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Business & Economy

Bellway looks to grow further as record demand fuels return to pre-pandemic levels

A North East-headquartered homebuilder says it is in an “excellent position to continue our long-term growth strategy” as record demand complements a return to pre-pandemic levels of income and sales.

Bellway chalked up housing revenues of more than £3.1 billion in the year to July 31, with sales rising nearly 35 per cent to 10,138.

The numbers sit just below its performance in 2019, when it secured revenues and sales of £3.18 billion and 10,892, respectively, but are well above the £2.2 billion and 7522 recorded in 2020 when the COVID-19 pandemic hit operations.

However, the Seaton Burn-based firm says it expects to grow further in its new financial year thanks to a record order book of 7082, which dwarfs both the 6588 seen in 2020 and 2019’s 4878.

Jason Honeyman, chief executive, said: “We have delivered a strong performance, with volume output once again above 10,000 homes and housing revenue approaching 2019 levels.

“This positive recovery has been achieved through the hard work and dedication of our colleagues, subcontractors and supply chain partners, while maintaining the high quality of our product and making further improvements in the service we offer customers.

“Going forward, we are in an excellent position to continue our long-term growth strategy.

“The group benefits from a substantial order book and a robust balance sheet.

“In addition, our record investment in land and the resultant strengthened land bank provides a strong platform for both volume growth and further margin recovery in the years ahead.”

According to its results, weekly private reservations were also up, from 141 in 2020 to 169, which was also higher than the 160 achieved in its 2019 financial year.

Bellway has developments across the UK, with its North East estates including Moorfields, in Killingworth; Arcot Manor, in Cramlington; and Burdon Rise, in Ryhope, on the outskirts of Sunderland.