Interim Results

Bellway PLC
10 April 2002



NATIONAL HOUSEBUILDER BELLWAY p.l.c. TODAY (WEDNESDAY 10 APRIL 2002) ANNOUNCE
THEIR INTERIM RESULTS FOR THE HALF YEAR ENDED 31 JANUARY 2002


THE CHAIRMAN SAID 'THIS IS MY FIFTH YEAR OF REPORTING INTERIM RESULTS AND ON
EACH OCCASION I HAVE BEEN ABLE TO ANNOUNCE A RECORD PERFORMANCE. I AM DELIGHTED
TO SAY THAT THIS TIME IS NO EXCEPTION'. HE ALSO SAID 'BELLWAY HAS DEMONSTRATED
YET AGAIN WITH THESE RESULTS THAT IT IS ONE OF THE PRE-EMINENT COMPANIES IN THE
HOUSEBUILDING SECTOR'. HE CONCLUDED 'I AM EXTREMELY OPTIMISTIC ABOUT THE GROUP'S
LONG TERM PROSPECTS'.


HIGHLIGHTS
                                                                  Half Year           Half Year
                                                           Ended 31 January    Ended 31 January
                                                                       2002                2001
Turnover                                                            £287.7m             £277.8m                      +4%
Homes sold                                                            2,306               2,269                      +2%
Operating profit                                                     £42.5m              £37.5m                     +13%
Operating margin                                                      14.8%               13.5%                     +10%
Profit before tax                                                    £39.1m              £35.1m                     +11%
Dividend per ordinary share                                           4.55p                4.1p                     +11%
Ordinary dividend cover                                           5.3 times           5.3 times
Basic earnings per ordinary share                                     24.2p               21.8p                     +11%
Net borrowings                                                      £150.4m              £86.1m
Shareholders' funds                                                 £413.0m             £355.7m                     +16%
Net asset value per ordinary share                                     357p                307p                     +16%


                                 BELLWAY p.l.c.

                              CHAIRMAN'S STATEMENT

Interim Results & Dividend

This is my fifth year of reporting interim results and on each occasion I have
been able to announce a record performance. I am delighted to say that this time
is no exception. In 1997 the earnings per ordinary share for the first half of
that financial year was 10.9p. The interim earnings per ordinary share for the
comparable period today is 24.2p. This represents an average compound increase
of 17% per annum.

In the six months to 31 January 2002 Bellway sold 2,306 homes, a new high, with
the Group's turnover improving by £10m to £288m. The operating profit jumped by
£5m to £42.5m and the operating margin increased to 14.8% from 13.5%. Thus the
profit before tax for the half-year rose to a record £39.1m from £35.1m, an
increase of over 11%.

Earnings per ordinary share grew to a new high of 24.2p from 21.8p in the
comparable period last year and the Board is delighted to declare an interim
dividend of 4.55p per ordinary share, an increase of 11% over last year. The
dividend will be paid on Monday 1 July 2002 to all ordinary shareholders who are
on the Company's Register of Members at the close of business on Friday 7 June
2002.


Trading and Outlook

Our current sales position is extremely encouraging. Reservations relating to
the financial year ending 31 July 2002 are well ahead compared with this time
last year and they have been achieved at higher selling prices. We are therefore
looking forward to a strong second half performance with results ahead of our
previous expectations. Furthermore we have already sold a record number of homes
for the following financial year 2002/3, a much improved position on any
previous year.

Bellway's success is derived from our 'local, national housebuilder' philosophy.
This, coupled with good affordability levels, has resulted in an increasing
demand for our homes which has enabled us to maintain our long term growth
plans.

Throughout the period under review, we have continued to increase our investment
in land. Our focus on brownfield development capitalises on our mixed use
capabilities resulting in improved margins. As previously reported, we took a
strategic decision to reduce the level of our exposure to the higher priced
Central London investor market and increase the purchase of 'middle market'
development land in London and the Home Counties, notably at Croydon, Ilford,
Lewisham, Reading and Wembley. Elsewhere in the UK we have continued our
substantial land investment in our other areas of operation and particularly in
the Midlands where we have expanded our position with, for example, major land
acquisitions in Birmingham, Coventry and Leicester. Your Board is confident that
these developments have been acquired at advantageous prices and the quality of
the land bank suggests a further improvement in our operating margin.

The Group's balance sheet remains strong with substantial scope for further
expenditure on land to continue our plans for growth. At 31 January 2002 our
land bank with planning permission stood at 17,500 plots compared with 16,700 at
the last financial year end. In addition, we own or control some 11,000 plots
where planning permission is being actively pursued and is likely to be received
shortly. There are also further substantial strategic land interests, owned or
controlled, which are being progressed in the long term through the planning
process.


Employees

As ever, the Board would like to express their gratitude to our loyal and
dedicated employees without whose efforts the Group's success would not be
possible.


Board Changes

As previously reported, Mr Alan G Robson, the Finance Director, will be retiring
from the Board at the end of the current financial year. The Board would like to
thank Mr Robson for his significant contribution to the Group's performance over
the past 18 years. His replacement on the Board from 1 August 2002 will be Mr
Alistair M Leitch, a chartered accountant who joined Bellway in 1981. He has
held a number of senior financial positions within the Group including,
latterly, that of Group Chief Accountant.


Conclusion

Bellway has demonstrated yet again with these results that it is one of the
pre-eminent companies in the housebuilding sector. The Group's 'local, national
housebuilder' ethos, wide geographical spread and quality land bank combined
with increasing volumes and an improved operating margin makes your Board very
confident of another record set of results for this year.

I am extremely optimistic about the Group's long term prospects.



                                                                        H C Dawe
                                                                        Chairman

9 April 2002

FOR FURTHER INFORMATION, PLEASE CONTACT JOHN WATSON, GROUP CHIEF EXECUTIVE OR
ALAN ROBSON, GROUP FINANCE DIRECTOR

WEDNESDAY 10 APRIL AT ING BARINGS, 60 LONDON WALL, LONDON EC2M 5TQ - TEL: 020
7767 1000 OR 07831 331191 (J WATSON - MOBILE) & 07736 779663 (A ROBSON - MOBILE)

THURSDAY 11 APRIL 07831 331191 & 07736 779663
THEREAFTER 0191 217 0717


                                                     BELLWAY p.l.c.
                                             GROUP PROFIT AND LOSS ACCOUNT

                                                              Half year to            Half year to            Year ended
                                                                31 January              31 January               31 July
                                                                      2002                    2001                  2001
                                                                        £m                      £m                    £m
Turnover                                                             287.7                   277.8                 695.7
                                                                      ====                    ====                  ====
Operating profit                                                      42.5                    37.5                 107.4
Net interest payable (including associated                             3.4                     2.4                   5.9
undertakings)
                                                                     _____                   _____                 _____
Profit on ordinary activities before taxation                         39.1                    35.1                 101.5
Taxation                                                              11.7                    10.5                  30.8
                                                                     _____                   _____                 _____
Profit on ordinary activities after taxation                          27.4                    24.6                  70.7
Dividends on equity and non-equity shares                              6.0                     5.5                  17.5
                                                                     _____                   _____                 _____
Retained profit                                                       21.4                    19.1                  53.2
                                                                      ====                    ====                  ====
Dividend per preference share                                        4.75p                   4.75p                  9.5p
Dividend per ordinary share                                          4.55p                    4.1p                 14.2p
Earnings per ordinary share - basic                                  24.2p                   21.8p                 63.2p
Earnings per ordinary share - diluted                                24.0p                   21.7p                 62.7p


                                                    BELLWAY p.l.c.
                                                  GROUP BALANCE SHEET
                                                               At                           At                       At
                                                       31 January                   31 January                  31 July

                                                             2002                         2001                     2001
                                            £m                 £m           £m              £m         £m            £m
Fixed assets
Tangible assets                                              19.4                         13.9                     19.3
Investments                                                   1.7                          2.1                      2.1
                                                            _____                        _____                    _____
                                                             21.1                         16.0                     21.4
Current assets
Stocks                                   757.2                           599.4                      644.4
Debtors                                   22.8                            18.8                       21.5
Cash at bank and in hand                   0.7                               -                        4.1
                                         _____                           _____                      _____
                                         780.7                           618.2                      670.0
                                         _____                           _____                      _____
Creditors due within one year
Bank borrowings                            1.1                            31.1                        9.0
Other creditors                          231.5                           179.8                      221.2
                                         _____                           _____                      _____
Net current assets                                          548.1                        407.3                    439.8
                                                            _____                        _____                    _____
Total assets less current                                   569.2                        423.3                    461.2
liabilities
Creditors due after more than one
year
Bank borrowings                          150.0                            55.0                       55.0
Other creditors                            6.2                            12.6                       15.3
                                         _____                           _____                      _____
                                                            156.2                         67.6                     70.3
                                                            _____                        _____                    _____
NET ASSETS                                                  413.0                        355.7                    390.9
                                                             ====                         ====                     ====
Capital and reserves
Called up share capital                                      33.8                         33.7                     33.7
Reserves and share premium                                  379.2                        322.0                    357.2
                                                            _____                        _____                    _____
SHAREHOLDERS' FUNDS                                         413.0                        355.7                    390.9
                                                             ====                         ====                     ====

The interim accounts were approved by the Board of Directors on 9 April 2002.

The interim accounts have been prepared on the basis of the accounting policies adopted for the year ended 31 July 2001
in all material respects. These policies are detailed in the company's Annual Report and Accounts for that year.

The taxation charge is calculated by applying the directors' best estimate of the annual effective tax rate to the
profit for the period.

The financial information for the two half year periods is unaudited and does not constitute statutory accounts within
the meaning of the Companies Act 1985. The figures relating to the year ended 31 July 2001 are an extract from
statutory accounts within the meaning of section 240 of the Companies Act 1985 which have been delivered to the
Registrar of Companies and on which the auditors gave an unqualified audit report.


                                                     BELLWAY p.l.c.
                                               GROUP CASH FLOW STATEMENT


                                                                 Half Year            Half Year
                                                          Ended 31 January     Ended 31 January                     Year

                                                                                                           Ended 31 July
                                                                      2002                 2001                     2001
                                                             £m         £m        £m         £m            £m         £m
Cash (outflow) / inflow from operating activities                   (60.5)               (46.2)                     16.9
Net cash (outflow) / inflow from returns on
investments
and servicing of finance
Interest paid                                             (2.9)                (2.7)                    (7.2)
Interest received                                           0.3                  0.7                      0.9
Dividends paid - non-equity                               (0.9)                (0.9)                    (1.9)
                                                                     (3.5)                (2.9)                    (8.2)
Taxation                                                            (14.2)                (9.9)                   (30.5)
Net cash (outflow) / inflow from capital expenditure
and financial investment
Purchase of tangible fixed assets                         (3.0)                (1.0)                    (9.1)
Purchase of investments                                     0.0                  0.0                    (0.2)
Sale of tangible fixed assets                               1.2                  0.2                      0.9
                                                         ______              _______                  _______
                                                                     (1.8)                (0.8)                    (8.4)
Equity dividends paid                                               (11.1)                (9.4)                   (14.1)
                                                                    ______              _______                  _______
Net cash outflow before financing                                   (91.1)               (69.2)                   (44.3)
Net cash inflow from financing
Issue of ordinary share capital on exercise
of share options                                                       0.6                  0.6                      1.9
                                                                    ______              _______                  _______
Decrease in cash in period                                          (90.5)               (68.6)                   (42.4)
                                                                     =====                =====                    =====



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