Bellway completions slump by 30% on Covid lockdowns
UK housebuilder Bellway reported a fall in the number of homes constructed as the coronavirus lockdown forced a halt to sales.
It also deferred a dividend but said it was “keen” to reinstate payouts if there was no second wave of the pandemic.
The company on Tuesday said completions had fallen by a third to 7,522 in the year to July 31. It added that customer interest was increasing as sites reopened and the government introduced a stamp duty holiday.
July private reservations rose to 140 per week compared to 162 a year ago.
Bellway said it had net cash of £1mand committed bank facilities of £545m. It also qualified as an issuer for the governments Covid corporate financing scheme with a limit of £300m.
“This robust overall position ensures that the group can respond positively should there be a further prolonged period of economic inactivity,” Bellway said.