Home builder Bellway Plc (BWY.L), in an interim statement for the four months to November 30, said Friday that it expects sales volumes for the first-half ending January 31, 2010 to be 10% ahead of the same period last year. The company also said it will maintain an operating margin of 6% to 7% for the period. According to the company, reservations taken during the period August 1 to November 30 averaged 91 per week, 51% ahead of the same period last year and from an average of 176 sites, compared to 171 sites in the same period last year. Bellway said its cancellation rates have reverted to a more normal level of around 13%, with the average selling price of reservations taken some 16% ahead of the previous year, mainly due to product and geographical mix and also due to a weak market in the previous year. During the period, Bellway's noted that its divisions have spent GBP 64 million on land, predominantly in the south. Looking ahead, the board expects sales volumes for the first-half ending January 31, 2010 to be 10% ahead of the same period last year. The company also said it will maintain an operating margin of 6% to 7% for the period. Further, Bellway said it has already secured 79% of sales target for fiscal 2010, at average prices ahead of management's expectations and has secured a further 600 sales reservations for fiscal 2011. Further, the company noted that the operating margin for the year is likely to be towards the higher end of the range of 6% to 7 %. Bellway added that still there is a fundamental shortage of mortgage lending on acceptable terms to potential home buyers, despite the Government's efforts to stimulate the housing market. The company said it had GBP 36 million of net cash at the end of November. BWY.L is currently trading at 764.5 pence, up 0.5 pence or 0.07%, on a volume of 58 thousand shares.
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