Homebuilder Bellway (LSE:BWY, Financial) provided a trading update with rising reservations and orders. The company also maintained its margin outlook, pointing to cost-cutting efforts. Yet Bellway, and competitor Taylor Wimpey, declined on building supplier reports suggesting volume weakness and build cost inflation. Bellway also dealt with the fallout as the builder of a six-story building that succumbed to fire (20 flats destroyed; no loss of life), started by a resident’s barbecue.
From Bernard Horn (Trades, Portfolio)'s second-quarter 2019 Polaris Global Value Fund shareholder letter.
