Bellway p.l.c. (BWY) Q2 2024 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:06.057 Good morning and welcome to Bellway's half year results. 00:00:06.057 -- 00:00:10.540 Some positive news to discuss on trading 00:00:10.622 -- 00:00:15.707 and growth outlook. But first, a few key highlights from the first 00:00:15.707 -- 00:00:21.333 half. We have delivered another credible operational performance 00:00:21.333 -- 00:00:26.499 despite a challenging market and from a significantly lower order 00:00:26.499 -- 00:00:28.162 book. 00:00:28.162 -- 00:00:32.647 Housing completions closed at 4,092 00:00:32.812 -- 00:00:34.315 homes. 00:00:34.315 -- 00:00:36.359 Underlying PBT 00:00:36.359 -- 00:00:39.445 was 134 million. 00:00:39.445 -- 00:00:44.777 Dividend at 16 pence is around one third of the estimated 00:00:44.777 -- 00:00:49.826 full year return. and reflective of our previously guided two and a half 00:00:49.826 -- 00:00:55.111 times cover. And notably, our balance sheet remains robust with a healthy 00:00:55.111 -- 00:00:57.874 WIP position and capital 00:00:57.874 -- 00:01:00.256 to invest in land. 00:01:00.256 -- 00:01:05.481 Now, trading conditions have markedly improved since I last reported at our prelims 00:01:05.481 -- 00:01:10.786 in October. And you may recall at our prelims that I suggested 00:01:10.786 -- 00:01:12.786 FY24 00:01:13.068 -- 00:01:17.901 was going to be tough and there was room for optimism 00:01:17.901 -- 00:01:19.784 in FY25. 00:01:19.784 -- 00:01:24.973 And that story is very much playing out, with the exception 00:01:24.973 -- 00:01:29.237 it's happening sooner than we envisaged. 00:01:29.321 -- 00:01:34.650 Improved affordability has led to an early pick-up in sales in January 00:01:34.650 -- 00:01:38.092 and ahead of the usual spring recovery. 00:01:38.092 -- 00:01:43.401 And as a con...