Bellway PLC (OTCPK:BLWYF)

$ 34 0 (0%) Market Cap: 4.06 Bil Enterprise Value: 3.97 Bil PE Ratio: 15.13 PB Ratio: 0.94 GF Score: 73/100

Half Year 2022 Bellway PLC Earnings Call Transcript

Mar 29, 2022 / 08:30AM GMT

Release Date Price: $34.21

Transcript

Jason M. Honeyman

Bellway p.l.c. - Group CEO & Executive Director

Good morning, and welcome to Bellway's half year results. Hopefully, you've had the opportunity to read our statement this morning and seen a strong set of results, which Keith will take you through in a few moments' time. There are a few highlights that I would like to draw to your attention.

Volume output was ahead of last year at just under 5,700 homes, and that's despite a very challenging environment. Underlying profit before tax rose by almost 9% to GBP 327 million. We've continued with that land acquisition program, having contracted a further 8,700 plots in the period, taking our commitment to almost 29,000 plots in the past 18 months. And we plan a sustainable reduction in dividend cover to around 2.5x of underlying earnings by FY '24.

Our key strategic priorities remain unchanged: volume growth; value creation; and Better with Bellway, a commitment to act in a responsible and sustainable manner. First, though, I would like to talk about the opportunity for growth. Keith and I will pick up value creation and

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