MARK HUGHES | PANMURE GORDON
The company saw revenues grow in the first-half, as both volumes and average selling prices increased year-on-year. With a positive trend in current trade, we are happy with our full-year forecasts.
MICHAEL VASSALLO | BREWIN DOLPHIN
Bellway is trading at a larger discount to all in the sector bar Barratt. Given the strong track record of management, strong London land bank and improving trading this is not justified.
ROBIN HARDY | PEEL HUNT
Bellway has upped its guidance for sales volumes but guidance has been volatile. Margins are a little below expected levels and the statement is peppered with caveats.