London · Delayed Price · Currency is GBP · Price in GBX Bellway p.l.c. Earnings Call Transcripts
Fiscal Year 2026
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First-half volumes and ASP increased, with robust cash generation and a strong order book. Operating margin held at 10.5% despite modest cost inflation and ongoing market risks. Guidance for FY 2026 is positive, with higher volumes and continued focus on capital efficiency.
Fiscal Year 2025
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Delivered strong FY25 results with 14% volume growth, higher margins, and robust cash flow. Outlook targets 9,200 homes in FY26 and 10,000 by FY28, supported by a £150 million share buyback and focus on capital efficiency.
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Completions rose 12% and profit increased, supported by a 20% order book growth and a robust land bank. ROCE improvement and capital efficiency are key priorities, with guidance unchanged for at least 8,500 homes this year and a focus on double-digit ROCE.
Fiscal Year 2024
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FY24 saw reduced profits amid market reset, but a strong order book, land bank, and balance sheet position the business for multi-year growth. FY25 targets at least 8,500 homes, margin recovery, and increased timber frame use, with a focus on organic expansion and sustainability.