Interim Results

Bellway PLC
10 April 2003

NATIONAL HOUSEBUILDER BELLWAY p.l.c. TODAY (THURSDAY 10 APRIL) ANNOUNCE THEIR
INTERIM RESULTS FOR THE HALF YEAR ENDED 31 JANUARY 2003.

The Chairman, Howard Dawe, said 'I am delighted to report another excellent
performance for the six months ended 31 January 2003 resulting in record pre-tax
profits of £57.1m'. He added, 'With these record results the Group has, yet
again, added to its enviable long term record of growth'. He concluded 'The
Board continues to remain confident about the long term prospects for your
Group'.

HIGHLIGHTS
  
                                                                               Half Year Ended

                                                                         31 January        31 January          Increase

                                                                               2003              2002

  • Turnover                                                                £362.2m           £287.7m               26%

  • Homes sold                                                                2,470             2,306                7%

  • Operating profit                                                         £59.7m            £42.5m               40%

  • Operating margin                                                          16.5%             14.8%               11%

  • Profit before tax                                                        £57.1m            £39.1m               46%

  • Dividend per ordinary share                                                6.2p             4.55p               36%

  • Ordinary dividend cover                                                   5.7 x             5.3 x

  • Basic earnings per ordinary share                                         35.6p             24.2p               47%

  • Net borrowings                                                          £125.4m           £150.4m

  • Shareholders' funds                                                     £492.8m           £413.0m               19%

  • Net asset value per ordinary share                                         429p              357p               20%




FOR FURTHER INFORMATION, PLEASE CONTACT JOHN WATSON, CHIEF EXECUTIVE OR ALISTAIR
LEITCH, FINANCE DIRECTOR

THURSDAY 10 APRIL AT HSBC, 10 LOWER THAMES STREET, LONDON EC3R 6AE

TEL: [phone] OR 07855 337007 (J WATSON - MOBILE) & 07855 337001 (A LEITCH
- MOBILE)

FRIDAY 11 APRIL 07855 337007 & 07855 337001

THEREAFTER 0191 217 0717


                                 BELLWAY p.l.c

                              CHAIRMAN'S STATEMENT

Interim Results

I am delighted to report another excellent performance for the six months ended
31 January 2003 resulting in record pre-tax profits of £57.1m compared with
£39.1m last year, an increase of 46%.

In the period we completed the sale of a record 2,470 homes, an increase of 7%
with turnover advancing to a new high of £362.2m compared with £287.7m last
year. The average selling price of our homes leapt from £113,600 to £144,500
largely as a result of the planned changes in our product mix coming to
fruition. Operating profit was lifted by some 40% to £59.7m from £42.5m, which
resulted in the operating margin increasing from 14.8% to 16.5%. Earnings per
ordinary share grew to a new high of 35.6p from 24.2p. Net borrowings stood at
£125.4m producing gearing of 25.4% and interest is covered more than 23 times.

Dividend

We have decided to realign the interim dividend to effect a more even
distribution to shareholders between the first and second halves. The Board is
therefore delighted to announce an exceptional increase in the interim dividend
of 36% to 6.2p compared with 4.55p last year to reflect the realignment and
these excellent results.

The dividend will be paid on Tuesday 1 July 2003 to all ordinary shareholders
who are on the Company's register of members at the close of business on Friday
6 June 2003. The ex-dividend date is Wednesday 4 June 2003.

Trading & Outlook

During the whole of 2002 the market for new homes was very strong and we have
already reserved, contracted or legally completed 92% of this year's target. We
currently have a record order book in excess of £500m. Despite concerns over the
economy and the war in Iraq our wide geographical spread and diverse product
range gives us confidence that we can continue our growth in sales. Following
our planned move away from the higher priced London investor market two and a
half years ago, our divisions now primarily operate in the middle market with an
average selling price of less than £150,000.

During the period under review our land bank with planning permission has grown
to 17,800 plots compared to 17,400 at 31 July 2002. In addition, we own or
control more than 13,600 plots where planning permission is likely to be
received in the near future. Furthermore we continue to progress through the
planning system substantial holdings of strategic long term land.

Expansion

Following the successful opening of our new division at Milton Keynes in August
2000, we intend to further underpin our planned growth by opening a new division
based in the South West to service the growing market for new homes in that
region.

Employees

These excellent results could not have been achieved without the hard work of
our loyal and dedicated employees and the Board would like to take this
opportunity to thank them all.

Conclusion

With these record results the Group has, yet again, added to its enviable long
term record of growth. Notwithstanding any external factors that may affect the
housing market, the Board is confident of posting another record performance for
the year ending 31 July 2003, exceeding current market expectations.

The Board continues to remain confident about the long term prospects for your
Group.


                                                                        H C Dawe

                                                                        Chairman

9 April 2003

                                 BELLWAY p.l.c.

                         GROUP PROFIT AND LOSS ACCOUNT

                                                           Half year ended        Half year ended             Year ended

                                                                31 January             31 January                31 July

                                                                      2003                   2002                   2002

                                                                        £m                     £m                     £m
Turnover                                                             362.2                  287.7                  773.0
                                                                      ====                   ====                   ====
Operating profit                                                      59.7                   42.5                  133.0
Net interest payable (including associated                           (2.6)                  (3.4)                  (7.7)
undertakings)
                                                                    ______                 ______                 ______
Profit on ordinary activities before taxation                         57.1                   39.1                  125.3
Taxation                                                            (17.1)                 (11.7)                 (37.4)
                                                                    ______                 ______                 ______
Profit on ordinary activities after taxation                          40.0                   27.4                   87.9
Dividends on equity and non-equity shares                            (7.8)                  (6.0)                 (19.3)
                                                                    ______                 ______                 ______
Retained profit                                                       32.2                   21.4                   68.6
                                                                      ====                   ====                   ====
Dividend per preference share                                        4.75p                  4.75p                   9.5p
Dividend per ordinary share                                           6.2p                  4.55p                 15.75p
Earnings per ordinary share - basic                                  35.6p                  24.2p                  78.6p
Earnings per ordinary share - diluted                                35.2p                  24.0p                  77.8p


                                 BELLWAY p.l.c.

                              GROUP BALANCE SHEET

                                                                 At                         At                        At

                                                         31 January                 31 January                   31 July

                                                               2003           £m          2002           £m         2002

                                                   £m            £m                         £m                        £m
Fixed assets
Tangible assets                                                16.3                       19.4                      21.7
Investments                                                     1.6                        1.7                       1.8
                                                             ______                     ______                    ______
                                                               17.9                       21.1                      23.5
Current assets
Stocks                                          809.0                      757.2                      737.2
Debtors                                          21.3                       22.8                       21.5
Cash at bank and in hand                         32.9                        0.7                       73.4
                                               ______                     ______                     ______
                                                863.2                      780.7                      832.1
                                               ______                     ______                     ______
Creditors due within one year
Bank borrowings                                (73.3)                      (1.1)                     (30.0)
Other creditors                               (216.5)                    (231.5)                    (267.6)
                                               ______                      _____                     ______
Net current assets                                            573.4                      548.1                     534.5
                                                             ______                     ______                    ______
Total assets less current liabilities                         591.3                      569.2                     558.0
Creditors due after more than one year
Bank borrowings                                (85.0)                    (150.0)                     (85.0)
Other creditors                                (13.5)                      (6.2)                     (12.7)
                                               ______                     ______                     ______
                                                             (98.5)                    (156.2)                    (97.7)
                                                             ______                     ______                    ______
NET ASSETS                                                    492.8                      413.0                     460.3
                                                               ====                       ====                      ====
Capital and reserves
Called up share capital                                        33.8                       33.8                      33.8
Reserves and share premium                                    459.0                      379.2                     426.5
                                                             ______                     ______                    ______
SHAREHOLDERS' FUNDS                                           492.8                      413.0                     460.3
                                                               ====                       ====                      ====

The interim accounts were approved by the Board of Directors on 9 April 2003.

The interim accounts have been prepared on the basis of the accounting policies adopted for the year ended 31 July 2002
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 2002 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 ended          Half year ended            Year ended

                                                               31 January               31 January                31July

                                                                     2003                     2002                  2002
                                                             £m          £m         £m           £m        £m         £m
Cash (outflow) / inflow from operating activities                    (51.4)                  (60.5)                 85.2
Net cash outflow from returns on investments and
servicing of finance
Interest paid                                             (3.3)                  (2.9)                  (8.6)
Interest received                                           0.7                    0.3                    0.7
Dividends paid - non-equity                               (0.9)                  (0.9)                  (1.9)
                                                         ______                _______                 ______
                                                                      (3.5)                   (3.5)                (9.8)
Taxation                                                             (20.2)                  (14.2)               (35.6)
Net cash inflow / (outflow) from capital expenditure
and financial investment
Purchase of tangible fixed assets                         (2.0)                  (3.0)                  (7.6)
Purchase of investments                                       -                      -                  (0.4)
Sale of tangible fixed assets                               5.4                    1.2                    1.8
                                                         ______                _______                 ______
                                                                        3.4                   (1.8)                (6.2)
Equity dividends paid                                                (12.4)                  (11.1)               (16.1)
                                                                    _______                 _______              _______
Net cash (outflow) / inflow before financing                         (84.1)                  (91.1)                 17.5
Net cash inflow from financing
Issue of ordinary share capital on exercise
of share options                                            0.2                    0.6                    0.8
Increase in bank loans due within one year                    -                      -                   30.0
Increase in bank loans due after more than one year           -                   95.0                   30.0
                                                        _______                _______                 ______
                                                                        0.2                    95.6                 60.8
                                                                     ______                  ______               ______
(Decrease) / Increase in cash in period                              (83.9)                     4.5                 78.3
                                                                       ====                    ====                 ====



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