UK house builder Bellway has reported a rise in revenue and profits for its preliminary results for the year ended 31 July 2017.

The company saw revenue grow 14.2% to £2,558.6 million (2016: £2,240.7m), with pre-tax profit up 12.6% from £497.9m in 2016 to £560.7m this year.

Temporary Executive Chairman, John Watson, said he is confident the Group is "well positioned to deliver further growth, this year and beyond".

He added that output growth in the construction sector and the wider industry skills shortage "continued to place upward pressure on sub-contractor costs, particularly for trades such as bricklayers and scaffolders".


"Whilst there is some reliance upon overseas labour, predominantly in the south east and London, there is no evidence that this valuable resource has diminished as negotiations to leave the EU progress," he said.

"The availability of building materials is generally good, however, there are often localised incidences of under supply of certain products, such as roof tiles and particular facing bricks."

Chief Operating Officer Jason Honeyman added the group also finished the year with an improved order book of 4,749 homes (2016 - 4,644 homes), valued at £1,296.3m.

"Bellway has significant capacity for further volume growth, both from its existing divisional structure and as a result of its ability to open new divisions in areas of strong demand," he said.

"This capacity, together with a strong balance sheet, is enabling the Group to continue its disciplined growth strategy and deliver further value for shareholders."

(LM/MH)