Bellway plc Reports Net Bank Debt as at 5 June 2016; Provides Earnings Guidance for Fiscal Year Ending 31 July 2016
The strong forward sales position means that the Group remains on target to deliver at least a 10% growth in volume in the current financial year (31 July 2015 7,752). In addition, the average selling price is expected to increase by around 10% (31 July 2015 £223,821) and the operating margin, before exceptional items, is expected to approach 22% (31 July 2015 20.4%) for the full year ending 31 July 2016, in line with previous guidance. Net bank debt is expected to reduce throughout the remainder of the financial year reflecting the expected timing of receipts from housing completions.