Bellway suspends dividend; sees reservations falling
Bellway
2,636.00p
12:10 28/03/24
House builder Bellway postponed its interim dividend and warned of a slowdown in demand due to the coronavirus and subsequent government-ordered lockdown.
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The company on Wednesday stopped all new land purchases to conserve cash and strengthen its balance sheet. There was no mention of whether work was halting construction work on its sites, but Bellway did note that reservations had fallen in the last two weeks.
Half-year pre-tax profit fell to £291.8m from £313.9 million as revenue rose 3.6% to £1.54bn.
“We are ever mindful that the government imposed preventative measures to slow down the spread of the virus are likely to detrimentally affect both production and sales activity on our developments,” said chief executive Jason Honeyman.