UK's Bellway expects to build more homes as profitability picks up
The company's upbeat tone about Britain's housing market, which has been bogged down by elevated interest rates, sticky inflation and planning delays, sent its London-listed shares and those of its peers higher in early trade.
Rivals Taylor Wimpey (TW.L), opens new tab, Barratt Redrow (BTRW.L), opens new tab and Berkeley (BKGH.L), opens new tab have sounded more downbeat in recent months.
"We have entered the new financial year with a healthy forward order book and outlet opening programme and, if market conditions remain stable, we are well-positioned to deliver further growth in FY26," Bellway CEO Jason Honeyman said in a trading update.
The company, which builds everything from social housing and one-bedroom apartments to six-bedroom family homes and luxury penthouses, said it completed 8,749 homes in the year ended July 31, up 14.3% year-on-year. The average selling price was around 316,000 pounds ($425,304), slightly ahead of its expectations.
It expects to build around 9,200 homes in the year ending July 2026 and increase cash generation for shareholder returns.
At 0730 GMT, Bellway's shares were up 1.9% at 2,484 pence, in a UK housing index (.FTNMX402020), opens new tab up 1.4%.
"In our view the market will improve in the coming year, suggesting there are upside risks to company guidance" RBC Capital Markets analysts said in a note.
UK home sales surged in early 2025 as first-time buyers rushed to complete purchases ahead of the March 31 expiry of temporary stamp duty relief.
Bellway, which will publish full fiscal 2025 results on October 14, said its underlying operating margin was expected to approach 11%, compared with 10% the year before.
Its forward order book stood at 5,307 homes on July 31, up from 5,144 a year earlier.
($1 = 0.7430 pounds)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
27 minutes ago
- Reuters
Lidl's British workers get fifth pay rise in two years
LONDON, Aug 15 (Reuters) - The British arm of German discount supermarket Lidl is to give its 28,000 hourly paid workers a fifth pay rise in two years, matching the increased level offered by rival Aldi, it said on Friday. The Bank of England is keeping a close eye on wage settlements as it assesses whether to lower interest rates further. Official data published on Tuesday showed Britain's jobs market weakened again, with payrolls falling for a sixth month and vacancies dropping further. However, wage growth stayed strong, underscoring why the BoE is so cautious about cutting interest rates. The latest increase from Lidl GB, which trades from 980 stores, will from September 1 see entry-level pay rise from 12.75 pounds ($17.32) an hour to 13 pounds nationally, rising to 13.95 pounds with length of service. Workers in London will see higher rates. Last month, Aldi UK said it would pay store assistants at least 13 pounds an hour from September 1. Industry leader Tesco (TSCO.L), opens new tab will pay a minimum of 12.64 pounds an hour from the same date. Britain's government-mandated main minimum wage is currently 12.21 pounds an hour. Earlier this month, the body which effectively sets the rate said it will probably need to rise to 12.71 pounds next year to keep up with the government's goal for it to match two-thirds of median earnings. ($1 = 0.7362 pounds)
The Sun
36 minutes ago
- The Sun
Arsenal transfer news LIVE: Gunners dealt fresh Eze BLOW, Lookman ‘REJECTS move', Premier League ‘rivals eye Rodrygo'
THE summer transfer window is heading towards a thrilling climax - and Arsenal's business is far from finished! Eberechi Eze is a target for the Gunners, but they are not willing to pay the figure that Crystal Palace are after this summer. North London rivals Tottenham are said to be ready to step up their attempts to land the England international. Elsewhere, Ademola Lookman isn't interested in a move to the Emirates and only wants Inter Milan, according to reports. In other news, Arsenal's Premier League rivals Manchester City are considering a move for Real Madrid winger Rodrygo, according to reports. 11th Aug 2025, 22:00 By Anthony Chapman Hein set for exit Karl Hein is set to leave Arsenal before deadline day. Levante and Rangers are lining up deals for the goalie. Hein dropped down the pecking order following Kepa Arrizabalaga's arrival. And with his contract up next summer, Hein could go for a bargain fee. 11th Aug 2025, 21:00 By Anthony Chapman Door opens for Eze Crystal Palace chief Steve Parish admits Eberechi Eze could be sold. The midfielder is wanted in a £55million deal by Arsenal. Parish said: "Yeah, of course, but players come and go in football clubs. I mean it's a life cycle isn't it? "Hopefully they'll still be here, that's what I'd like." 11th Aug 2025, 19:15 By Anthony Chapman Clubs chase Nelson Reiss Nelson is a target for Fulham this summer. But the Arsenal winger is also being chased by several other sides this summer. Nelson spent last season on loan at Craven Cottage and is open to a return. However, Fulham are dallying over a new deal and that could open the door for a rival to swoop. 11th Aug 2025, 18:30 By Anthony Chapman Eze does it Arsenal are reportedly closing in on a £55million deal for Eberechi Eze. The Crystal Palace star remains one of Mikel Arteta's top targets this summer. And reports claim Arsenal are nearing an agreement for the versatile midfielder to take their summer spending past the £200m mark. The Gunners have already landed Viktor Gyokeres, Noni Madueke, Martin Zubimendi, Christian Norgaard, Cristhian Mosquera and Kepa Arrizabalaga this summer. 11th Aug 2025, 17:50 By Anthony Chapman City want Rodrygo Man City are reportedly lining up a deal for Real Madrid forward Rodrygo. The Brazilian has already been linked with Arsenal this summer. But Fabrizio Romano claims City are now set to move after loaning Jack Grealish to Everton. Savinho could also depart for Tottenham, yet Real Madrid will demand £100million from any suitors. 11th Aug 2025, 17:05 By Alex Smith Injury update Mikel Arteta has revealed that he does expect Leandro Trossard to miss Sunday's Premier League opener against Man Utd. The Belgian forward did not feature in the friendly win over Athletic Bilbao. But he should be back soon after Arteta said: "I think he's going to be [OK] in a few days, yeah, a little niggle in the groin, but he should be fine." 11th Aug 2025, 16:35 By Alex Smith Predictions Alan Shearer, Gary Lineker and Micah Richards all reckon Arsenal will fall short of winning the league once again. Shearer said on the Rest is Football podcast: "I think they'll challenge. I just think they may fall short again. 'I like all of their signings. I think that's exactly what they needed, and I still don't think they may be finished yet in terms of bringing players in and certainly players going out. 'I've definitely got them in the Champions League, but I just don't see them having enough to win the title – just fall short.' Richards added: "Bringing in Gyokeres now for Arsenal is massive, and not just because he's a big name forward, [but] because of his movement that we talk about with strikers all the time. 'So Havertz is really good, we're all big fans of Havertz, but in a number 10 position where he can create, not leading the line. 'I know he's done really good movement when he plays up there, but he hasn't got a striker's instinct. That's why I think Gyokeres is gonna add something really special. 'I still don't know if it's enough to get them over the line, I still don't know. I think one or two injuries and they're back to the same as last season, so I'm gonna say challenging, but not champions.' Lineker said: "I think I concur with both of you on that front. I probably wouldn't have said that but Liverpool have strengthened so well." 11th Aug 2025, 16:00 By Alex Smith Gift of the Gab Arsenal fans say Gabriel Magalhaes is winning "off and on the pitch" after his wife Gabrielle Figueiredo showed her support on social media. She posted a video of herself getting ready to head to the Emirates for the pre-season game versus Athletic Bilbao. And Gabrielle, alongside their daughter Maya, showed off the new Arsenal third shirt with "my hubby" No.6 printed on the back. 11th Aug 2025, 12:05 By Alex Smith 'Destroy you' Mikel Arteta fired a warning to the rest of the Premier League that Viktor Gyokeres will "destroy you". The Arsenal boss said after the £63.5m signing got his first Arsenal goal in a friendly win over Athletic Bilbao: "That first goal is always very important. The way he took it as well, really well. "Everything that he does, his movement, timing, the way he predicates the next move, where the space is going to be, that's the instinct he has. That's why he's scored so many goals in the last few seasons. "He pins both centre-backs. He's a player that if you leave him with space one against one, he's gonna destroy you so he's going to create a lot of space for us. "In any situation there is a player there that can score a goal." 11th Aug 2025, 11:30 By Alex Smith Interest in Hein Arsenal are looking to get rid of goalkeeper Karl Hein before the transfer window slams shut on September 1. Spanish side Levante and Scottish giants Rangers want the 23-year-old, who spent last term on loan at Real Valladolid in LaLiga. Arsenal want to sell Hein permanently as his contract ends next summer. 11th Aug 2025, 11:00 By Alex Smith Palace owner on Eze Crystal Palace chief Steve Parish was asked how important keeping Marc Guehi and Eberechi Eze at Selhurst Park is. He replied: "Yeah, of course, but players come and go in football clubs. I mean it's a life cycle isn't it? "Hopefully they'll still be here, that's what I'd like." 11th Aug 2025, 10:30 By Alex Smith Domino effect Things are falling into place for Arsenal as they remain keen on Eberechi Eze. They need to get Fabio Vieira off the books and are hopeful Stuttgart come in with a bid worth £17m. The Bundesliga club were only coming in for the Portuguese midfielder should Enzo Millot depart and he has now confirmed his switch to Saudi outfit Al-Ahli over the weekend. This could eventually lead to the Gunners making a late push for Eze to replace Vieira. 11th Aug 2025, 09:55 By Alex Smith More arrivals? Mikel Arteta suggested Arsenal's transfer business is far from done after the friendly victory over Athletic Bilbao on Saturday. The boss said: "Let's see what happens, in terms of where the squad is in the next few weeks. 'But, we are actively looking at options. "As well, there are a few players, maybe, that they have to leave as well. So, we will be open to see what happens." 11th Aug 2025, 09:22 By Alex Smith Gunners eye Lookman Arsenal appear to have Crystal Palace's Eberechi Eze as their No1 target and reportedly have agreed personal terms with the attacking midfielder. But the Gunners remain keen on Atalanta star Ademola Lookman. The Italian side do not want to sell to Inter Milan, who have had a £39m offer rejected. Arsenal could swoop in and bid closer to £44m to get the deal done, according to reports. Lookman has had a public spat with Atalanta and has gone AWOL as he looks to leave this summer. He claims a gentleman's agreement was in place for him to go, while a club chief claims there is but not to another Serie A side. 11th Aug 2025, 08:00 By Laurence Ryan Gunners closing in on star The Gunners are now closing in on the signing of Eze, having struck an agreement on personal terms. A package amounting to £55m deemed to be acceptable by the Eagles. The North London outfit are set to fork out a £30m initial payment, with talks about the structure of the remaining installments still ongoing, while they also remain in direct contact with the player himself. By Kieran Davies Forward would bolster attack Although he is fancied to join Inter Milan, Ademola Lookman certainly would bring something to North London. Since his time in Atalanta, Lookman has added goals to his game. After an impressive season last campaign, it is hard to ignore his stats and what he could bring to this squad. The Gunners would need to act fast to beat Serie A teams to hhis signature. Credit: @FootballFancast 11th Aug 2025, 05:00 By Kieran Davies Fans second guessing manager Arsenal supporters up and down the country will be trying to work out what their starting XI will be at Old Trafford. Many of the positions pick themselves given their transfer dealings. However, the centre of midfield will be interesting with Rice and Odegaard perceived to be guaranteed starters. Who gets the nod to play alongside them will be the intriguing reveal when they face Man Utd.
Reuters
an hour ago
- Reuters
New Zealand manufacturing activity expands in July, survey shows
SYDNEY, Aug 15 (Reuters) - Manufacturing activity in New Zealand rose in July, returning to levels of expansion seen during early 2025 after new orders and production metrics hit the highest level in three years, a survey showed on Friday. The Bank of New Zealand-Business NZ's seasonally adjusted Performance of Manufacturing Index (PMI) increased to 52.8 in July from a revised 49.2 in June. The new orders index rose to 54.2 from a revised 51.8 in the prior month. A reading above 50 indicates manufacturing activity is expanding, while anything below that threshold points to contraction. "Given the prevailing headwinds it is, perhaps, even more encouraging that the PMI has moved back into expansion. It will need to be sustained or nudge a bit higher to be consistent with our economic forecasts," BNZ senior economist Doug Steel said.
