Bellway PLC
10 August 2001
TO: CITY EDITORS
Embargoed: 07:00 Friday 10 August
Bellway plc
Trading update
Bellway plc wishes to advise that its results for the year ended 31 July 2001
will be announced on Tuesday 16 October and to inform investors of current
trading. The Board confidently anticipates another highly satisfactory set of
results for the year with a record profit before tax. As predicted in the
Chairman's Interim Statement, the number of homes sold was at a similar level
to the previous year with a higher average selling price. This resulted in
record turnover, the tenth annual increase in succession.
Bellway is trading well with a high return on capital employed compared to its
peer companies. Mortgage lenders offer a wide range of attractive products
which, following the recent reduction in interest rates, are at their most
affordable for decades. Demand for our homes remains strong and current
reservations are similar to last year's record levels. Constraints in the
planning system continue to postpone the start of our developments, however
this can be advantageous in providing more time to maximise each site's
potential.
The Group continues to be successful in sourcing, purchasing and expediting
desirable developments, examples of which can be found in many locations
throughout the UK. The Board remains focused on developing in areas of high
demand where the return on capital employed and the operating margin meet our
acquisition criteria.
The Board is proud of its achievements and is confident that it will continue
its enviable track record.
For further information please contact John Watson, Chief Executive or Alan
Robson, Finance Director of Bellway p.l.c. on 0191 217 0717
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