It sold 2,332 homes, compared to 2,247 last time, with the average selling price up from 拢155,871 to 拢168,000.
This is an 8% increase in average selling price and a 3.7% rise in unit sales.
The increase in the average selling price was attributed mainly to a change in product mix as Bellway changes its focus away from apartments towards more traditional two-storey homes.
The operating margin is expected to exceed that achieved in the comparable period last year of 6.1% by almost 100 basis points. This improvement in margin should continue in the second six months as more recently acquired sites start to contribute to completions.
Bellway spent 拢130m on land in the period, compared to 拢76m in the six months to January 2010. The company said that it was no longer in a net cash position, having 拢7m of net debt at 31 January, but it remains soundly financed having renewed a bilateral facility of 拢150m with Barclays. This new facility expires in a variety of tranches up until December 2015 and currently provides the Group with total facilities of 拢380m.
The company said its worst fears about the impact of the spending review have not been realised. Reservations to the end of November were better than the board had predicted and while there was not much activity during the snowy weather in December, visitor numbers and reservations since the beginning of January has been encouraging.
Currently the Group has an order book of 拢402m (2010 - 拢390m), representing 2,343 homes, of which 1,847 should legally complete by 31 July 2011.
鈥淭he strength of this year's spring selling season should be more apparent, when the results for the six months to 31 January 2011 are announced on Wednesday 30 March,鈥� the company said.
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