Bellway Share Discussion Threads

[mgbroad] 07/12/2012 14:55

TIDMBWY

Bellway p.l.c.

Interim Management Statement

Friday 7 December 2012



Bellway p.l.c. is today issuing an Interim Management Statement relating to the
eighteen week period from 1 August 2012 to 30 November 2012.



The Board is continuing with its previously outlined strategy of delivering
improved shareholder returns through sustainable, organic growth in volume,
selling price and operating margin.



Market conditions remain largely unchanged, however customers' ability to
access higher loan to value mortgage finance has improved slightly compared to
the same period last year, as a result of the continuation of the Government's
NewBuy mortgage indemnity scheme. As a consequence, reservations, net of
cancellations, have risen to an average of 100 per week, an increase of 6%
compared to the prior year. This growth in volume has been achieved from an
average of 213 sites compared to 205 sites last year.



A variety of sales incentives continue to be used in order to secure sales with
NewBuy accounting for 10% of reservations taken in the period. Conversely, the
Group continues to restrict the use of shared equity incentives, with these
representing only 3% of reservations in the period, compared to 5% in the prior
year. The average selling price of reservations, net of sales incentives, has
increased by 4% to GBP195,800, reflecting continuing changes in product mix.



The Group has achieved 3,951 (2011 - 3,748) sales for the current financial
year, representing 72% of its current annual target. The Board anticipates
that legal completions will increase by around 5% for the six months ending 31
January 2013 and expects that the operating margin for the same period will
slightly exceed the 12.5% achieved in the second half of the previous financial
year.



The Board continues to believe that improvements in shareholder return can be
achieved through organic growth, given that land can be acquired where the
return on capital is accretive to shareholder value. To that extent the
Group's land teams have been active, resulting in expenditure of GBP91 million on
land and land creditors and modest net bank debt of GBP77 million at 30 November
2012. Given its balance sheet and operational capacity, the Group is well
placed to deliver future sustainable and responsible growth.



The Chairman will make a brief statement at the Annual General Meeting on 11
January 2013 and a trading update for the six months ending 31 January 2013
will be issued on 7 February 2013.



FOR FURTHER INFORMATION PLEASE CONTACT:



JOHN WATSON, CHIEF EXECUTIVE & KEITH ADEY, FINANCE DIRECTOR FROM 8.00 AM
ONWARDS ON 0191 217 0717

[mgbroad] 14/11/2012 17:01

I bought 75 974.5 about 12:30 today, I think i have might of missed most of the profit for this year but looking good for next year looking at 1600 p for when my next as point for profit taking is

[yewtrees] 14/11/2012 12:26

I am sure the Rayleigh development will do well, property is selling in that area. I have also noticed another development about to open in Hornchurch, another area in demand. And, I understand the development of apartments at Aldgate, London completely sold out. On that basis I have bought a few more.

[yewtrees] 13/11/2012 15:32

What is a complete disaster? Please explain

[inv] 13/11/2012 13:44

This is acomplete disaster. Bellway have got this one completely wrong

[mgbroad] 10/11/2012 08:40

Hi guys i use to own these shares and i was called soysoy so started this thread glad it still going well and you all done ok.
was thinking of getting back in. i try and get in on the dips

[cockneyrebel] 26/10/2012 08:10

TW. , BVS, PSN and others all with trading updates in the coming fortnight - buying from funds likely ahead of then imo.

CR

[skinny] 16/10/2012 08:12

Mind the gap.

[skinny] 16/10/2012 07:10

HIGHLIGHTS

§ Number of homes sold increased to 5,226 (2011 - 4,922)

§ Average selling price increased to £186,648 (2011 - £175,613)

§ Total Group turnover increased to £1,004.2m (2011 - £886.1m)

§ Operating margin increased to 11.4% (2011 - 8.5%)

§ Profit before tax increased by 57% to £105.3m (2011 - £67.2m)

§ Earnings per share increased by 58% to 65.5p (2011 - 41.5p)

§ Total dividend increased by 60% to 20.0p (2011 - 12.5p)

§ Net asset value increased to 933p (2011 - 888p)

[cockneyrebel] 12/9/2012 10:15

Take a look at the earnings upgrades on the brokjer forecasts over the past 1 and 3 moths imo:

[cockneyrebel] 07/9/2012 11:01

Making a breakout - 4 year high today.

CR

[inv] 06/9/2012 14:20

This will continue to rise to over £10 as the Government backs house builders

[cockneyrebel] 18/8/2012 10:38

LONDON (SHARECAST) - Results season for the house builders is upon us, and Bovis Homes kicks it off on Monday after releasing what Peel Hunt regarded as the weakest trading statement of all the companies in the sector back in July.

Peel Hunt's beef is with Bovis's margins, which the broker thinks look set to slip below the levels seen in the second half of last year.

Peel Hunt is forecasting headline pre-tax profit of £14.6m, or £10.7m if land sale profits are excluded.

"We exclude land because of its weight: it represents 30% of pure housing profits," Peel Hunt explains.

"Bovis is trying hard to rectify a poor ROIC [return on investment capital] but we still cannot see the return being higher than 6.5% even by 2014 with the risks being more towards undershooting than beating current consensus. This must drag on valuation," argues the broker, which has a "sell" recommendation on Bovis.

Bovis's sector peer, Persimmon, follows up on Tuesday with its interims. "Attention will focus on current trade comments in our view, in order to get a feel for the sector's health ahead of the important Autumn trading season," Panmure Gordon said.

"We heard from Taylor Wimpey and Bellway a couple of weeks ago that July had perhaps been a little better than expectations with sales rates still ahead YOY [year-on-year] (though the volume of sales was much reduced due to the normal seasonal profile of sales). It will be interesting to see if August has maintained that momentum so far, so that we can get a picture of how the sector will run into September when trading becomes more important," the broker continued.

Panmure Gordon is forecasting an interim profit before tax of £90.9m, which is in excess of a 50% increase YOY

[cockneyrebel] 15/8/2012 13:35

New recent highs today

CR

[cockneyrebel] 14/8/2012 13:13

BVS trading update Monday, PSN results Tues - should have a positive effect on the sector imo.

CR

[cockneyrebel] 10/8/2012 11:03

Breaking out.

CR

[cockneyrebel] 08/8/2012 15:17

Dip being gobbled up - breakout coming?

CR

[cockneyrebel] 07/8/2012 07:28

Ahead of expectations - H1 sales rose 123 houses, H2 is up 201 houses. Selling prices are up as are margins.

So much for the doom and gloom for builders.

CR

[mechanical trader] 22/3/2012 15:34

Getting ready for hopefully good
results. Closed a few shorts last
week to add.