Bellway faces housing difficulties

Bellway faces housing difficulties

Housebuilder Bellway warned that conditions since the beginning of the current financial year had remained difficult but an increase in the number of developments meant private house sales were up on the same period last year. Planning delays were having an adverse effect on return on capital and with the challenging market conditions was putting pressure on margins. Pre-tax profits in the year to July were pounds 34m (pounds 28m), struck from sales of pounds 267m (pounds 201m). Earnings per share were 21.4p (17.3p).