According to the firm, housing revenue was up 13% to more than £3.5bn. In 2019, this was £3,180.1m. Housing completions increased 10.5% to 11,198 homes, compared to 2019’s 10,892.
The average price of the homes lifted 2.6% against 2021 to £314,400 which Bellway said was higher than originally anticipated, driven by a higher proportion of private completions - 82% of the total – and underlying house price inflation.
Bellway’s underlying operating margin for the full year is expected to rise to around 18.5% against 2021’s 17%, with the firm stating that this was thanks to improved site operating efficiency and completions from more recently acquired land.
During the year, the company’s average weekly private reservations were marginally ahead of 2021 at 170 per week (2021 – 169).
However, the business highlighted that the slow planning system, compounded by a Covid backlog and “increasing complexities around biodiversity and nutrient neutrality regulations”, were continuing to mute the pace of outlet openings. As of July 31 2022, it was operating from 235 outlets against last year’s 254 and 2020s 276. It added that its “proactive land investment” over the past two years would enable it to deliver growth in the number of selling outlets over the year ahead.
Bellway also noted that build costs had continued to rise throughout the year, exacerbated by rising energy prices, global supply chain constraints and increasing wage costs.
Jason Honeyman, Bellway’s CEO, said: "Bellway has delivered another strong performance, with volume output and housing revenue reaching record levels for the group. This result has been achieved through our investment in land and the dedication of our colleagues, subcontractors and supply chain partners, against the backdrop of a challenging operating environment and macroeconomic uncertainty.
“Looking ahead, our sizeable forward order book and continued strong investment in land puts the group in an excellent position to deliver another record year of volume output, notwithstanding the ongoing challenges in the planning system and upcoming end of the Help-to-Buy scheme.”
