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Bellway H1 Pretax Profit Declines; Total Revenue Up 3.6% - Quick Facts

Bellway plc (BWY.L) reported that its profit before tax declined 7% to 291.8 million pounds for the half year ended 31 January 2020. Earnings per share was 193.7 pence compared to 206.8 pence.

First-half revenue rose 3.6% to 1.54 billion pounds. Housing completions rose by 6.3% to a record 5,321 homes.

In the six weeks since 1 February, reservations increased by 7.3% to 278 per week. Reservations have fallen in the past two weeks, the Group noted.

Due to the uncertainty arising as a result of COVID-19, the Board will adopt a cautious approach towards shareholder returns, prioritising cash generation over the coming months. The decision to pay an interim dividend has been postponed until later in the calendar year. The Group has introduced a moratorium on all new land contracts and production expenditure will be focussed on plots which are approaching completion.

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