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

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WEBVTT 00:00:00.031 -- 00:00:05.181 Good morning and welcome to Bellway's half year 00:00:05.181 -- 00:00:07.064 results. 00:00:07.064 -- 00:00:10.971 As usual, I'm joined by Shane and Simon 00:00:10.971 -- 00:00:14.979 with lots of our senior management team also with us today. 00:00:14.979 -- 00:00:16.979 If 00:00:17.003 -- 00:00:20.966 I could take you to the first slide. 00:00:22.036 -- 00:00:25.320 We delivered a good 00:00:25.320 -- 00:00:31.348 first half performance despite a softer selling period through much 00:00:31.348 -- 00:00:33.428 of 2025. 00:00:34.312 -- 00:00:36.795 Half-year volume increased 00:00:36.795 -- 00:00:38.837 to 4,700 00:00:38.837 -- 00:00:40.379 homes. 00:00:40.379 -- 00:00:45.463 That delivered an operating margin of 10.5%. 00:00:46.572 -- 00:00:50.919 we have an order book of 4,400 homes 00:00:50.919 -- 00:00:54.605 and a strong land bank largely unchanged 00:00:54.605 -- 00:00:56.408 at 94,000 00:00:56.408 -- 00:00:58.408 plots. 00:00:58.592 -- 00:01:03.660 Now, since the start of the calendar year, trading conditions have 00:01:03.660 -- 00:01:06.341 markedly improved 00:01:06.405 -- 00:01:12.231 with a notable pickup in both home buyer interest and reservations. 00:01:13.707 -- 00:01:16.551 However, the ongoing conflict 00:01:16.551 -- 00:01:21.659 in the Middle East clearly has the potential to dampen customer demand 00:01:21.659 -- 00:01:24.320 and clearly increases 00:01:24.383 -- 00:01:28.907 the risk of higher inflation. 00:01:29.571 -- 00:01:35.199 That said, today we have not seen any material impact upon 00:01:35.199 -- 00:01:37.363 sales rates. 00:01:37.363 -- 00:01:42.462 And for FY26, given our half-year result and our order book, 00:01:42.462 -- 00:01:47.502 we remain on target to deliver operating profit in the 00:01:4...