Bellway’s shares rallied 5.53 per cent yesterday after the housebuilder posted record half-year profits and said it expected to build 10 per cent more homes over the next year.
The Newcastle-based company said pre-tax profits reached £245.9m in the six months to 31 July, up 74.5 per cent on the same time last year and beating analyst expectations.
Meanwhile, revenues rose 33.8 per cent to a record £1.49bn.
It completed 6,851 new homes, up 21 per cent on the year before, on the back of strong demand in the housing market.
Bellway said it expected to increase volumes by 10 per cent over the next year, thanks to its strong forward order book, which had risen to a record 4,435 homes.
“There has been a significant improvement in customer confidence during the year and this has enabled Bellway to accelerate the construction and delivery of much needed new homes,” chairman John Watson said.