Bellway p.l.c. (BWY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Bellway's half year results. As usual, I'm joined by Shane and Simon with lots of our senior management team also with us today. If I could take you to the first slide. We delivered a good first half performance despite a softer selling period through much of 2025. Half-year volume increased to 4,700 homes. That delivered an operating margin of 10.5%. we have an order book of 4,400 homes and a strong land bank largely unchanged at 94,000 plots. Now, since the start of the calendar year, trading conditions have markedly improved with a notable pickup in both home buyer interest and reservations. However, the ongoing conflict in the Middle East clearly has the potential to dampen customer demand and clearly increases the risk of higher inflation. That said, today we have not seen any material impact upon sales rates. And for FY26, given our half-year result and our order book, we remain on target to deliver operating profit in the region of 320 to 330 million. The full year is likely to deliver a higher volume than previous guidance with an operating margin similar to the half year. And while margin headwinds may well continue, delivering higher volumes will certainly drive cash generation and that very much supports our programme to be more capital efficient. I will provide the usual detail on Ops and Outlook later, but first for our results and update on capital allocation with Shane. Thank you, Jason, and good morning, everyone. As Jason said, we've delivered a robust performance in the first half, despite ongoing challenges in our industry. Supported by the order book at the start of the year and despite subdued trading throughout the autumn, volume output increased by 2.7% to 4,702 homes. There was growth in both private and social outp...