Bellway shares up on “outstanding” trading forecast

Bellway shares up on “outstanding” trading forecast

Housebuilder Bellway saw shares soar 5 percent this morning after a trading update forecast an “outstanding trading performance” ahead of its preliminary results.

The group expects housing revenue to increase by around 27 percent to £2.2 billion, alongside a 12.5 percent increase in housing completions. Bellway expects to maintain a strong balance sheet, with net cash of £26 million and a strong forward order book.

Ted Ayres, Bellways’s CEO, commented, “the Group has delivered an outstanding trading performance, achieving new records for Bellway in respect of both volume and operating margin.”

With regards to the EU referendum result, Ayres said that is was “still too early to assess the effect”, but added that “Bellway, with its strong balance sheet and robust land bank, can be flexible and respond opportunistically to any changes in market conditions.”

Bellway is currently trading up 5.17 percent at 2,133.88 (1048GMT).