Housing Market Downturn Pressures Profit Margins in Fiscal 2024, but Long-Term Fundamentals Intact

Bellway is the fourth-largest residential property developer in the U.K. market by revenue and annual home completions, and operates under a vertically integrated business model typical of the U.K. industry. Volume growth and consequent market share gains are the group’s current focus in creating value for shareholders. To support this growth, Bellway invested in its land bank at an unprecedented level over the fiscal 2021 - fiscal 2022 period. Build quality is a strategic focus for the group, evidenced by the consistent award of a 5-star House Builder Rating from the U.K.’s Home Builders Federation since 2017.