Bellway Homes has reported a near 27% rise in its revenue for the year ended 31 July 2016.

The housebuilder revealed its revenue increased to £2,240.7 million in 2016 compared with £1,765.4 million in 2015. In addition, the company's gross profit rose to £574.8m from £427.9m.

With total completions increasing by almost 13% to 8,721 (2015: 7,752) Bellway said despite uncertainty following the EU referendum, trading has "remained resilient".

It added there is still some upward pressure concerning labour costs, particularly in the South East, where the availability of trades such as ground workers, brick layers and scaffolders is restricted.

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However, Bellway said material cost increases have "largely abated" and while there still remains "occasional availability issues", longer lead in times have been factored into build programmes and "strong relationships" with suppliers are helping to ensure that construction timetables are being met.

Chief Executive Ted Ayres said given the company strong order book and "encouraging" start to trading, Bellway should be able to deliver "further, but more moderate growth in volume in the current financial year and beyond".

"The extent of volume growth this year will depend on whether customer confidence is maintained and strong sales rates continue throughout the autumn and subsequent spring selling seasons," he said.

"The strength of the Group's balance sheet and divisional structure mean that Bellway is well placed to deliver its strategy of further volume growth over the longer term and this, together with a disciplined focus on return on capital employed, should result in additional value creation for shareholders."

(LM)