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Bellway Plc FY Pre-exceptional Operating Profit Declines; Revenue Down 30.7%

Bellway plc (BWY.L) reported pretax profit of 236.7 million pounds for the year ended 31 July 2020 compared to 662.6 million pounds, previous year. Earnings per share was 156.1 pence compared to 436.4 pence. The Group noted that it set aside 46.8 million pounds as an exceptional charge as part of its commitment to help owners of legacy apartment schemes undertake fire safety improvements. Also, there was an exceptional COVID-19 related expense of 25.8 million pounds for the period. Operating profit (pre-exceptional) was 321.7 million pounds, down 52.3% year-on-year.

Fiscal year revenue was 2.22 billion pounds compared to 3.21 billion pounds, last year. The number of housing completions fell by 30.9% to 7,522. Housing revenue fell by 30.7% to 2.20 billion pounds.

The Board recommended the payment of a reduced final dividend of 50.0 pence per share.
In light of the economic backdrop, the Board will keep the dividend policy under review.

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