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(BWY.L) Bellway PLC Buy/Sell
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| Date/Time | Headline | Source |
|---|---|---|
| 1 | ||
| Tue 14:34 | PRN |
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Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons
BELLWAY PLC
accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
THIS NOTIFICATION RELATES TO A TRANSACTION NOTIFIED IN ACCORDANCE WITH DTR
3.1 2R.
ALISTAIR McLEOD LEITCH
discharging managerial responsibilities/director named in 3 and identify the connected person
AS ABOVE
referred to in 3 or 4 above or in respect of a non beneficial interest 1
AS ABOVE
financial instruments relating to shares
BELLWAY PLC 9.5% CUMULATIVE REDEEMABLE PREFERENCE SHARES 2014 OF £1 EACH
shares held by each of them
SIPP CENTRE - ALISTAIR McLEOD LEITCH ESQ
ACQUISITION OF SHARES
acquired 50,000 10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage) 0.25% 11. Number of shares, debentures or financial instruments relating to shares disposed
NOT APPLICABLE 12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
NOT APPLICABLE 13. Price per share or value of transaction £1.10 14. Date and place of transaction
TUESDAY 17 NOVEMBER 2009 - NEWCASTLE UPON TYNE 15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) 150,000 BELLWAY PLC 9.5% CUMULATIVE REDEEMABLE PREFERENCE SHARES 2014 OF £ 1 EACH - 0.75% 16. Date issuer informed of transaction
TUESDAY 17 NOVEMBER 2009 If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes 17. Date of grant
NOT APPLICABLE 18. Period during which or date on which exercisable
NOT APPLICABLE 19. Total amount paid (if any) for grant of the option
NOT APPLICABLE 20. Description of shares or debentures involved (class and number)
NOT APPLICABLE 21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
NOT APPLICABLE 22. Total number of shares or debentures over which options held following notification
NOT APPLICABLE 23. Any additional information
NOT APPLICABLE 24. Name of contact and telephone number for queries
KEVIN WRIGHTSON - 0191 217 0717 Name of authorised official of issuer responsible for making notification KEVIN WRIGHTSON Date of notification ______17 NOVEMBER 2009 __________________________________
END More |
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| Mon 15:59 | PRN |
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Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons
BELLWAY PLC
accordance with DTR 3.1.2 R, (ii) a disclosure made in accordance LR 9.8.6R(1) or (iii) a disclosure made in accordance with section 793 of the Companies Act (2006).
THIS NOTIFICATION RELATES TO A TRANSACTION NOTIFIED IN ACCORDANCE WITH DTR
3.1 2R.
ALISTAIR McLEOD LEITCH
discharging managerial responsibilities/director named in 3 and identify the connected person
AS ABOVE
referred to in 3 or 4 above or in respect of a non beneficial interest 1
AS ABOVE
financial instruments relating to shares
BELLWAY PLC 9.5% CUMULATIVE REDEEMABLE PREFERENCE SHARES 2014 OF £1 EACH
shares held by each of them
SIPP CENTRE - ALISTAIR McLEOD LEITCH ESQ
ACQUISITION OF SHARES
acquired 50,000 10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage) 0.25% 11. Number of shares, debentures or financial instruments relating to shares disposed
NOT APPLICABLE 12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)
NOT APPLICABLE 13. Price per share or value of transaction £1.10 14. Date and place of transaction
FRIDAY 13 NOVEMBER 2009 - NEWCASTLE UPON TYNE 15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage) 100,000 BELLWAY PLC 9.5% CUMULATIVE REDEEMABLE PREFERENCE SHARES 2014 OF £ 1 EACH - 0.5% 16. Date issuer informed of transaction
MONDAY 16 NOVEMBER 2009 If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes 17. Date of grant
NOT APPLICABLE 18. Period during which or date on which exercisable
NOT APPLICABLE 19. Total amount paid (if any) for grant of the option
NOT APPLICABLE 20. Description of shares or debentures involved (class and number)
NOT APPLICABLE 21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise
NOT APPLICABLE 22. Total number of shares or debentures over which options held following notification
NOT APPLICABLE 23. Any additional information
NOT APPLICABLE 24. Name of contact and telephone number for queries
KEVIN WRIGHTSON - 0191 217 0717 Name of authorised official of issuer responsible for making notification KEVIN WRIGHTSON Date of notification ______16 NOVEMBER 2009 __________________________________
END More |
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| 12-11-09 | PRN |
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BELLWAY PLC
NOTICE OF INTERIM MANAGEMENT STATEMENT Bellway p.l.c. will be announcing its Interim Management Statement on Friday 4th December 2009.
END More |
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| 02-11-09 | PRN |
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BELLWAY PLC
VOTING RIGHTS AND CAPITAL
2 NOVEMBER 2009 As at 31 October 2009, Bellway plc's capital consists of 120,774,667 ordinary shares with voting rights. Bellway plc does not hold any shares in Treasury. Therefore, the total number of voting rights in Bellway plc is 120,774,667. Ends
END More |
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| 30-10-09 | PRN |
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BELLWAY PLC
30 OCTOBER 2009 The company was yesterday informed that under the terms of the Bellway plc Employee Share Trust (1992) and the Bellway plc (2004) performance Share Plan (arrangements used to reward directors and employees) the following directors were yesterday awarded rights over ordinary 12.5p shares in the company as follows: J K Watson - 72,028 P J Stoker - 46,818 A M Leitch - 46,818
The Awards, which relate to existing shares, are to be held in the Bellway plc Employee Share Trust (1992) until at least 29 October 2012. The above Awards are maximum awards and the degree to which they will actually vest depends on performance targets measured over a three year period (the `performance period'). The performance period which is to be used commenced on 1st August 2009 and ends on 31st July 2012. Following the above awards, the total number of shares held in the trust is 145,995 (0.12%) (145,995; 0.12%). Of these, the executive directors hold a beneficial interest in 42,857 (0.04%) (42,857; 0.04%) ordinary shares held under the terms of the company's deferred bonus arrangements. Under the terms of the Bellway plc (2004) Performance Share Plan, certain Bellway plc directors have a potential further beneficial interest in up to 605,562 (0.50%) (439,898; 0.36%) shares held in the Trust. In addition, each Bellway executive director has a potential further beneficial interest in up to nil (0.0%) (nil; 0.0%) shares held in the Trust. The other interests of the directors remain unchanged. Ends
END More |
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| 23-10-09 | PRN |
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TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi
1. Identity of the issuer or the underlying issuer
attached:ii
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
An acquisition or disposal of qualifying financial instruments which may result
in the acquisition of shares already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to
qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
3. Full name of person(s) subject to the
notification obligation:iii
(if different from 3.):iv
5. Date of the transaction and date on
reached: v
reached: vi, vii
8. Notified details:
A: Voting rights attached to shares viii, ix
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial
Instruments xv, xvi
Resulting situation after the triggering transaction
Total (A+B+C)
9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held, if applicable: xxi
BlackRock Investment Management (UK) Limited - 6,106,714 (5.06%)
Proxy Voting:
10. Name of the proxy holder:
11. Number of voting rights proxy holder will cease
to hold:
12. Date on which proxy holder will cease to hold
voting rights:
13. Additional information:
END More |
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| 22-10-09 | PRN |
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BELLWAY PLC (the "Company") ANNUAL INFORMATION UPDATE
In accordance with the requirements of Prospectus Rule 5.2, the following summarises the information and documents published, or made available to the public, by the Company throughout the twelve months ended 22 October 2009. 1. RIS Announcements The following UK regulatory announcements have been made via RNS, a Regulatory Information Service, and can be obtained from the London Stock Exchange website at www.londonstockexchange.com or from the Company's website at www.bellway.co.uk:
13.10.2009 - Holding in Company 13.10.2009 - Directorate Change 13.10.2009 - Final Results 30.09.2009 - Total Voting Rights 01.09.2009 - Total Voting Rights 07.08.2009 - Holding in Company 06.08.2009 - Result of Equity Share Issue 06.08.2009 - Equity Placing 06.08.2009 - Trading Statement 03.08.2009 - Total Voting Rights 03.08.2009 - Notice of Trading Update 01.07.2009 - Total Voting Rights 05.06.2009 - Interim Management Statement 01.06.2009 - Holding in Company 01.06.2009 - Total Voting Rights 21.05.2009 - Notice of Interim Management Statement 18.05.2009 - Holding in Company 12.05.2009 - Holding in Company 06.05.2009 - Blocklisting - Interim Review 01.05.2009 - Total Voting Rights 24.04.2009 - Half Yearly Report 20.04.2009 - Director/PDMR Shareholding 01.04.2009 - Total Voting Rights 31.03.2009 - Interim Results 17.03.2009 - Holding in Company 02.03.2009 - Total Voting Rights 10.02.2009 - Holding in Company 10.02.2009 - Director/PDMR Shareholding 10.02.2009 - Director/PDMR Shareholding 05.02.2009 - Trading Statement 02.02.2009 - Total Voting Rights 20.01.2009 - Director/PDMR Shareholding 20.01.2009 - Holding in Company 16.01.2009 - Result of AGM 16.01.2009 - AGM Statement 12.01.2009 - Holding in Company 05.01.2009 - Director Shareholding - amendment 05.01.2009 - Director/PDMR Shareholding 05.01.2009 - Director/PDMR Shareholding 05.01.2009 - Total Voting Rights 16.12.2008 - Holding in Company 04.12.2008 - Interim Management Statement 01.12.2008 - Total Voting Rights 26.11.2008 - Holding in Company 26.11.2008 - Notice of IMS 25.11.2008 - Director/PDMR Shareholding 25.11.2008 - Annual Report & Accounts 2007/2008 Notice of AGM 06.11.2008 - Blocklisting Interim Review 05.11.2008 - Director/PDMR Shareholding 03.11.2008 - Total Voting Rights 27.10.2008 - Annual Information Update 2. Documents filed at Companies House The Company has filed the following documents at Companies House. Copies can be found on the Companies House website at www.companieshouse.gov.uk or through Companies House Direct at www.direct.companieshouse.gov.uk or by contacting Companies House, Crown Way, Cardiff CF14 3UZ.
On public record
3. Documents published and sent to Shareholders and also filed with the UK Listing Authority Document Viewing Facility, The Financial Services Authority, 25 The North Colanade, Canary Wharf, London E14 5HS. Copies can also be obtained from the Company Secretary at the address below, or are
available to view on the Company's website at www.bellway.co.uk.
In accordance with Article 27.3 of the Prospectus Directive, we confirm that, to the best of our knowledge, the information relating to the Company, as referred to above, is up to date of this announcement, but it is acknowledged that such disclosures may, at any time, be out of date due to changing circumstances. A copy of this Annual Information Update and all documents referred to in it can be obtained from the Company Secretary, Seaton Burn House, Dudley Lane, Seaton Burn, Newcastle upon Tyne NE13 6BE. Name and contact number for queries: Kevin Wrightson Bellway plc Group Company Secretary Tel: 0191 217 0717
END More |
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| 13-10-09 | PRN |
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For filings with the FSA include the annex For filings with issuer exclude the annex TR-1: Notifications of Major Interests in Shares
issuer of existing shares to which voting rights are attached:
2. Reason for notification (yes/no)
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An event changing the breakdown of voting rights Other (please specify):______________
notification obligation:
different from 3):
which the threshold is crossed or
reached if different):
reached:
8: Notified Details
A: Voting rights attached to shares
If possible use ISIN code
B: Qualifying Financial Instruments
Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial
Instruments
Resulting situation after the triggering transaction
Difference
Total (A+B+C)
9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable: Total disclosable holding for JPMorgan Asset Management Holdings Inc: 6,046,514 (5.01%) JPMorgan Asset Management (UK) Limited : 6,046,514 (5.01%)
Proxy Voting:
holder will cease to hold:
cease to hold voting rights:
13. Additional information:
For notes on how to complete form TR-1 please see the FSA website.
END More |
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| 13-10-09 | PRN |
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BELLWAY p.l.c. (the "Company")
13 OCTOBER 2009 The Company is pleased to announce the appointment of Mr John Cuthbert as an independent non-executive director of the Company with effect from 1 November 2009. Mr Cuthbert is currently Managing Director of Northumbrian Water Group plc, and has worked in the water industry since 1991. He is also a director of Northumbrian Water Limited and Northumbrian Water Finance plc. He was formerly Managing Director of North East Water plc and Managing Director of Essex and Suffolk Water plc. There is no other information to be disclosed in accordance with LR 9.6.13 points (1) to (6), and at the date of this notification Mr Cuthbert holds no shares in the Company. The Company also wishes to announce that Mr David Perry will retire from the Board at the conclusion of the AGM to be held on 15 January 2010 after more than ten years as a non-executive director. Following Mr Perry's retirement on 15 January 2010, Mr Cuthbert will join the Board Committee on Executive Directors' Remuneration and the Audit and Nomination Committees of the Board. Name of contact and telephone number for queries: Kevin Wrightson Group Company Secretary Bellway p.l.c. Tel: 0191 217 0717
END More |
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| 13-10-09 | PRN |
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This news article is displayed preformatted as it may contain results tables
NATIONAL HOUSEBUILDER BELLWAY p.l.c. TODAY, TUESDAY 13 OCTOBER, ANNOUNCE THEIR
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 JULY 2009.
HIGHLIGHTS
- Completed sales of 4,380 homes (2008 - 6,556)
- Average price achieved £154,005 (2008 - £169,729)
- Total Group turnover of £683.8m (2008 - £1,149.5m)
- Profit before taxation £29.8m * (2008 - £165.7m)
- Exceptional items £66.3m (2008 - £130.9m)
- Earnings per ordinary share of 17.7p * (2008 - 104.2p)
- Final dividend for the year 6.0p (2008 - 6.0p)
- Gearing of 3.8%, having reduced borrowings by £180.9m
- Secured forward order book at 30 September of £349.4m (2008 - £342m)
- £120m of land either contracted or agreed terms since 1 August
* Before exceptional items
Chairman Howard Dawe said 'In the summer of 2008 the ghosts of the last major
recession loomed large' and that 'the primary strategy* was simply to repeat
the lessons learnt in previous downturns, make cash generation a priority'* and
also 'sell homes at positive margins throughout the financial year.'
He continued 'I am pleased to report that the Group ended the year with net
bank borrowings of £36.8 million' and 'the forward order book at 31 July 2009
stood at £368 million** equivalent to 58% of this year's planned output.'
Furthermore 'Since 1 August the Group has contracted or agreed terms in respect
of the acquisition of over £120 million of land where there is potential to
develop in excess of 3,370 homes.'
He concluded 'With national coverage, a robust balance sheet and low gearing,
the Board believes Bellway is well positioned*.'
FOR FURTHER INFORMATION, PLEASE CONTACT JOHN WATSON, CHIEF EXECUTIVE OR
ALISTAIR LEITCH, FINANCE DIRECTOR.
TUESDAY 13 OCTOBER - FRIDAY 16 OCTOBER
J WATSON: 07855 337007 & A LEITCH: 07855 337001
THEREAFTER: 0191 217 0717
CHAIRMAN'S STATEMENT
Strategy
In the summer of 2008 the ghosts of the last major recession loomed large, with
a deteriorating economy, low consumer confidence and poor mortgage
availability. The primary strategy of the Board, at that time, was simply to
repeat the lessons learnt in previous downturns, make cash generation a
priority and a target was set to reduce the opening debt position of £217.7
million (excluding the preference share capital of £20 million) by £100 million
by the year end. If achieved, this would generate the necessary headroom in
relation to our bank facilities of £370 million, providing the Group with a
platform for expansion when the housing market returned to more normal
conditions. At the same time the Group was also determined to continue, where
possible, to sell homes at positive margins throughout the financial year.
I am pleased to report that the Group ended the year with net bank borrowings
of £36.8 million (2008 - £217.7 million), a £180.9 million reduction,
significantly exceeding the internal target and resulting in gearing of 3.8% at
the year end (2008 - 21.7%). The forward order book at 31 July 2009 stood at £
368 million (2008 - £370 million) equivalent to 58% of this year's planned
output.
The Results
The Group completed the sale of 4,380 homes, a fall of 33% from last year's
6,556 homes. The average selling price was lower at £154,005 (£169,729 in
2008), consequently housing turnover fell by 39% from £1,112.7 million to £
674.5 million. Other revenue was £9.3 million (2008 - £36.8 million), giving
total revenue for the Group of £683.8 million. Sales incentives had to be used
extensively and this contributed significantly in the operating margin
(pre-exceptional) reducing from 16.1% to 6.7%.
When house prices continued to fall throughout August to December 2008, it
became necessary to further review the net realisable value of land and work in
progress at January 2009. From this arose an exceptional charge of £66.3
million. In the second half, whilst fragile, some stability returned to the
market and further exceptional write downs have not been necessary.
As previously stated, in partnership with our banks, the Group's facilities
were re-negotiated in April 2008. Low borrowings, significant reductions in
overhead and land and work in progress expenditure have resulted in a 24.6%
fall in the net interest charged to £8.9 million compared with £11.8 million in
2008. When the technical financing charges are added the net finance charge has
fallen from £19.1 million to £15.8 million. The loss before tax for the year
after exceptional items is £36.6 million (£34.8 million profit in 2008), giving
a basic loss per share of 23.9p (2008 - 23.6p earnings). The net asset value
per ordinary share at 31 July 2009 stands at 839p (2008 - 871p).
Share Placing
Whilst the debt reduction programme has been successful, the industry is,
nonetheless, cyclical in nature and future earnings growth is dependent upon
many factors, most notably opportunistic land acquisition. In the spring of
2009, notwithstanding the fragile economic climate, some early indications of
price and volume stability began returning to the housing market, albeit at
lower volume levels. The Board took the view that the time may be right to
begin selectively acquiring land again, especially in the south of England.
In order to help finance this strategy, 5.7 million shares were placed with
existing and new institutional shareholders on 6 August 2009, raising net
proceeds of £43.7 million. This additional capital, combined with current
banking facilities, ensures that the Group is in an excellent position to enter
the land market, as appropriate opportunities arise.
Dividend
In these testing times for the industry, the Board is delighted that it still
feels able to pay dividends and is therefore proposing to maintain the final
dividend at last year's level of 6.0p, resulting in a total dividend for the
year of 9.0p (2008 - 24.1p) per ordinary share. The payment of the dividend
takes into account the favourable current forward order position and the
strength of the Group's balance sheet.
The dividend will be paid on Wednesday 20 January 2010, to all ordinary
shareholders on the Register of Members on Friday 11 December 2009. The
ex-dividend date is Wednesday 9 December 2009.
People
Whilst the human cost of the downturn should not be underestimated, looking
forward the Board believes the Group's strategy of maintaining a largely
autonomous divisional management structure creates the ideal environment for
individual talent to flourish and for the divisional teams to respond to local
market conditions. The Board believes it is important to provide appropriate
incentives for employees to participate in the recovery that will take place
when the market finally shows signs of long term sustainable improvement. The
Group will continue to utilise incentive based remuneration structures to
reward key personnel at all levels for significant contribution to the
expansion of the business. This includes the operation of a Save As You Earn
Share Scheme which is open to all employees.
Delivering these objectives in difficult market conditions is not easy and the
Board would like to sincerely thank all staff, past and present, together with
the Group's suppliers and sub-contractors, for their commitment to the business
over the past twelve months.
The Board
On behalf of the Board, I would like to thank David Perry for his invaluable
contribution to the Group's progress during his ten years of service with
Bellway as a Non-Executive Director. David will be retiring at the AGM in
January 2010 and we wish him a long and happy retirement. At the same time we
welcome on to the Board, in his place, John Cuthbert, a Chartered Accountant,
and current Managing Director of Northumbrian Water Group plc, who will be
joining the Group as a Non-Executive Director in November 2009.
Looking Forward
Since the beginning of August the market place has remained incentive led but
reservations are 58% ahead compared to the same period twelve months ago. At
the end of September Bellway had secured 61% of its target output for the year
ending July 2010 and a further 440 reservations for 2010/11.
It is the Group's intention to selectively open new outlets, increase work in
progress and acquire land, particularly in the south of England, at attractive
margins whilst at the same time carefully monitoring the overall strength of
the autumn housing market. Since 1 August the Group has contracted or agreed
terms in respect of the acquisition of over £120 million of land where there is
potential to develop in excess of 3,370 homes.
The pace of economic recovery is still uncertain with lack of mortgage
availability, especially for first time buyers, potential unemployment and
political uncertainty all remaining a threat to consumer confidence. However,
with national coverage, a robust balance sheet and low gearing, the Board
believes Bellway is well positioned should any or all of these uncertainties
prove not to be an issue in the coming months.
H C Dawe
Chairman
12 October 2009
Chief Executive's Operating Review
Introduction
Bellway commenced the financial year with a reduced structure of thirteen
trading divisions. At the start of the year, mortgage approvals had dropped to
around 33,000 per month, the lowest number since records began in 1993. This
receding tide of finance, coupled with low consumer confidence, dictated
strategy and meant that the Group was about to enter what can be described as a
period of partial hibernation.
The Housing Market
The weekly sales rates and the market in general had started to deteriorate in
spring 2008 and continued through to December 2008. During this time visitor
levels across all outlets were extremely low with some sites seeing as few as
five visitors per week and this, combined with cancellation rates running at an
all time high of 26%, resulted in the level of reservations being around 50%
below the prior year at an average of just 56 sales per week at that time.
However, the beginning of 2009 brought a welcome change for most of our
divisions. Visitor levels increased and, more importantly, the weekly
reservation rate effectively doubled. This improved market continued through to
31 July as tentative signs of stabilisation emerged.
Against this background the Group legally completed the sale of 4,380 homes
compared with 6,556 in 2008. The average selling price reduced to £154,005 from
£169,729 in 2008.
To achieve this, our sales teams used a variety of incentives on virtually
every home to attract buyers. For example, first time buyers require increased
deposits as a result of lenders tightening mortgage criteria and as a
consequence the Group's shared equity scheme 'Opening Doors' became attractive
to this type of buyer. Whilst typically we receive only 75% of the selling
price on legal completion, the balance is owed to the Company and is repaid
when the client ultimately sells or re-mortgages. The 25% stake is viewed as a
deposit by lenders. This scheme was used in almost 14% of sales and a similar
scheme 'HomeBuy Direct' has now been initiated by the government through the
Homes & Communities Agency.
Whilst private investors found access to the mortgage market increasingly
difficult the Group found an appetite, especially from southern housing
associations to acquire properties over and above the Section 106 planning
requirement. The Thames Gateway division has been particularly active in this
area and on several occasions during the year sold 100% of a development to a
housing association.
When combined with normal Section 106 planning obligations, sales to housing
associations represented some 34% of total output or 1,484 homes. Part exchange
conversely was used to a lesser extent by the sales teams in only 7% of
transactions as buyers found the lenders' lower valuations more difficult to
overcome. Consequently our part exchange stock of £40.6 million at 1 August
2008 had reduced to £8.0 million by the year end.
Divisional Performance
The six northern divisions sold 1,833 homes, a decrease of 45% from the
previous year's 3,348 homes, with the average selling price falling by 14.7% to
£134,200 (2008 - £157,300). As the economy in this region receded more quickly
especially in Scotland, Yorkshire and the North West, consumer demand eroded
rapidly in these locations. In the East and West Midlands divisions we have
been able to access the funding provided by the various government initiatives
and as a consequence some 30% of completions in these two divisions were sold
to housing associations.
The seven southern divisions sold 2,547 homes (2008 - 3,208), a stronger
performance than the North and only 21% below the previous year's volumes. The
average selling price in the region fell by only7.9% to £168,300 (2008 - £182,700).
The Essex and South East divisions actually increased output compared to 2008,
the only divisions to do so. Generally developments in and around London, whether
they be apartments or more traditional housing, have proved more resilient compared
to other parts of the country. This factor is strongly influencing the Group's land
buying policy at the present time.
Business Focus
With uncertainty in both the housing market and the wider economy generally,
the Board decided to attempt to place the Group in a sound financial position
to protect shareholder value in the downturn and create an opportunity for
growth in the long term. A target was set at the beginning of the financial
year to further reduce borrowings by £100 million to pursue the following
objectives:-
Restricting work in progress and site openings
The carry forward position at the beginning of the year stood at £370 million
and the majority of these homes had to be legally completed in the financial
year. However, work in progress on existing outlets, wherever possible, was
restricted and on new sites only those with forward sales and low
infrastructure costs were opened. During the course of the year new
construction was restricted to 2,900 homes (2008 - 6,600) and by the end of
July 2009, 27 sites remained mothballed. With regard to the latter, layouts are
being re-drawn to accelerate the development of the housing association element
and, where possible, we are also looking to introduce a larger percentage of
two storey housing.
As a result of the foregoing, the number of sales outlets fell during the year
from last year's average of 210 down to 170 and the number of stock units
reduced from 1380 at the beginning of the year to 650 at the year end. We feel
that a certain level of stock in this market has advantages and therefore
further reductions are not envisaged.
Cost Base
The lower activity levels were an opportunity not only to re-design layouts, if
possible, but more importantly to reduce the cost base. With the workload
drying up many sub-contract orders were re-tendered and with material and
labour prices softening it is estimated that around £5,000 to £6,000 was saved
on a typical family home of say 1,000 square feet over the course of the year.
Of course there are cost pressures in the shape of higher planning fees, home
information packs and the delivery of the new Code Levels 3 and 4 of the
government's Code for Sustainable Homes. However, notwithstanding these
pressures it is hoped that lower costs will persist for some time thereby
offsetting in part any further sales incentives that may need to be offered to
conclude reservations.
Land
The control of land expenditure was also a key component in reducing debt
levels and therefore another cautious approach throughout the year was
maintained. Land owners and their advisers are adjusting to lower land values
and the operating divisions were instructed wherever possible to withdraw from
conditional contracts and options that were considered to be no longer viable.
Consequently, our land expenditure fell to only £93.3 million compared with £
275 million in the previous year.
During the period only 1,580 plots were acquired, and, as a result land held
with planning permission has reduced to some 19,260 plots. Land owned,
contracted or held under option currently awaiting planning permission has
stabilised and stands at 14,000 plots. Combined, therefore, the Group has
around 33,260 plots at its disposal within its short and medium term land
holdings. This is equivalent to over seven years supply at current output and
excludes long term or strategic land which amounts to around 3,900 plots,
typically made up of greenfield land held under option and brownfield
regeneration opportunities.
The holding cost of land and work in progress was reviewed throughout the year.
During the first half house prices continued to fall and an exercise was
carried out in January 2009 which resulted in a land and work in progress
write-down of £58.9 million. Together with a further write-down in relation to
part exchange stock and land without planning consent of £7.4 million this
produced a total exceptional charge of £66.3 million. In the second half,
whilst fragile, some stability returned to the market and further exceptional
write-downs were considered unnecessary.
Environmental Issues
The efficient management of construction waste benefits the environment whilst
at the same time improves cost control. Site waste management plans on all
sites have contributed to almost 14,000 tonnes of demolition material being
re-used and all plasterboard off-cuts being recycled. Furthermore, around 1,025
homes were completed during the year using timber frame construction
techniques. Using timber from accredited managed sources not only reduces waste
going to land fill but, because there are approximately 50 to 60 cubic feet of
additional timber in a typical 1,000 square feet home, reduces the amount of
masonry used. This produces savings of around four tonnes of CO2 for every home
constructed (Source - UK Timber Frame Association).
The government's Code for Sustainable Homes will require all new private homes
to achieve the new Code Level 3 Energy Efficiency Standards from October 2010.
In moving towards these new requirements the Group has delivered 428 homes to
these new standards in the financial year (2008 - 48). In a Code Level 3 home,
for example, we calculate that water saving devices such as flow restrictors,
mixer taps and dual flushing WCs will result in water consumption savings of
around 103 litres per person per day.
Whilst the Group has concluded significantly fewer planning agreements during
the course of the year, we calculate, nevertheless, that they will contribute
over £2 million in total towards community benefits in areas such as new
education facilities and healthcare.
Putting the Customer First
The Group has continued to improve the quality and standard of finish of its
new homes. In an independent survey of 300 respondents returned at the end of
March 2009, 89% (2008 - 80%) would recommend a friend to purchase a Bellway
home. However, conversely 50% of respondents found between one to five problems
with their new home after moving in. This is an area where we will be
specifically concentrating in the coming months.
The quality of construction and presentation of a new home is a reflection of
the way a site is organised and run. During the year 56 sites were registered
under the Considerate Constructors Scheme whereby additional site inspections
are undertaken by third parties. In addition, despite having fewer outlets we
have retained an in-house team of four health and safety professionals who on a
systematic basis carry out regular detailed audits on all the Group's
developments. It is anticipated that this, together with constant training of
site management, will lead to a long term improvement in construction standards
and therefore greater levels of customer satisfaction.
Looking Forward
The cash generated as a result of the partial hibernation policy greatly
exceeded our expectations and the Group ended the year with only £36.8 million
of net bank debt, a reduction of £180.9 million during the year. Mortgage
valuations are beginning to stabilise and indeed the Council of Mortgage
Lenders has recently announced a further monthly rise in gross lending in July,
albeit some 42% below the previous year. This stability, whilst still fragile,
is extremely welcome and, consequently, the Group is now looking to selectively
increase both work in progress expenditure and the number of outlets.
In addition, the Group intends to selectively increase its land bank
predominantly focusing on the southern divisions provided current market and
general economic conditions prevail and, since the year end, Bellway has
contracted new land at attractive margins. On 6 August we announced a placement
of 5.7 million new ordinary shares with new and existing shareholders,
realising £43.7 million net of expenses. This enhances the Group's balance
sheet and puts Bellway in an even stronger position to expand as and when the
market shows tangible signs of recovery.
J K Watson
Chief Executive
12 October 2009
GROUP INCOME STATEMENT
For the year ended 31 July 2009
2009 2009 2009 2008 2008 2008
Notes Pre-exceptional Exceptional Total Pre-exceptional Exceptional Total
item item item item
Note 4 Note 4
£000 £000 £000 £000 £000 £000
Revenue 2 683,813 - 683,813 1,149,541 - 1,149,541
Cost of sales 4 (596,680) (66,312) (662,992) (905,745) (130,905) (1,036,650)
Gross profit 87,133 (66,312) 20,821 243,796 (130,905) 112,891
Administrative (41,554) - (41,554) (58,761) - (58,761)
expenses
Operating (loss) / 45,579 (66,312) (20,733) 185,035 (130,905) 54,130
profit
Finance income 4,894 - 4,894 3,631 - 3,631
Finance expenses (20,712) - (20,712) (22,683) - (22,683)
Share of losses of - - - (315) - (315)
equity accounted
entities
(Loss) / profit before 29,761 (66,312) (36,551) 165,668 (130,905) 34,763
taxation
Income tax credit / 3 (9,460) 18,567 9,107 (46,159) 38,399 (7,760)
(expense)
(Loss) / profit for 20,301 (47,745) (27,444) 119,509 (92,506) 27,003
the year*
* all attributable to equity holders of the
parent
(Loss) / earnings per 6 17.7p (41.6)p (23.9)p 104.2p (80.6)p 23.6p
ordinary share -Basic
(Loss) / earnings per 6 17.6p (41.5)p (23.9)p 104.1p (80.6)p 23.5p
ordinary share -
Diluted
Dividend per ordinary 5 9.0p - 9.0p 24.1p - 24.1p
share
GROUP STATEMENT OF RECOGNISED INCOME AND EXPENSE
For the year ended 31 July 2009
2009 2008
£000 £000
Actuarial gains / (losses) on defined benefit pension 353 (14,351)
scheme
Tax on items taken directly to equity (99) 4,018
Net income / (expense) recognised directly in equity 254 (10,333)
(Loss) / profit for the year (27,444) 27,003
Total recognised (expense) / income* (27,190) 16,670
* all attributable to equity holders of the parent
GROUP BALANCE SHEET
At 31 July 2009
Notes 2009 2008
£000 £000
ASSETS
Non-current assets
Property, plant and equipment 8,250 11,559
Investment property 7,377 4,092
Investments in subsidiaries and equity - 126
accounted entities
Other financial assets 20,826 5,607
Deferred tax assets 7,328 7,871
43,781 29,255
Current assets
Inventories 4 1,211,351 1,503,936
Corporation tax receivable 9,847 23,900
Trade and other receivables 41,749 30,596
Cash and cash equivalents 7 43,210 109,313
1,306,157 1,667,745
Total assets 1,349,938 1,697,000
LIABILITIES
Non-current liabilities
Interest bearing loans and borrowings 100,000 295,000
Retirement benefit obligations 11,925 12,709
Land and other payables 26,854 51,306
138,779 359,015
Current liabilities
Interest bearing loans and borrowings - 52,000
Trade and other payables 246,147 284,901
246,147 336,901
Total liabilities 384,926 695,916
Net assets 965,012 1,001,084
EQUITY
Issued capital 8 14,375 14,372
Share premium 8 117,198 116,928
Other reserves 8 1,492 1,492
Share-based payment reserve 8 - -
Retained earnings 8 832,013 868,358
Total equity attributable to equity holders 965,078 1,001,150
of the parent
Minority interest 8 (66) (66)
Total equity 965,012 1,001,084
Approved by the Board of Directors on 12 October 2009 and signed on its behalf
by
Howard C Dawe Alistair M Leitch
Director Director
GROUP CASH FLOW STATEMENT
For the year ended 31 July 2009
Notes 2009 2008
£000 £000
Cash flows from operating activities
(Loss) / profit for the year (27,444) 27,003
Depreciation charge 2,190 2,858
Loss on sale of property, plant and equipment 4 140
Loss / (profit) on sale of investment properties 55 (151)
Finance income (4,894) (3,631)
Finance expenses 20,712 22,683
Share based payment charge 1,318 1,685
Income tax (credit) / expense (9,107) 7,760
Decrease in inventories 293,155 33,938
(Increase) / decrease in trade and other (22,744) 13,322
receivables
Decrease in trade and other payables (69,282) (101,688)
Cash from operations 183,963 3,919
Interest paid (14,590) (17,418)
Income tax received / (paid) 23,591 (62,875)
Net cash inflow / (outflow) from operating 192,964 (76,374)
activities
Cash flows from investing activities
Acquisition of property, plant and equipment (139) (2,096)
Acquisition of investment properties (3,383) (1,858)
Proceeds from sale of property, plant and 684 376
equipment
Proceeds from sale of investment properties 43 334
Interest received 1,265 4,557
Net cash (outflow) / inflow from investing (1,530) 1,313
activities
Cash flows from financing activities
(Decrease) / increase in bank borrowings (247,000) 253,000
Proceeds from the issue of share capital on 273 1,479
exercise of share options
Purchase of own shares by employee share option (113) (568)
plans
Dividends paid (10,697) (51,364)
Net cash (outflow) / inflow from financing (257,537) 202,547
activities
Net (decrease) / increase in cash and cash (66,103) 127,486
equivalents
Cash and cash equivalents at beginning of year 109,313 (18,173)
Cash and cash equivalents at end of year 7 43,210 109,313
NOTES
1. Basis of preparation
The financial information set out above has been prepared in accordance with
the recognition and measurement criteria of International Financial Reporting
Standards (IFRSs) as adopted by the EU (Adopted IFRSs).
The financial information set out above does not constitute the Group's
statutory accounts for the years ended 31 July 2009 or 2008. Statutory accounts
for 2008 have been delivered to the registrar of companies, and those for 2009
will be delivered in due course. The auditors have reported on those accounts;
their reports were (i) unqualified, (ii) did not include a reference to any
matters to which the auditors drew attention by way of emphasis without
qualifying their report and (iii) did not contain a statement under section 237
(2) or (3) of the Companies Act 1985 in respect of the accounts for 2008 nor a
statement under section 498 (2) or (3) of the Companies Act 2006 in respect of
the accounts for 2009.
2. Revenue / segmental analysis
The Group uses business as the basis for primary segmentation. Operations are
carried out within one business segment which is housebuilding. No additional
business segment information is required to be provided. The Group's secondary
segment is geography. It operates in one geographical segment, the United
Kingdom, therefore no additional geographical segment information is required
to be provided.
3. Taxation
The effective rate of taxation for the year is 24.9% (2008 - 22.3%). The
taxation credit / (charge) for the years ended 31 July 2009 and 31 July 2008 is
calculated by applying the Directors' best estimate of the annual effective tax
rate to the (loss) / profit for the period.
4. Exceptional items / inventories
Exceptional items are those which, in the opinion of the Board, are material by
size or nature, non-recurring, and of such significance that they require
separate disclosure on the face of the income statement.
A full review of inventories has been performed and land write downs have been
made where cost exceeds net realisable value. Net realisable value represents
the estimated selling price (in the ordinary course of business) less all
estimated costs of completion and overheads. Estimated selling prices have been
reviewed on a site by site basis and selling prices have been reduced based on
local management and the Board's assessment of current market conditions.
Following this review a material write down in both size (see below), and
nature, given the economic conditions in the UK, has taken place.
These site reviews have resulted in land write downs totalling £58.881m (2008 -
£112.534m).
In addition, option costs and related fees have been written down by £6.338m
(2008 - £15.395m) to their net realisable value.
The Board has also reassessed the net realisable value of part exchange
properties and has written down stock by £1.093m (2008 - £2.976m).
The above has resulted in an exceptional charge totalling £66.312m (2008 - £
130.905m).
5. Dividends on equity shares
2009 2008
£000 £000
Amounts recognised as distributions to equity holders
in the year :
Final dividend for the year ended 31 July 2008 of 6,897 30,541
6.0p per share (2007 - 26.675p)
Interim dividend for the year ended 31 July 2009 of 3,450 20,765
3.0p per share (2008 - 18.1p)
10,347 51,306
Proposed final dividend for the year ended 31 July 7,245 6,912
2009 of 6.0p per share (2008 - 6.0p)
The 2009 proposed final dividend is subject to approval by shareholders at
the Annual General Meeting on 15 January 2010 and, in accordance with IAS
10, has not been included as a liability in these financial statements.
6. Earnings per ordinary share
Basic earnings per ordinary share is calculated by dividing earnings by the
weighted average number of ordinary shares in issue during the year (excluding
the weighted average number of ordinary shares held by the employee share
ownership plans which are treated as cancelled).
Diluted earnings per ordinary share uses the same earnings figure as the basic
calculation except that the weighted average number of shares has been adjusted
to reflect the dilutive effect of outstanding share options allocated under
employee share schemes where the market value exceeds the option price. It is
assumed that all dilutive potential ordinary shares are converted at the
beginning of the accounting period. Diluted earnings per ordinary share is
calculated by dividing earnings by the diluted weighted average number of
ordinary shares.
Reconciliations of the earnings and weighted average number of shares used in
the calculations are outlined below:
Pre-exceptional item i Earnings Weighted Earnings Earnings Weighted Earnings
/ (loss) average / (loss) average per
number of per number of share
ordinary share ordinary
shares shares
2009 2009 2009 2008 2008 2008
£000 no. p £000 no. p
For basic earnings per 20,301 114,949,883 17.7 119,509 114,615,661 104.2
ordinary share
Dilutive effect of 339,658 (0.1) 245,743 (0.1)
options and awards
For diluted earnings 20,301 115,289,541 17.6 119,509 114,861,404 104.1
per ordinary share
Post-exceptional item
For basic earnings per (27,444) 114,949,883 (23.9) 27,003 114,615,661 23.6
ordinary share
Dilutive effect of - - 245,743 (0.1)
options and awards ii
For diluted earnings (27,444) 114,949,883 (23.9) 27,003 114,861,404 23.5
per ordinary share
i Exceptional charge of £66.3m (2008 - £130.9m) in the current year (note 4)
less associated tax credit of £18.6m (2008 - £38.4m).
ii In accordance with IAS 33 potential ordinary shares are only treated as
dilutive when their conversion to ordinary shares would increase the loss
per share.
7. Analysis of net debt
At 1 August Cash At 31
July
2008 flows 2009
£000 £000 £000
Cash and cash equivalents 109,313 (66,103) 43,210
Bank loans (327,000) 247,000 (80,000)
Preference shares redeemable after more (20,000) - (20,000)
than one year
Net debt (237,687) 180,897 (56,790)
8. Reconciliation of movements in capital and reserves
Attributable to equity holders of
the parent
Ordinary Share Other Retained Total Minority Total
share premium reserves earnings interest equity
capital
£000 £000 £000 £000 £000 £000 £000
At 1 August 2007 14,337 115,484 1,492 904,567 1,035,880 (66) 1,035,814
Total recognised - - - 16,670 16,670 - 16,670
income and expense
Dividends on - - - (51,306) (51,306) - (51,306)
equity shares
Shares issued 35 1,444 - - 1,479 - 1,479
Charge in relation - - - (1,005) (1,005) - (1,005)
to share options
and tax thereon
Purchase of own - - - (568) (568) - (568)
shares
At 31 July 2008 14,372 116,928 1,492 868,358 1,001,150 (66) 1,001,084
Total recognised - - - (27,190) (27,190) - (27,190)
income and expense
Dividends on - - - (10,347) (10,347) - (10,347)
equity shares
Shares issued 3 270 - - 273 - 273
Credit in relation - - - 1,305 1,305 - 1,305
to share options
and tax thereon
Purchase of own - - - (113) (113) - (113)
shares
At 31 July 2009 14,375 117,198 1,492 832,013 965,078 (66) 965,012
Within retained earnings are amounts relating to ordinary shares held by the
employee share ownership plans. The number of shares held within these plans at
31 July 2009 was nil (2008 - 197,858) which are held within the financial
statements at a value of £nil (2008 - £1.872m).
END
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| 30-09-09 | PRN |
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BELLWAY PLC
VOTING RIGHTS AND CAPITAL
30 SEPTEMBER 2009 As at 30 September 2009, Bellway plc's capital consists of 120,767,089 ordinary shares with voting rights. Bellway plc does not hold any shares in Treasury. Therefore, the total number of voting rights in Bellway plc is 120,767,089.
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| 23-09-09 | AFX UK Focus |
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By Paul Hoskins and Catherine Bosley
LONDON, Sept 23 (Reuters) - British housebuilders Barratt and Redrow turned to investors for fresh funds on Wednesday, hoping to repair weak balance sheets and have some money left over to exploit subdued property prices by snapping up land.
CUTTING DEBT
"The proposed rights issue will strengthen Redrow's balance sheet and position Redrow for growth," Redrow Chairman Steve Morgan said. "We now need to enhance our ability to acquire land through selected acquisitions."
(paul.hoskins@reuters.com; +44 20 7542 5331; Reuters Messaging: paul.hoskins.reuters.com@reuters.net)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 14-09-09 | AFX UK Focus |
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Sept 14 (Reuters) - UK Housebuilders:
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 14-09-09 | AFX UK Focus |
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Sept 14 (Reuters) - UK Housebuilders:
from 194P
bottom midway through 2010 (Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 10-09-09 | AFX UK Focus |
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Sept 10 (Reuters) - U.K. Housebuilders:
underperform neutral Galliford Try to neutral from underperform 687P from 395P; keeps buy rating from 213P; keeps buy rating 67P from 44P; keeps buy rating (Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 04-09-09 | AFX UK Focus |
|
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Sept 4 (Reuters) - UK Housing:
of 1200P of 750P of 309P
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 03-09-09 | AFX UK Focus |
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* To acquire residential land assets for development * Analysts say move will bring spotlight on other builders * Shares down 0.49 pct
(Adds placing details, share price, analyst comment)
(Reporting by Lorraine Turner; editing by Karen Foster) ($1=.6128 Pound) Keywords: BOVISHOMES/ (lorraine.turner@thomsonreuters.com; +44 20 7542 9597; Reuters Messaging: lorraine.turner.thomsonreuters.com@reuters.net)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 01-09-09 | PRN |
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BELLWAY PLC
VOTING RIGHTS AND CAPITAL
1 SEPTEMBER 2009 As at 31 August 2009, Bellway plc's capital consists of 120,759,128 ordinary shares with voting rights. Bellway plc does not hold any shares in Treasury. Therefore, the total number of voting rights in Bellway plc is 120,759,128. Ends
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