UK-based residential property developer Bellway Plc. (BWY.L) Tuesday reported increased profit for the full year, amid a significant growth in revenues. The stock gained over 3 percent.
Annual profit attributable to equity holders of the parent grew to 191.42 million pounds from the previous year's 108.57 million pounds. Earnings per ordinary share improved to 156.3 pence from 88.9 pence in the prior year.
Preliminary profit before taxation increased to 245.9 million pounds from 140.9 million pounds in the previous year.
Revenue climbed 33.8 percent to 1.49 billion pounds from last year's 1.11 billion pounds.
Housing revenue increased 33.9 percent to 1.461 billion pounds, amid strong growth in the number of legal completions and the average selling price.
Gross margin increased by 300 basis points to 21.3 percent with modest pricing improvements, particularly in London, lower incentive costs and recently acquired, higher margin land.
The Board proposed to increase the final dividend by 71.4 percent to 36.0 pence per ordinary share, to be paid on January 14, 2015.
The company reported an increase of 21.2 percent in the number of homes sold to 6,851, amid strong consumer demand.
Chairman, John Watson, said, "There has been a significant improvement in customer confidence during the year and this has enabled Bellway to accelerate the construction and delivery of much needed new homes."
Bellway said its outlook remains positive with a record forward order book, which should enable the group to deliver volume growth of around 10 percent in the current financial year.
BWY.L added 3.6 percent on the LSE to 1,536.36 pence.
For comments and feedback contact: editorial@rttnews.com
Business News