Bellway Plc (BWY.L) provided trading update for the period from August 1, 2011 to January 31, 2012.
The company noted that during the period, it completed the sale of 2,455 homes, an increase of 5%, driven by completions of private sales, which have risen by a healthy 15%. This increase in the proportion of private completions, combined with other changes in mix, has resulted in the average selling price of all completions increasing by 8.7%. The Board expects that the average selling price will grow further, albeit at a slower rate, during the remainder of the financial year.
Besides, operating margin continues its improvement and is set to reach double digits for the six months to January 31. According to Bellway, this rate of improvement has now slowed and although the operating margin should continue to grow, it will do so at a more sustainable pace.
by RTT Staff Writer
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