Bellway p.l.c. (BWY) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.417 We had a good performance last year. Volume was up by over 14% 00:00:05.417 -- 00:00:07.760 to 8,749 00:00:07.760 -- 00:00:09.760 homes. 00:00:10.343 -- 00:00:13.868 Operating margin increased 00:00:13.868 -- 00:00:18.914 to 10.9% and that drove a strong increase in operating 00:00:18.914 -- 00:00:24.040 profit to £303 million. And you can see that we are well 00:00:24.040 -- 00:00:25.562 positioned 00:00:25.562 -- 00:00:29.644 with land and outlets for FY26. 00:00:31.098 -- 00:00:36.106 Now, along with our usual financial and operational detail today, 00:00:36.106 -- 00:00:41.134 Shane will also set out our new capital allocation framework, which is 00:00:41.134 -- 00:00:48.103 central to our approach to drive assets harder in a more challenging environment. 00:00:49.348 -- 00:00:55.718 But firstly, I think it's important to provide some context with regard to 00:00:55.718 -- 00:00:58.139 recent training. 00:00:58.570 -- 00:01:03.758 Trading since the start of April has been slower and never really recovered from 00:01:03.758 -- 00:01:07.864 the levels that we enjoyed in Q1 00:01:07.864 -- 00:01:10.488 of this calendar year. 00:01:10.488 -- 00:01:16.257 Sales rates over the past six months have tended to hover between 0.5 00:01:16.257 -- 00:01:19.402 and 0.6 per outlet. 00:01:19.402 -- 00:01:22.507 That said, the order book is still in good shape. 00:01:22.507 -- 00:01:27.695 We're well placed to have both a decent half year and achieve our four-year 00:01:27.695 -- 00:01:32.099 guided volume of 9,200 homes. 00:01:32.843 -- 00:01:37.770 And to complement that growth, there is further opportunity 00:01:37.770 -- 00:01:42.838 for the business. We have a sharper focus on return on cattle employed 00:01:42.838 -- 00:01:48.146 and bein...