Bellway plc Reports Net Bank Debt as at 5 June 2016; Provides Earnings Guidance for Fiscal Year Ending 31 July 2016
June 09, 2016 at 07:15 am EDT
Share
Bellway plc reported net bank debt as at 5 June 2016. At 5 June, the Group had net bank debt of £161 million (31 May 2015 – £191 million), representing modest gearing of approximately 9% (2015 – 13%).
The strong forward sales position means that the Group remains on target to deliver at least a 10% growth in volume in the current financial year (31 July 2015 – 7,752). In addition, the average selling price is expected to increase by around 10% (31 July 2015 – £223,821) and the operating margin, before exceptional items, is expected to approach 22% (31 July 2015 – 20.4%) for the full year ending 31 July 2016, in line with previous guidance. Net bank debt is expected to reduce throughout the remainder of the financial year reflecting the expected timing of receipts from housing completions.
Bellway p.l.c. is a United Kingdom-based home construction company engaged in the building and selling of homes, ranging from one-bedroom apartments up to six-bedroom family homes, as well as providing social housing-to-housing associations. The Company operates into approximately 21 divisions, covering centers across England, Scotland and Wales. The Company's brands include Bellway, Ashberry brand and Bellway London. Bellway brand is engaged in building quality homes in selected locations inspired by the needs of families. Ashberry brand is used on larger sites, where the site layout and market demand justify two selling outlets. The Bellway London brand covers all their developments in London boroughs and commuter towns. Its properties range from one-bedroom apartments to four-bedroom houses. The Company's subsidiaries include Bellway Homes Limited, Bellway Housing Trust Limited, Bellway Properties Limited, Bellway (Services) Limited and Litrose Investments Limited.
BELLWAY P.L.C. 
