Another record year with 47.5% earnings growth and a strong start to 2015/16
|
|
Year ended 31 July 2015 |
Year ended 31 July 2014 |
Movement |
|
Revenue |
£1,765.4m |
£1,484.8m |
+18.9% |
|
Gross profit |
£427.9m1 |
£315.6m |
+35.6% |
|
Gross margin |
24.2%1 |
21.3% |
+290 bps |
|
Operating profit |
£360.4m1 |
£255.6m |
+41.0% |
|
Operating margin |
20.4%1 |
17.2% |
+320 bps |
|
Profit before taxation |
£354.2m |
£246.0m |
+44.0% |
|
Earnings per share |
231.5p |
157.0p |
+47.5% |
|
Proposed total dividend per share |
77.0p |
52.0p |
+48.1% |
The Group has sold a record 7,752 homes (2014 - 6,851), an increase of 13.2%.
A disciplined approach towards investment has resulted in return on capital employed rising by 430 bps to 23.9%1,3 (2014 - 19.6%3).
The strong operating performance has contributed to earnings per share ('EPS') rising by 47.5% to 231.5p (2014 - 157.0p) and the net asset value per ordinary share ('NAV') increasing by 15.0% to 1,286p (2014 - 1,118p).
The proposed total dividend has increased in line with earnings to 77.0p per share (2014 - 52.0p).
The Group's owned and controlled land bank has risen to 36,211 plots (2014 - 35,434 plots) after spending £620 million on land and land creditors (2014 - £460 million).
The Group had modest net bank debt of only £38.5 million (2014 - net cash of £3.6 million2) and therefore has significant capacity for future investment in land and work in progress.
Commenting on the results, Chairman, John Watson, said:
"Bellway has produced another outstanding set of results, completing a record number of new homes, whilst simultaneously making a record investment in land and opening a further two new divisions in the last twelve months.
"This successful implementation of the Group's disciplined growth strategy has enabled the Board to propose a final dividend of 52.0p per share, bringing the total dividend for the year to 77.0p.
"Bellway is well positioned to continue delivering its strategy for growth, investing in high quality locations and delivering further sustainable returns for shareholders. The outlook remains positive and the strength of the forward order book should enable the Group to achieve volume growth of up to 10% in the current financial year."
