Pre-tax profit for the half year dropped to £291.8m, from £313.9m last year, despite a 3.6% rise in revenue to £1.54bn.
Depsite not mentioning it in tis statment Bellway has subsequently confirmed it is follwoing other other housebuilders, such as Persimmon, Taylor Wimpey and Galliard Homes, in shutting down construction sites.
It’s statement said: “The unprecedented challenge and uncertainty presented by Covid-19 will result in a period of substantial disruption. Our priority is the health and wellbeing of our employees, subcontractors and customers and we are making every effort to ensure that the group’s operating divisions, construction sites and sales offices are as safe as possible.”
The group added there is “significant risk to production capability and customer demand” in the weeks and months ahead.
The developer said: “There is also a threat to liquidity across the wider economy and the board is therefore taking immediate action to preserve the strength and resilience of the balance sheet. This includes a pause in new site acquisitions and a re-prioritisation of production expenditure to focus on plots which are in the later stages of construction programmes.”
The group is also postponing its interim dividend until later in the calendar year “when there is more certainty with regards to the economic outlook”.
Property Week contacted Bellway to seek clarification on its postion on keeping sites open this morning, after which it confirmed it was closing them down.
Source: Residential - propertyweek.com
