StockMarketWire.com - Home builder Bellway scrapped its interim dividend after reporting a sharp fall in sales as lockdown measures stalled construction activity.

For the year ended 31 July 2020, the company completed the sale of 7,522 new homes, down from 10,892 on-year, at an average selling price of £293K, up from £292K.

The company's order book stood at £1,760.2m, up from £1,223.9m, comprising 6,588 homes, up from 4,878 homes, of which 64% were contracted, down from 66% on-year.

In total, throughout the year, the group contracted to acquire 11,921 plots, up from 13,113 plots across 68 sites, up from 93 sites, with a contract value of £762.4m, down from £782.0m.

Bellway said it would not propose to pay an interim dividend, citing the 'extent of the lockdown restrictions and the substantial downward effect this had on completions.'

'Our attention now turns to the trading year ahead. Whilst the economic outlook is uncertain, sales demand is encouraging, and the group has built a strong forward sales position,' it added.

The company's preliminary results would be released on 20 October 2020.





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