Bellway p.l.c. (BWY) Q4 2023 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.695 welcome to Bellway's full year results. 00:00:04.899 -- 00:00:10.989 As always I'm sure you will have a keen interest in autumn trading but first 00:00:10.989 -- 00:00:14.515 a few key points from last year. 00:00:14.515 -- 00:00:19.683 We've delivered a very credible performance in a particularly difficult 00:00:19.683 -- 00:00:21.947 trading environment. 00:00:21.947 -- 00:00:24.010 Housing completions 00:00:24.010 -- 00:00:27.152 at 10,945 homes 00:00:29.326 -- 00:00:35.596 we're only just behind last year's record output and underlying PBT 00:00:35.596 -- 00:00:37.099 at 533 00:00:37.099 -- 00:00:42.668 million, down on last year, but still a solid performance, bearing in mind 00:00:42.668 -- 00:00:45.112 inflationary pressures. 00:00:45.112 -- 00:00:49.399 The dividend was maintained at 140 pence 00:00:49.399 -- 00:00:53.255 and combined with our 100 million share buyback, 00:00:53.255 -- 00:00:58.945 we've committed to return a total of 270 million to our shareholders. 00:00:58.945 -- 00:01:04.671 And notably, our balance sheet remains strong with over 230 00:01:05.837 -- 00:01:10.927 million of net cash at the 31st of July. Now, understandably, trading 00:01:10.927 -- 00:01:15.980 conditions have been significantly impacted by rising interest 00:01:15.980 -- 00:01:19.805 rates. And in FY23, 00:01:19.891 -- 00:01:25.245 you may recall that our approach was to protect the balance sheet and lean 00:01:25.245 -- 00:01:31.071 markets. upon our operational strength and we achieved that by unwinding 00:01:31.071 -- 00:01:36.678 the order book to collect cash accelerating the delivery 00:01:36.678 -- 00:01:41.784 of affordable homes to underpin construction demand and working 00:01:41.784 -- 00:01:48.649 our land bank to encourage o...