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House builder Bellway's profits rise 26% | House builder Bellway's profits rise 26% |
(40 minutes later) | |
UK house builder Bellway has posted a 26% rise in half-year profits, but admitted "consumer confidence remains fragile". | UK house builder Bellway has posted a 26% rise in half-year profits, but admitted "consumer confidence remains fragile". |
The firm reported pre-tax profits of £24m for the six months to the end of January, up from £19m last year. | |
"Bellway has exceeded its targets," chairman Howard Dawe said, after the group completed the sale of 2,332 homes, a rise of almost 4%. | "Bellway has exceeded its targets," chairman Howard Dawe said, after the group completed the sale of 2,332 homes, a rise of almost 4%. |
The interim dividend for shareholders will increase by 12%. | The interim dividend for shareholders will increase by 12%. |
"Visitors and reservations have returned to the pattern of a traditional spring market," said Mr Dawe. | "Visitors and reservations have returned to the pattern of a traditional spring market," said Mr Dawe. |
Everton purchase | |
The company said there had been strong growth in its northern divisions and its average sale price had increased by just over 6% to £145,174. | The company said there had been strong growth in its northern divisions and its average sale price had increased by just over 6% to £145,174. |
Its average sale price in the south of the country had risen by more than double this, at 14%, however. | Its average sale price in the south of the country had risen by more than double this, at 14%, however. |
The company said that one of its most notable purchases in the last six months had been the former training ground of Everton Football Club. | The company said that one of its most notable purchases in the last six months had been the former training ground of Everton Football Club. |
British house builders have been gearing up for a tough year as public spending cuts and weaker consumer confidence test the market. | British house builders have been gearing up for a tough year as public spending cuts and weaker consumer confidence test the market. |
But Bellway expects 2011 to go well. | But Bellway expects 2011 to go well. |
"Expectations for this financial year are that profits will grow by a factor of maybe a third," said finance director Alistair Leitch. | "Expectations for this financial year are that profits will grow by a factor of maybe a third," said finance director Alistair Leitch. |
On Tuesday, the Bank of England said 46,967 mortgages were approved for house purchases during February, up 815 on January. | |
Earlier this month, rival house builder Berkeley said it had seen a 25% jump in sales reservations compared with figures from 2010. |
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