Bellway (LSE: BWY) has reported a significant jump in housing completions for the year ended 31 July 2026, underlining the housebuilder’s operational resilience despite a challenging market.
Housing completions rose 10.8% to 9,695 homes, beating the company’s previously guided range of 9,300 to 9,500 units and demonstrating stronger-than-expected execution across its development pipeline.
Housing revenue climbed more than 13% to £3.14 billion, reflecting both the higher volume of completions and the continued monetisation of Bellway’s existing land bank.
Underlying operating profit is expected to come in at around £320 million, though margins faced pressure from a greater proportion of lower-margin bulk sales within the overall mix.
Net cash strengthened to £157.7 million, supported by disciplined land investment, controlled spending and careful working capital management throughout the financial year.
Adjusted operating cash flow exceeded £850 million, while adjusted gearing remained below 5%, giving the company a solid financial foundation from which to continue capital distributions.
Bellway is progressing with a £150 million share buyback programme and has announced a further £50 million buyback as the initial tranche of returns planned for the 2027 financial year.
Despite the strong results, the company acknowledged subdued customer demand, citing rising mortgage rates and uncertainty surrounding the Budget as factors that weighed on market conditions.
Bellway has called on the government to take action to improve housing affordability, specifically requesting lower Stamp Duty and greater support for buyer deposit schemes to stimulate demand.
Margin pressure remains a key consideration for investors, alongside uncertainties surrounding building safety costs and softer trends visible in other parts of the company’s financial statements.
The company’s strategy continues to focus on selective growth, disciplined land investment and maintaining low balance-sheet gearing as it navigates the current housing market cycle.
Technical indicators for BWY shares have improved over the shorter term, though the stock remains below its 200-day trend and some momentum measures appear stretched, leaving the broader technical picture mixed.
Bellway builds private, affordable and social housing across regional markets throughout the United Kingdom, with a substantial owned and strategic land portfolio underpinning its longer-term volume ambitions.
