S MILLINGTON | NUMIS SECURITIES
Bellway's full year results are strong and we have increased our 2012 estimates – although we feel that the risk remains on the upside. The group has started the year well with the value of sales reservations up 21 per cent in the first nine weeks of the year, which should support good top-line growth.
MIKE BESSELL | EVOLUTION SECURITIES
A very solid set of results. We see Bellway as a low risk, high quality name in this space, and today’s announcement reinforces that view. Net cash of £3m with improving profitability from continued improvements in the land mix highlights the strength of the business from here.
CHARLIE CAMPBELL | LIBERUM
Bellway is rightly seen as the most cautious of the housebuilders, so the market should take note of the dividend surprise (10 per cent ahead of consensus) and that the statement talks of being “confident” in delivering sales growth and margin improvements.