StockMarketWire.com - Housebuilder Bellway reported a strong recovery in housing revenue for the year, supported by buoyant demand for housing amid an ongoing increase in prices.

For the year ended 31 July 2021, housing revenue rose by 41% to over £3.1 billion year-on-year, and was just 2.5% below the level achieved in financial year 2019, the company said in a trading update.

The number of housing completions rose by 34.8% to 10,138, and the private reservation rate of 169 per week, was up 19.9% and 5.6% compared to the prior year and financial year 2019 respectively.

'Bellway has performed well throughout the financial year, benefitting from strong underlying demand across the country for our high-quality new homes,' the company said.

The order book on 31 July the value had risen by 14.9% to a record £2,022.3 million, up from £1,760.2 million last year, and up from £1,223.9 million in 2019.

This equated to 7,082 homes, up from 6,588 homes last year and 4,878 homes in 2019, with 66% of these contracted.

Our investment in land provides a solid platform for both future volume growth and margin recovery and our significant cash holdings provide resilience and strategic flexibility.

'A record forward sales position [...] offers a strong platform for growth in the year ahead,' the company said.

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