Slow going at Bellway

Bellway's chief executive John Watson gave the housebuilder a "5/10" for its recent performance as the company warned that recent rapid progress on boosting profit margins was set to slow.

Bellway sold 2,455 homes, up 5 per cent on last year, but Mr Watson warned of tougher trading comparisons ahead.

"This time last year, we had the snow and the comprehensive spending review but once we got that out of the way, sales picked up strongly," he said.

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