈥� down from 22.2% a year ago 鈥� as inflation of house prices has begun to slow.
And its order book fell to 拢1.17bn, 10% lower than the 拢1.3bn figure in 2018.
The Newcastle-headquartered firm said its turnover for the six-month period was in touching distance of 拢1.5bn, with housing completions up 5.6% to 5,007.
The average selling price of a home has risen 6.5% to 拢293,800, in part because of a greater number of completions at the firm鈥檚 flagship development at Nine Elms, Battersea.
The site contributed 125 homes to Bellway鈥檚 first half, with an average selling price of 拢828,500.
Bellway鈥檚 share price had fallen by 2% as of this morning.
The group will announce its full interim results on 27 March.
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