5-year record

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Income Statement

 

2014 ^

2015

2016

2017 

2018

 

£m

£m

£m

£m

£m

Revenue

1,484.8 1,765.4 2,240.7 2,558.6 2,957.7

Operating profit

255.6 360.5* 492.0 571.6 652.9

Net finance expenses

(9.9) (13.1) (11.1) (11.3) (13.6)

Share of results of joint ventures

0.3 (0.1) (0.3) 0.4 1.8

Profit before taxation

246.0 347.3* 480.6* 560.7 641.1

Income tax expense

(54.6) (69.6)* (95.0) (106.6) (121.2)

Profit for year
(all attributable to equity holders of the parent)

191.4 277.7* 385.6* 454.1 519.9

 

Balance Sheet

 

2014 ^

2015

2016

2017

2018

 

£m

£m

£m

£m

£m

ASSETS

         

    Non-current assets

80.4 48.1 33.3 48.0 59.0
    Current assets 1,882.0 2,241.2 2,687.5 3,099.3 3,485.5
LIABILITIES           
    Non-current liabilities (74.3) (60.3) (96.2) (118.4) (84.9)
    Current liabilities (522.0) (653.1) (757.6) (837.6) (902.5)
EQUITY           
    Total equity 1,366.1 1,575.9 1,867.0 2,191.3 2,557.1

Statistics

 

2014 ^

2015

2016

2017

2018

Number of homes sold 6,851 7,752 8,721 9,644 10,307
Average price of new homes £213.2k £223.8k £252.8k £260.4k £284.9k
Pre-exceptional gross margin ~ 21.3% 24.2%* 25.7% 25.9% 25.5%
Gross margin  21.3% 24.6% 25.7% 25.9% 25.5%
Pre-exceptional operating margin ~ 17.2% 20.4%* 22.0% 22.3% 22.1%
Operating margin  17.2% 20.8% 22.0% 22.3% 22.1%
Basic earnings per ordinary share 157.0p 231.5p 328.7p 370.6p 423.4p
Dividend per ordinary share 52.0p 77.0p 108.0p 122.0p 143.0p
Pre-exceptional return on capital employed ~ 19.6% 23.9%* 28.2% 27.6% 27.2%
Return on capital employed ~ 19.6% 24.4% 28.2% 27.6% 27.2%
Gearing (including preference shares) ~ - 2.4% - - -
Net asset value per ordinary share ~ 1,118p 1,286p 1,522p 1,785p 2,079p
Land portfolio - plots with planning permission 19,434 21,411 24,879 25,655 26,877
Weighted average no. of ordinary shares  121,919,049 122,315,198 122,558,261 122,511,626 122,779,199
No. of ordinary shares in issue at end of year 122,191,378 122,521,915 122,685,986 122,797,958 122,980,266

^ Restated

* Stated before exceptional item.

~ Bellway uses a range of statutory performance measures and alternative performance measures when reviewing the performance of the Group against its strategy. Definitions of the alternative performance measures, and a reconciliation to statutory performance measures can be found in the latest Annual Report and Accounts.