Bellway p.l.c. (BWY) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.341 and welcome to Belway's half-year results. 00:00:05.341 -- 00:00:08.868 I'm joined by Shane, who most of you have met already. 00:00:08.868 -- 00:00:14.298 Simon is with us too, and accompanied by a few of our senior 00:00:14.298 -- 00:00:16.799 management team. 00:00:17.023 -- 00:00:21.027 If I could take you to the first slide. 00:00:21.361 -- 00:00:26.770 We've had a strong first half performance with completions up 00:00:26.770 -- 00:00:31.378 by 12% to almost 4,600 00:00:31.378 -- 00:00:37.629 homes and that has driven a healthy increase in profit. 00:00:37.629 -- 00:00:43.036 The trading environment is much improved too and while Trading 00:00:43.036 -- 00:00:46.921 started slowly at the beginning of our financial year. 00:00:46.921 -- 00:00:52.666 There's been a notable pickup in both home buyer enthusiasm 00:00:53.289 -- 00:00:57.875 and reservations since the start of the calendar year. 00:00:57.875 -- 00:01:03.842 Demand feels more robust, less fragile, and supported by relative 00:01:03.842 -- 00:01:09.711 stability with mortgage rates, and that leaves us very well placed 00:01:09.711 -- 00:01:15.476 to deliver our full-year target of 8,500 homes. 00:01:16.360 -- 00:01:18.503 And to pick out 00:01:18.503 -- 00:01:21.728 a few highlights from our results, 00:01:21.728 -- 00:01:26.074 the order book has grown by around 20% 00:01:26.074 -- 00:01:28.855 to over 4,700 00:01:29.019 -- 00:01:31.019 homes. 00:01:31.342 -- 00:01:37.034 Outlet numbers are up and averaged 248 in the period. 00:01:37.034 -- 00:01:41.788 And we have a strong land bank, totalling some 95,000 00:01:41.788 -- 00:01:46.583 plots, of which over 30,000 have 00:01:46.583 -- 00:01:49.405 a detailed consent. 00:01:50.731 -- 00:01:55.900 Now, looking at the fi...