way
the
better
Bellway p.l.c.
Annual Report and Accounts 2025
way
better
the
In This Report
26
Chief
Executive’s
Market and
Operational
Review
86
Chair’s Statement
on Corporate
Governance
Previous Annual
Report and Accounts
‘Better with Bellway’
Sustainability Strategy
35
Scan to view
the online
Annual
Report and
Accounts 2024.
14
Business
Model
Financial and Operational Highlights 02
About Us
Business at a Glance 08
Investment Case 10
Strategic Report
Chair’s Statement 12
Business Model 14
The Marketplace 19
Key Performance Indicators (‘KPIs’) 21
Additional Performance Measures 25
Chief Executive’s Market and
Operational Review
26
Chief Financial Officer’s Review 29
Chief Commercial Officer’s Review 33
‘Better with Bellway’ Sustainability Strategy
‘Better with Bellway’ Overview 35
Customers and Communities 38
Employer of Choice 40
Building Quality Homes, Safely 42
Charitable Engagement 44
Sustainable Supply Chain 46
Carbon Reduction 48
Task Force on Climate-related Financial
Disclosures (‘TCFD’)
52
Resource Efficiency 60
Nature 62
Taskforce on Nature-related Financial
Disclosures (‘TNFD’)
64
Section 172 Statement 66
Key Stakeholder Relationships 69
Risk Management 76
Principal Risks 80
Non–Financial and Sustainability
Information Statement
83
Governance
Chair’s Statement on
Corporate Governance
86
Board of Directors and Company Secretary 88
Executive Committee 91
Leadership and Culture 93
Board Activities and Decisions 94
Engaging with Shareholders 96
Engaging with Employees 97
Division of Responsibilities 98
Composition, Succession and Evaluation 103
Nomination Committee Report 105
Audit Committee Report 108
Remuneration Report 124
Sustainability Committee Report 150
Directors’ Report 152
Independent Auditor’s Report
totheMembers of Bellway p.l.c.
155
Accounts
Group Financial Statements 168
Accounting Policies 173
Notes to the Group Financial Statements 175
Company Financial Statements 207
Accounting Policies 209
Notes to the Company
Financial Statements
210
Subsidiaries, Associates and Joint Ventures 214
Other Information
Five Year Record 231
Glossary 232
Advisers and Company Secretary 234
Shareholder Analysis and
Financial Calendar
235
1 All figures relating to completions, order book, reservations,
cancellations and average selling price exclude the Group’s
share of its joint ventures unless otherwise stated.
2 Bellway uses a range of statutory performance measures
and alternatives performance measures when reviewing the
performance of the Group against its strategy. Definitions of
the alternative performance measures, and a reconciliation
tostatutory performance measures, are included in note 26 of
the Group Financial Statements.
3 Underlying refers to any statutory performance measure or
alternative performance measure before net legacy building
safety expense and other exceptional items (note 2 of the Group
Financial Statements).
4 Includes the Group’s share of land owned and controlled
through joint venture partners comprising 760 plots
(2024 – 905 plots).
5 As measured by the Home Builders’ Federation using the eight-
week NHBC Customer Satisfaction survey.
6 The definition of capital employed has been updated to deduct
net cash. The comparative figures for capital employed, RoCE
and underlying RoCE have therefore been restated to reflect
thischange (note 26).
7 Comparatives are for the year ended 31 July 2024 or as at
31 July2024 (‘2024’) unless otherwise stated.
Bellway p.l.c. Annual Report and Accounts 2025
Strategic Report Governance Accounts Other Information
01
About Us
Financial and Operational Highlights
Financial highlights
Revenue drivers
• The private reservation rate
per outlet per week, including
bulk sales, of 0.57 was 11.8%
higher than the prior year
(2024 – 0.51). The private
reservation rate excluding bulk
sales increased by 6.1% to 0.52
(2024 – 0.49).
Proposed total dividend per
ordinary share (p)
2025
2024
70.0
54.0
70.0p
Profit before taxation (£m)
2025
2024
221.9
183.7
£221.9m
Underlying pre-tax return on equity
(’RoE’) (%)
2025
2024
8.2
6.5
8.2%
2,3
Underlying operating margin (%)
2025
2024
10.9
10.0
10.9%
2,3
Earnings per ordinary share (p)
2025
2024
132.8
109.8
132.8p
Underlying operating profit (£m)
2025
2024
303.5
238.1
£303.5m
2,3
Revenue (£m)
2025
2024
2,782.8
2,380.2
£2,782.8m
Underlying profit before taxation (£m)
2025
2024
289.1
226.1
£289.1m
2,3
Adjusted operating cashflow (£m)
2025
2024
638.9
425.2
£638.9m
2,3
Total completions (homes)
2025
2024
8,749
7,654
8,749 homes
Average selling price (£)
2025
2024
316,412
307,909
£316,412
Key:
R
Link to remuneration
R
*
Proposed link to remuneration
R
*
R
*
R
Bellway p.l.c. Annual Report and Accounts 2025
Strategic Report Governance Accounts Other Information
02
About Us
Financial and Operational Highlights continued
Total land bank
(plots)
2025
2024
95,704
95,292
95,704 plots
4
Owned and controlled plots
4
7,904 plots
4
2025
2024
47,904
49,792
Strategic land bank (plots)
2025
2024
47,800
45,500
4
7,800 plots
Average trading outlets
2025
2024
246
245
246
Operational highlights
Members of construction team
at ClarenceGate,Bowburn.
• Reflecting the strength of our land bank and drive for capital
efficiency, we have continued with a disciplined approach to land
acquisition and contracted to purchase 8,120 plots (2024 – 4,621 plots)
during the year.
• The Group’s new timber frame facility, ‘Bellway Home Space’, is
progressing to plan. Increased usage of timber frame construction will
deliver a range of operational, financial and environmental benefits,
and we are on track to begin supplying our divisions with frames in
early 2026.
• Our ongoing focus on providing high-quality homes and service for
our customers has resulted in Bellway retaining its position as a five-
star
5
homebuilder for the ninth consecutive year.
Bellway p.l.c. Annual Report and Accounts 2025
Strategic Report Governance Accounts Other Information
03
About Us
Better for
our customers
live
the way
We don’t just build homes, we build communities to be proud of.
We create developments that bring people together.
We design homes for the way people live today.
We provide green spaces, play areas, and invest in local facilities
that bring communities together.
We build sustainably, thinking about the homes and
neighbourhoods we create, long after leaving the site.
04Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
way
A better
sustainable
and more
We don’t just build homes,
we take steps to reduce our
carbon footprint.
We are expanding the use of
timberframe construction.
We adopt new technologies that
will pave the way to a world that
can befree offossil fuels.
We are building for a
sustainable future.
05Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
pathway
Better for
career
our employees’
We don’t just build homes, we help
employees develop skills that will
support them in building careers.
We create clear pathways for
personal growth at every stage.
We strive to create a safe and
inclusive environment for all
our people.
Bellway p.l.c. Annual Report and Accounts 2025
Strategic Report Governance Accounts Other Information
06
About Us
About Us
Business at a Glance 08
Investment Case 10
Bellway p.l.c. Annual Report and Accounts 2025
Strategic Report Governance Accounts Other Information
07
About Us
Business at a Glance
We uphold the highest standards of service by putting customers at the heart of everything we do. Through thoughtful engagement and an understanding of
their journey, we ensure that every interaction reflects our dedication to quality, trust, and long-term satisfaction. Through different brands we are able to meet
the varying needs of our customers. We pride ourselves in always putting our customers’ experience first, understanding that purchasing a new home is one
of the most important decisions our customers make, and we are there to support throughout the whole journey.
How we build our brand
Bellway began in 1946, with an aim for building high-quality
homes, in carefully selected locations, and we continue to
maintain these same core values today.
We also offer the Ashberry and Bellway London brands to
provide greater choice for customers and improve sales rates
on larger sites.
Awards and accreditations
Climate Disclosure Project
HBF five-star
5
homebuilder status
47 Pride in the Job Awards
Internal Communication and
Engagement awards
CIPD People Managers awards
ISO 14001
Housebuilder awards 2024
Building Innovation awards
The brands
8,749
Homes sold
in 2025
Bellway
7,430
Bellway Londo
n
263
Ashberry
1,056
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
08
Business at a Glance continued
Divisional locations
Key
Group Office
Building Safety division
20 trading
divisions
covering the main population centres
across England, Scotland and Wales.
2,746
people
employed by the Group
onaveragein 2025.
Divisional locations
1
Deliver long-term
volume growth.
2
Drive a long-term
improvement in
underlyingpre-tax RoE.
3
Operate responsibly and
sustainably through the
‘Better with Bellway’ strategy.
For more information see pages 12-13.
The way we create value
Strategic priorities
Strong divisional
operations throughout
the UK
The divisional structure allows local
management teams, supported by
Regional Chairs, Regional Finance
Directors and specialist Group functions,
to respond to specific needs in their
area and, through their detailed local
expertise, acquire land and build homes
that meet regulatory requirements and
stakeholder expectations.
In May 2025 , work started at the new
timber framework factory, ‘Bellway Home
Space’, which is due to be operational
in 2026.
The way toabetterfuture
We aim to build beautiful, expertly
designed homes, which meet the needs
ofcustomers and consider the demands
of the future. Through a sustainable
approach to people, communities, build
materials and the environment, we
hope to demonstrate that the future of
the planet is as important to us as it is
to stakeholders.
A drone shot of Sheasby Park,
Lichfield.
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
09
Investment Case
To drive ongoing value for shareholders, Bellway’s strategic priorities are to deliver long-term volume growth and drive an improvement in underlying pre-taxation RoE through a more efficient
balance sheet and to operate in a responsible and sustainable way through the ‘Better with Bellway’ strategy. Our strategy of driving greater cash generation and capital efficiency, alongside increased
volume, will enable Bellway to deliver multi-year growth in both asset turn and margin. This supports the delivery of a sustained recovery in returns and ongoing value creation for shareholders.
Enhancing value for shareholders
Reputation for build quality and exceptional customer service
Optimised divisional structure and experienced leadership presence
Capital allocation
Well-capitalised balance sheet
High-quality land bank
‘Better with Bellway’
The ‘Better with Bellway’ sustainability strategy underpins
how Bellway operates in a sustainable and responsible
way. This strategy encompasses eight business priorities
to ensure success now and in the future. The three
flagship priorities support Bellway in delivering
high-quality service for customers, becoming an
employer ofchoice and reducing carbon emissions.
A national presence across 20 trading divisions across
the UK, offers geographical diversity and the ability to
tailor our offering to meet local needs and demands,
enhancing long-term shareholder value.
We aim to maintain financial resilience, which is central
to our long-term strategy. A robust balance sheet enables
agile responses to land opportunities andsupports our
long-term growth ambitions.
We are committed to delivering excellence throughout
the customer journey, as reflected in Bellway’s ninth
consecutive five-star
5
homebuilder award. As a trusted
brand, dedication to high-quality build standards is
further evidenced by 47 of our site managers winning
NHBC Pride in the Job Awards during the year.
Bellway is focused on increasing underlying pre-taxation
RoE and operating with a more efficient balance sheet.
With a stable market backdrop, we are confident that the
Group’s strong work-in-progress position and land bank
will enable us to deliver multi-year growth in volume
output and returns.
Through our disciplined investment strategy and
rigorous approval processes, we ensure land acquisitions
deliver high financial returns and secure well-located
plots that support sustainable growth. This approach
also enhances long-term shareholder value, as at 31 July
2025, Bellway’s land bank comprised of 95,704
plots
4
in
desirable locations.
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
10
Strategic Report
Chair’s Statement 12
Business Model 14
The Marketplace 19
Key Performance Indicators (‘KPIs’) 21
Additional Performance Measures 25
Chief Executive’s Market
and Operational Review
26
Chief Financial Officer’s Review 29
Chief Commercial Officer’s Review 33
‘Better with Bellway’
Sustainability Strategy
35
Section 172 Statement 66
Key Stakeholder Relationships 69
Risk Management 76
Principal Risks 80
Non–Financial and Sustainability
Information Statement
83
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
11
Chair’s Statement
Introduction
Bellway has returned to growth in FY25 and,
despite ongoing challenges for our industry,
the Group has delivered higher volume
output and margins and a strong 30.7%
increase in underlying earnings per share
to176.7p
2,3
(2024–135.2p).
On behalf of the Board, I would like to thank
our colleagues, subcontractors and supply
chain partners, who are key to driving
our long-term success, and have shown
continued commitment to providing high-
quality homes and service for our customers.
Shareholder returns
During the year we have refined our capital
allocation framework, which is based
on maintaining a strong balance sheet,
driving capital efficiencies to increase cash
generation, and optimising the balance
between investment in growth and returns
to shareholders.
As part of this process, we have identified
opportunities to drive significant improvements
in adjusted operating cashflow conversion
to support the return of excess capital
to shareholders. Reflecting this, we have
initiated a share buyback programme
which will return £150m over the next
twelve months, and the Group intends to
continue with the return of excess capital in
future years.
Within Bellway’s capital allocation
framework, our ordinary dividend policy is
maintained with underlying dividend cover
of 2.5 times
2,3
, and for FY25 the Board has
recommended a final dividend of 49.0p
per share (2024 – 38.0p). This brings the
proposed total dividend to 70.0p per share
(2024 – 54.0p); an increase of 29.6%, which
reflects both the increase in underlying
earnings and the Board’s confidence in
Bellway’s future growth prospects.
Strategic priorities
The Group has a clear focus on maintaining
financial and operational strength, and the
successful delivery against our strategic
priorities will ensure the Group continues to
generate long-term value for shareholders.
Further details of these priorities are set
out below:
• deliver long-term volume growth;
• drive a long-term improvement in
underlying pre-tax RoE; and
• operate responsibly and sustainably
through our ‘Better with Bellway’ strategy.
Long-term volume growth
Bellway has a high-quality land bank, a
strong balance sheet and operational
capacity across the Group to support our
plans to deliver long-term volume growth.
In the years ahead, our industry should
benefit from the Government’s planning
reforms, although we continue to experience
delays to planning decisions as local
authorities are taking time to adopt new local
plans and implement the updated National
Planning Policy Framework. Furthermore,
the availability of mortgage products and
affordability remains relatively constrained
for customers requiring higher loan-to-value
mortgages. To complement the supply-
side measures and to meet its ambitious
housing targets, the Government also needs
to address the demand-side pressures, and
particularly those facing first-time buyers.
Delivering multi-year
growthfor stakeholders.
“ Bellway has a high-quality land bank,
a strong balance sheet and operational
capacity across the Group tosupport
our plans to deliver long-term
volumegrowth.”
John Tutte
Chair
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
12
Chair’s Statement continued
Notwithstanding the current industry
headwinds, we have excellent visibility on
planned outlet openings for the current
financial year, and the Board is confident that
with a stable housing market, Bellway is in a
strong position to build on its proven track
record of organic volume growth in FY26
and into the longer term.
Long-term improvement in RoE
The Group is focused on driving both
profitable growth and a long-term
improvement in RoE, given the positive
compounding effect on shareholder value
that this can create. We have made good
early progress in FY25, with a higher asset
turn and underlying operating margin
leading to growth in underlying pre-tax
RoEto 8.2%
2,3
(2024 – 6.5%).
To support a sustained increase in RoE, we
expect to deliver a growing proportion of
volume output from our strategic land bank,
which will underpin our long-term volume
growth aspirations and, in turn, help to
improve asset turn and margin.
We are also increasing the use of timber
frame construction across the Group, which
will improve build efficiencies and asset turn,
as well as reducing carbon emissions in the
supply chain. Our timber frame production
facility, ‘Bellway Home Space’, is on track to
begin supplying our divisions with frames
in early 2026 and we are aiming to grow
timber frame construction to around 30%
ofhousing output by 2030.
These measures, together with our focus
onvolume growth and a refreshed approach
tocapital efficiency, provide a strong
platform from which to drive a continued
recovery in RoE.
‘Better with Bellway’
‘Better with Bellway’ is our approach to
acting responsibly and delivering sustainable
homes. The strategy reflects our commitment
to putting people and the environment first,
is central to the underlying operations of
the Group and includes targets in respect
of our three flagship areas of Customers
and Communities, Employer of Choice,
andCarbon Reduction.
Customer satisfaction remains a core focus,
and I am very proud that the hard work
and dedication of our teams has been
recognised through Bellway being awarded
five-star
5
homebuilder status by the HBF
forthe ninth consecutive year.
There has also been an excellent response
to our most recent employee engagement
survey, and 91% of colleagues (2024 – 87%)
said they would recommend Bellway as ‘a
great place to work’. During the year, Cecily
Davis was appointed as the Non-Executive
Director of Workforce Engagement, and
she chairs our National Employee Listening
Group, which is instrumental in surfacing
ideas and feedback that help Bellway further
improve culture and ways of working.
We have ambitious carbon reduction targets
and have seen a reduction across all scopes
since our base year of 2019. Notably, our
scope 1 and scope 2 carbon emissions have
reduced by 48% since our base year of
2019, meeting our goal of a 46% reduction
by 2030 significantly ahead of target.
Supported by several research projects
underway across the business, weare
advancing our award-winning Carbon
Reduction strategy, updating our targets,
andaiming for Net Zero by 2045.
In addition to the flagship priority areas, the
‘Better with Bellway’ strategy includes targets
in respect of nature, resource efficiency,
charitable engagement, sustainability
throughout the supply chain and building
quality homes safely. More details are set out
later in this report and are also available on our
website at www.bellwayplc.co.uk/sustainability.
Board changes
Shane Doherty joined the Board as Chief
Financial Officer in December 2024, with
an impressive track record of delivering
financial and operational growth across a
number of industries in a range of financial
and commercial disciplines. Shane is already
making a significant contribution to Bellway
and has been instrumental in refreshing
our approach to capital efficiency and
embedding it across the Group.
We were delighted to welcome Gill Barr
to the Board in September 2025 as an
independent Non-Executive Director.
Gill hasalso been appointed as a member
of the Audit, Nomination, and Remuneration
Committees and will become Chair of the
Remuneration Committee in April 2026
when Jill Caseberry steps down from this
role before retiring from the Board later in
the year.
Gill’s significant experience and expertise
as an executive combined with over twenty
years in non-executive roles, including in
the construction sector, will be invaluable
tothe Board and we look forward to working
with her.
The future
Bellway has an experienced leadership team
with operational strength-in-depth across the
organisation, and I believe that we are very
well-positioned for the future. Combined with
our strong land bank and balance sheet, and
disciplined approach to capital allocation,
we have an excellent platform from which
to navigate near-term market challenges
and deliver sustainable growth and an
improvement in returns in the years ahead.
We remain committed to building lasting
communities, delivering against our strategic
priorities and enhancing shareholder
value, and I am confident that Bellway will
continue creating a positive outcome for
ourstakeholders over the long term.
John Tutte
Chair
13 October 2025
A street scene of Lilibet
Gardens, Manchester.
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
13
Business Model
Customers
Select the
right land
Manage the
planning process
Design and
construct high-
quality homes
Sell homes and
deliver excellent
customer service
The way we
create value
From selecting the right land
tomanaging the planning process,
and from design to construction,
we carefully manage eachstage
of the housebuilding process
tosafely deliver high-quality homes.
Weprovide five-star
5
customer
service, putting customers at the
heart of everythingwe do.
‘Better with Bellway’
Customers and Communities
Employer of Choice
Building Quality Homes, Safely
Charitable Engagement
Sustainable Supply Chain
Carbon Reduction
Resource Efficiency
Nature
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
14
Business Model continued
The way we select the right land
• We are highly selective in our land
investments, concentrating on areas
with customer demand. This allows
us tomaintain a strong land bank and
leverage compelling financial returns.
• Using long-standing relationships and
localised expertise, we can select land
that offers favourable opportunities and
strategic pipelines for continued growth.
• We tightly control the number of large,
long-term sites to avoid having excess
capital tied up.
The way we assess
• Viability assessments and appraisals
prepared at a local level are assessed
atalllevels of the business.
• Executive Directors provide final approval
to purchase a site, with full Board approval
required on certain sites depending on the
nature and value of the proposal.
• Land opportunities are considered where
they meet or exceed both financial and
non-financial acquisition criteria.
• Investing in sustainable sites is an
important criteria, to provide customers
with access to infrastructure, nature,
and sustainability.
• Consider social and environmental
risks such asflood risks andclimate
change risks.
• Biodiversity Net Gain (‘BNG’) is an
increasingly key factor in site selection
and is now assessed before sites are
contractually secured.
The way we measure performance
A robust strategic land bank is vital for
Bellway to achieve strategic volume growth
targets. We link part of the Executive
Directors’ bonuses to the delivery of a
sufficient land bank to meet our growth
aspirations. We also monitor the following
KPIs and performance measures:
• short-term land bank;
• strategic land bank;
• sufficient land bank plots with detailed
planning permission (‘DPP’);
• gross margin;
KPI
• underlying gross margin;
KPI
• RoCE; and
KPI
• underlying RoCE.
KPI
Read more on page 25.
Risks identified
Inability to source suitable land
at appropriate gross margins and
RoCE. Delays and complexity
intheplanning process.
Read more on page 82.
The way we manage risk
• Through a strong balance sheet, cash
resources and long-term committed
debt financing arrangements, the Group
has been able to continue its disciplined
approach toland acquisition.
Read more on page 82.
Link to ‘Better with Bellway’
Read more on page 35.
A drone shot of Perceval Grange, WestSussex.
Select the
right land
Design
and construct
high-quality homes
Sell homes and
deliver excellent
customer service
Manage the
planning process
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
15
Business Model continued
The way we manage the
planningprocess
• Divisional and Group planning teams
work closely with local authorities
and communities to obtain DPP to
construct homes which reflect local
planning requirements.
• We progress a combination of
medium-term ‘pipeline’ sites and land
from the strategic land bank through the
planning system toensure a steady supply
of sites.
The way we assess
• We have continued to embrace BNG
requirements by committing to designing
schemes that deliver more than the
minimum 10% gains through the Bellway
BNG+ promise. This applies to all
new sites submitted to planning from
September 2024.
• We consult local residents during the
planning process to help us build homes
customers desire locally.
• We make contributions to local
communities through Section 106 (England
and Wales) and Section 75 (Scotland)
contributions, Community infrastructure
Levy payments (‘CIL’), and through the
provision of the New Homes Bonus.
The way we measure performance
We monitor the following KPIs and
performance measures:
• number of plots in the pipeline;
• number of plots in strategic land bank –
positive planning;
• number of plots in strategic land bank –
longer-term interests; and
• number of plots acquired with DPP.
Read more on page 25.
Risks identified
Delays, increasing complexity and cost
inthe planning process.
Delay or failure to obtain planning
permission if any application is not
10%BNG compliant.
Read more on page 82.
The way we manage risk
• Planning teams build collaborative
relationships with local authorities,
communities and interest groups.
• The expertise in the land and planning
teams reduces risks, adds value and
enables higher returns.
Read more on page 82.
Link to ‘Better with Bellway’
Read more on page 35.
A drone view of Aspen Walk, Essex.
Select the
right land
Sell homes and
deliver excellent
customer service
Manage the
planning process
Design
and construct
high-quality homes
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
16
Business Model continued
The way we design and construct
high-quality homes
• By securing high-quality building materials
at competitive prices, we can deliver
developments on time, and within budget
tosupport margin resilience and enhance
customer satisfaction.
• Through our Artisan Collection of standard
house types, we can streamline build
processes and reduce costs, while meeting
regional planning requirements.
• Our ‘Life Collection’ homes feature
thoughtful adaptations such as step-free
access, wider hallways and doorways,
and convertible ground-floor spaces.
These homes provide customers with
more accessibility and comfort.
• Through the ‘Build Right’ programme we
ensure customers only move into their
new home when it is ready.
• We are strengthening partnerships with
subcontractors, consultants, suppliers,
andmanufacturers to build a more
sustainable and integrated value chain.
• We have constructed several exemplar
homes on a trial basis. These pilot projects
provide valuable insights into emerging
regulatory requirements and evolving
customer expectations, positioning us
tolead in sustainable development.
The way we assess
• We ensure compliance with technical,
health and safety, and other regulatory
requirements, and internal high-
quality standards.
• We regularly monitor and review
the health, safety and wellbeing of
employees, subcontractors and visitors
to developments.
• We maintain long-term working
relationships with subcontractors and
supply chain partners to reduce health
and safety risks and to ensure commercial
availability and quality of materials
and labour.
• We ensure build rates are consistent
with sales rates to avoid unnecessary
capital inefficiencies.
The way we measure performance
We monitor the following KPIs and
performance measures:
• RIDDOR;
KPI
• Pride in the Job Awards;
• near-miss incidents reported; and
• total home completions.
KPI
Read more on page 25.
Risks identified
Shortages of building materials and
appropriately skilled subcontractors
atcompetitive prices.
Read more on page 80.
A serious health and safety or
environmental breach and/or
incident occurs.
Read more on page 81.
The way we manage risk
• We employ individuals with construction
experience who maintain strong
relationships with skilled subcontractors
and consultants.
• Regular reviews of health and safety
procedures are carried out to ensure
alignment with industry best practices,
including mandatory site inductions,
toolbox talks and workshops.
Read more on page 81.
Link to ‘Better with Bellway’
Read more on page 35.
Colin Webb and Sophie Curtis, members of the site
team at Clarence Gate, Bowburn.
Design
and construct
high-quality homes
Select the
right land
Sell homes and
deliver excellent
customer service
Manage the
planning process
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
17
Business Model continued
The way we sell homes and deliver
excellent customer service
• The recent rollout of digital sales offices
provides customers with a personalised
and streamlined experience, enhanced
convenience and engagement.
• Each division is supported by dedicated
customer care teams, supported by
the Customer Care Director (Group
Office), ensuring consistent service and
rapid response.
• The Customer First initiative remains
akey driver of continuous improvement
inbuild quality and service delivery across
all touchpoints.
• Commitment to excellence is reflected
inachieving the HBF five-star
5
homebuilder
status for the ninth consecutive year.
• The subcontractor portal enables efficient
management of customer-reported
issues, improving resolution times
and accountability.
• As a member of the New Homes
QualityBoard (‘NHQB’), customers
benefitfrom the protections offered by
theNew Homes Quality Code (‘NHQC’)
and the New Homes Ombudsman Service.
• Customer handover packs contain
information on sustainable travel,
local recycling centres, and energy
efficiency advice.
The way we assess
• We proactively seek feedback through
Trustpilot to monitor performance and
identify opportunities for improvement.
• We regularly assess the post-completion
service for customers to ensure compliant
and effective processes and procedures.
• Through the ‘Better with Bellway’
sustainability strategy we monitor and
review a range of KPIs and targets to
ensure we meet customer demand
and expectations.
The way we measure performance
We monitor the following KPIs and
performance measures:
• total home completions;
KPI
• order book value;
• NHBC overall score; and
• total reservation rate.
Read more on page 25.
Risks identified
Changes in the external environment
(including, but not limited to,
house price inflation, interest rates,
mortgage availability, unemployment,
andGovernment Policy) reduce
theaffordability of new homes,
resultinginreduced sales rates.
Read more on page 80.
Failure to be responsive to customer
demands and feedback.
Reputational risk if customer service
is inadequate.
Failure to meet local customer needs
and preferences.
Failure to comply with
regulatory requirements.
The way we manage risk
• We provide regular training to all
disciplines within the business to ensure
all functions have the necessary skills and
knowledge to deliver the highest levels
of customer service. All employees are
required to complete annual training on
NHQB requirements.
Read more on page 80.
Link to ‘Better with Bellway’
Read more on page 35.
Select the
right land
Design
and construct
high-quality homes
Sell homes and
deliver excellent
customer service
Manage the
planning process
Family at our Abbey Heights
development, Newcastle.
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
18
Planning system and
housingdelivery
Economic backdrop and
housingaffordability
The Marketplace
UK housing sector
While the underlying fundamentals of our industry
remain strong, the short-term outlook for UK
housing has several challenges to overcome and
delivery remains slow. We urge the government
to demonstrate its commitment to increasing
housebuilding through accelerated planning and
supply-side reforms, and to tackle affordability and
demand-side constraints facing first-time buyers,
in particular. Bellway remains very well-positioned
to capitalise on the opportunities longer-term to
continue delivering much needed high-quality
and affordable new homes.
Strategic priorities:
Drive a long-term
improvement in
underlying pre-tax RoE.
Deliver long-term
volume growth.
Operate responsibly
and sustainably
through our
‘Better with Bellway’
strategy.
IT and security
Land and planning
Legal and regulatory
compliance
Unforeseen
significant event
Principal risks:
Construction resources
Climate change and
the environment
Economy and market
Health and safety
Human resources
Recent UK economic growth has been low, with GDP
in the quarter to 30 June 2025 increasing by 1.2%
compared with the same quarter in 2024, and by only
0.3% compared to the quarter to 31 March 2025.
The pace of future economic growth is expected to
remain modest, with the Bank of England’s August 2025
projections implying annual GDP growth will rise slightly
to 1.5% by 2027. UK unemployment has risen during
the year and was at 4.7% in June 2025, the highest
level since early 2021. Against this backdrop, and with
uncertainty about potential tax rises in the government’s
upcoming Budget, overall consumer confidence
remains fragile.
UK inflation has fallen significantly from the highs
in 2022, and, as a result, the Bank of England has
lowered the base rate, from 5.0% to 4.0% in the year
to August 2025. The Bank of England’s interest rate
decisions and financial market expectations on the
future path of interest rates both have a direct impact
onmortgage affordability.
Overall, mortgage interest rates have been relatively
stable through the financial year 2025, and together with
ongoing wage rises and limited house price inflation,
thishas led to a gradual improvement in affordability.
1.2% 4.0%
increase in GDP Bank of England base rate
(year to June 2025) (August 2025)
The government has launched an overhaul of the
planning system to support its ambitions to deliver
1.5 million new homes in England, which is equivalent
to 300,000 new homes per annum. Progress to date has
been slow, and we continue to experience delays to
planning decisions as local authorities are taking time
to adopt new local plans and the updated National
Planning Policy Framework.
This is reflected in the reduction in planning approvals
granted for new residential units, which remain materially
below the government’s target to deliver 300,000 new
homes annually. According to data from the Home
Builders Federation, planning approvals in England fell
by 4% to circa 222,000 units in the year to 30 June 2025.
This included a significant 17% reduction to circa 44,500
units in the quarter to 30 June 2025, which was the
lowest quarterly total since 2012.
In the years ahead, our industry should benefit from
theplanning reforms, which include the reintroduction
of mandatory housing targets. However, to complement
these supply-side measures and long-term funding
forsocial and affordable homes, and to meet its
ambitious housing targets, the government also needs
toaddress the demand-side constraints facing many
first-time buyers.
221,919 units
granted planning permission in England
in the year toJune 2025 (HBF)
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
19
The Marketplace continued
During the year, overall build cost inflation remained
relatively steady and was running in the low single digits.
Reflecting the industry-wide decline in construction
activity and the fall in energy costs since their peak
in 2022, there are presently good levels of materials
availability across the Group and modest overall material
cost inflation on new tenders.
Bellway’s outlet opening programme has provided good
visibility on pipeline work for subcontractors and remains
beneficial when negotiating new labour contracts and
pricing. Requests for subcontract price increases remain
low for most trades and typical minimum fixed-price
periods of 12 months are being secured.
Our experienced procurement teams continue to work
closely with our wide range of supply chain partners
to ensure we are prepared for our targeted increase in
volume output in the current financial year and beyond.
4.7%
UK unemployment rate in the quarter April-June 2025
(ONS)
Labour and material costs
Future Homes Standard
The UK’s Future Homes Standard (‘FHS’) is an incoming
regulatory requirement to drive improvements in energy
efficiency and a reduction in the carbon emissions of new
homes. Under the government’s proposed regulations, the
FHS will require new homes to produce between 75% and
80% less carbon emissions than homes built to standards
applicable through to 2022.
The FHS is part of the government’s ambition to achieve
net zero carbon emissions by 2050, and while an exact
date has not yet been set, it is currently expected to come
into force in 2027.
Building Safety Act
Bellway continues to act responsibly with regards to
building and resident safety, and this is reflected by the
significant resource and funding the Group has committed
to remediate its legacy apartments since the Grenfell
tragedy in 2017.
Government guidance and regulations in relation to legacy
building safety have evolved since 2017. In April 2022,
Bellway signed the government’s Building Safety Pledge
and, in March 2023, the Self-Remediation Terms, both of
which form part of an industry commitment to address
building safety defects.
In December 2024, following a period of industry-wide
delays in obtaining building access licences, developers
and the government committed to working together,
through the joint plan, to accelerate developer-led
remediation. Our dedicated Building Safety division and
experienced site remediation teams remain focused on
completing works as promptly and efficiently as possible.
Competition and Markets Authority
The UK Competition and Markets Authority (‘CMA’)
launched a market study into the housebuilding sector
in England, Scotland and Wales in February 2023, the
results of which were published in the CMA’s final report
on 26 February 2024. The CMA subsequently launched an
investigation under the Competition Act 1998 into seven
housebuilders, including Bellway.
On 9 July 2025, the CMA announced its intention to
close its investigation into Bellway and six other UK
housebuilders, accepting voluntary commitments from
all parties. Under the terms of the offered commitments,
Bellway will contribute £13.5 million to a total payment of
£100 million to be paid by the seven UK housebuilders
in aggregate to government programmes that fund and
support the construction of affordable housing across
the UK.
Bellway’s offer of commitments does not constitute an
admission of any wrongdoing, and the CMA has made
no determination as to the existence of any infringement
of competition law. Bellway will continue to work
constructively with the CMA as the process concludes.
Legal and regulatory changes
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
20
Key Performance Indicators (‘KPIs’)
The Group has 12 principal KPIs, which are shown below.
Our secondary performance measures, which support these KPIs,
are shown on page 25.
Financial and Operational KPIs
2025
2024
2023
9.0
8.9
14.8
2025
2024
2023
8,749
7,654
10,945
Total home completions (homes)
2025
2024
2023
250.7
212.8
505.3
Operating profit (£m)
Key:
R
Link to remuneration – see pages 129 to 139.
R
*
Proposed link to remuneration –
see pages 140 to 149.
Denotes flagship business priority –
see pages 38 to 41 and 48 to 59.
2025
2024
2023
303.5
238.1
543.9
Underlying operating profit (£m)
(2)(3)
R
Operating margin (%)
(2)
Underlying operating margin (%)
(2)(3)
Total dividend per ordinary share (p)
2025
2024
2023
70.0
54.0
140.0
70.0p +29.6%
This is another useful indicator of how
the Directors are delivering the strategy of
generating shareholder value, particularly
when combined with NAV. Note that the
2025 final dividend figure is proposed.
2025
2024
2023
10.9
10.0
16.0
10.9% +90bps
Underlying operating margin is before net
legacy building safety expense and other
exceptional items.
9.0% +10bps
This metric demonstrates the operational
efficiency of the business.
£250.7m +17.8%
This indicator measures how efficiently
the business is being operated and the
profitability of the Group’s core business.
8,749 homes +14.3%
This is a useful indicator on how
the Group’s business model is able
to support the Group’s strategy of
deliveringvolume growth.
Strategic priorities:
Drive a long-term improvement
inunderlying pre-tax RoE.
Deliver long-term volume growth.
Operate responsibly and sustainably
through our ‘Better with Bellway’ strategy.
£303.5m +27.5%
This metric demonstrates the operational
efficiency of the business.
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
21
Key Performance Indicators (‘KPIs’) continued
Financial and Operational KPIs continued
2025
2024
2023
7.1
6.3
6
14.7
2025
2024
2023
8.7
7.1
6
15.8
2025
2024
2023
6.3
5.3
14.1
2025
2024
2023
8.2
6.5
15.5
Return on capital employed (‘RoCE’)
(2,6)
(%)
Pre-taxation return on equity (‘RoE’)
(2)
(%)
Underlying RoCE
(2,3,6)
(%)
Underlying pre-taxation return on equity (‘Underlying RoE’)
(2,3)
(%)
8.7% +160bps
Underlying RoCE uses the underlying
operating profit as defined on page 21.
7.1% +80bps
RoCE is a key indicator of how we
are delivering our strategy of building
shareholder value through capital
efficiency,which is reliant on land
acquisition and the subsequent
performance of our developments.
2025
2024
2023
132.8
109.8
297.7
Earnings per ordinary share (p)
2025
2024
2023
2,989
2,913
2,871
Net asset value per ordinary share (‘NAV’)
(2)
(p)
6.3% +100bps
This is calculated as profit for the year
divided by the average of the opening,
half-year and closing net assets.
The Directors consider this to be a good
indicator of the operating efficiency of
the Group.
2,989p +2.6%
The Directors consider NAV to be a
useful proxy when reviewing whether
shareholder value, on a share by share
basis, has increased or decreased in
the period.
132.8p +20.9%
Earnings per ordinary share (‘EPS’) is a
useful measure of how profitable Bellway
is,year on year.
8.2% +170bps
This is calculated as profit for the year before
net legacy building safety expense and other
exceptional items, divided by the average
of the opening, half-year and closing net
assets. The Directors consider this to be a
good indicator of operating efficiency.
R
R*
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
22
Scan to find the ‘Better with Bellway’
Data Sheets
Key Performance Indicators (‘KPIs’) continued
The Group has nine headline KPIs mapped to the ‘Better with Bellway’ sustainability strategy.
Read more about the ‘Better with Bellway’ sustainability strategy on pages 35 to 65.
‘Better with Bellway’ KPIs
People
2025
2024
2023
88.5
80.1
80.6
Target 82.0
2025
2024
2023
166.88
170.99
221.15
Target 186.17
2025
2024
2023
91.0
90.0
91.0
Target 90.0
2025
2024
2023
4.57
3.76
3.14
Target 5.0
This KPI shows the
Group’s commitment to
customer service, with
the long-term aim to
achieve a score of 82% by
December 2026.
This KPI measures
the annual number of
RIDDOR seven-day
reportable incidents per
100,000 site operatives
against a three-year
rolling average.
This KPI shows the
average percentage of
employees that stated
they would recommend
Bellway as ‘a great place
to work’ in our Employee
Engagement Survey on a
three-year average.
This KPI measures
employee engagement
with our national charity
partner by measuring the
cumulative fundraising
total since the start of our
partnership in 2016.
HBF 9-month survey (%)
88.5% 840bps
Employees who would
recommend Bellway as
‘agreat place to work’ (%)
91.0% (100bps)
Cancer Research UK
fundraising total (£m)
£4.57m +21.5%
RIDDOR incidents
166.88 (2.4%)
Customers and Communities
Building Quality Homes, Safely
Employer of Choice
Charitable Engagement
Page
Customers and Communities 38
Employer of Choice 40
Building Quality Homes, Safely 42
Charitable Engagement 44
R
R
Bellway p.l.c. Annual Report and Accounts 2025
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23
Key Performance Indicators (‘KPIs’) continued
Page
Sustainable Supply Chain 46
Resource Efficiency 60
Carbon Reduction 48
Nature 62
‘Better with Bellway’ KPIs continued
Planet
2025 50
Target 50
2025
2024
2023
5.7
7.1
8.6
Target 7.1
2025
2024
2023
13,293
14,227
16,562
Target 14,261
This KPI shows the
Group’s commitment
to implementing
the new Supplier
Engagement Programme.
This KPI shows the
Group’s commitment
to Resource Efficiency,
where we aimed to
reduce waste per
completed home by 20%
to 7.1 tonnes by July 2025.
Demonstrates how the
Group is working towards
reducing our carbon
emissions, in line with our
pledge to reduce scope 1
and 2 emissions by 46%
by July 2030.
The Group is committed
to reduce scope 3
GHG emissions by 55%
per square metre of
completed floor area by
July 2030, against FY19
baseline of 1.53 tonnes.
Sustainable Supply Chain
Resource Efficiency
Carbon Reduction
2025 12.3
Target 10
This KPIs shows the
Group’s. commitment to
exceeding the 10%
minimum BNG legal
requirement and
delivering the Bellway
BNG+ promise.
Nature
Supplier discovery
meetingsheld (number)
50 meetings
Scope 1 and 2 emissions
(tonnes)
13,293 tonnes
(6.6%)
Scope 3 emissions (tonnes
CO
2
e per m
2
)
1.43 tonnes CO
2
e
per m
2
2.1%
Average Biodiversity Net Gain
(‘BNG’) on newly secured
sites (%)
12.3% [–]
Waste per home built
(tonnes)
5.7 tonnes (19.7%)
2025
2024
2023
1.43
1.40
1.52
Target 0.68
R
R
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
24
Additional Performance Measures
Target 2025 2024
Land bank plots with DPP (plots) 30,544 30,787
Bellway owned and controlled land bank (plots) 47,144 48,887
Strategic land bank (plots) 47,800 45,500
Underlying gross margin (%) 16.4 16.0
Gross margin (%) 15.1 15.2
Select the right land
Target 2025 2024
Pride in the Job Awards 47 45
Near-miss incidents reported 11,070 10,998
Design and construct high quality homes
Target 2025 2024
Number of plots in the pipeline (plots) 16,600 18,100
Number of plots in strategic land bank –
positive planning (plots) 14,500 13,200
Number of plots in strategic land bank –
longer-term interests (plots) 33,300 32,300
Manage the planning process
Target 2025 2024
Order book value (£m)
2
1,519.4 1,412.9
NHBC overall score (%) 92.1 90.3
Total reservation rate (homes per site per week) 0.70 0.66
Sell homes and deliver excellent customer service
A drone shot of Darwins Edge,
Shrewsbury.
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
25
Chief Executive’s Market and Operational Review
Market
Customer demand was supported by
generally good availability of mortgage
finance and relative stability in mortgage
interest rates during the year. Overall,
headline pricing and the level of targeted
incentives was stable across our regions,
although there has been more limited use of
incentives in areas with healthy affordability
and good levels of employment.
The private reservation rate increased to an
average of 139 per week (2024 – 124), with
trading enhanced by a modest increase
in bulk sales. Reflecting our robust outlet
position, the private reservation rate per
outlet per week increased by 11.8% to 0.57
(2024 – 0.51) and included a contribution of
0.05 from bulk sales (2024 – 0.02). While the
private reservation rate improved in the
second half of the financial year to 0.62
compared to 0.51 in the first half, a solid
period of demand through the spring was
followed by softer trading in the final quarter.
The private reservation rate per outlet per
week, excluding bulk sales, of 0.52 was 6.1%
higher than the prior year (2024 – 0.49).
The overall reservation rate, including social
homes, rose by 6.2% to 171 per week (2024 –
161) and the cancellation rate remained low
at 13% (2024 – 14%).
High-quality land bank
The strength and depth of the Group’s land
bank support our growth plans and largely
replacement only land strategy. We have
continued with our disciplined approach to
land acquisition, and the table below shows
the Group’s land holdings.
The Group’s owned and controlled land
bank comprises 47,144 plots (2024 –
48,887 plots), including 30,544 plots (2024
– 30,787 plots) with an implementable
detailed planning permission (‘DPP’) and
16,600 pipeline plots (2024 – 18,100 plots).
This represents a healthy land bank length of
5.4 years (2024 – 6.4 years) based on the last
12 months’ legal completions.
Enhancing stakeholder
valueand confidence.
2025
Plots
2024
Plots
DPP: plots with implementable detailed planning permission 30,544 30,787
Pipeline: plots pending an implementable DPP 16,600 18,100
Bellway owned and controlled plots 47,144 48,887
Bellway share of land owned and controlled by joint ventures 760 905
Total owned and controlled plots 47,904 49,792
Strategic land holdings 47,800 45,500
Total land bank
4
95,704 95,292
“ Bellway has a healthy forward order
book and work-in-progress position and
despite the softer market conditions in
recent months, we remain on track for
further growth in FY26.”
Jason Honeyman
Chief Executive
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
26
Chief Executive’s Market and Operational Review continued
During the year land approval activity
normalised, and the Group contracted to
purchase 8,120 plots (2024 – 4,621 plots)
across 51 sites (2024 – 27 sites) with a total
contract value of £566.8m (2024 – £344.8m).
We also have a good future pipeline of
potential acquisitions, with Heads of Terms
agreed on around 4,400 plots at 5 October
2025 and, reflecting our largely replacement
only land strategy, we expect overall
plots contracted in FY26 to be similar to
volume output.
The Group traded from an average of 246
outlets (2024 – 245), having opened 56 new
sales outlets and with a closing position of
249 outlets as at 31 July 2025. We have good
visibility on outlet openings and remain
on track to open a similar number of new
outlets to FY25 in the year ahead. In line with
previous guidance, we expect to operate
from an average of around 245 outlets
in FY26.
Our investment in strategic land has
continued, which has enhanced our overall
land supply for a relatively low initial capital
outlay, while also supporting our longer-
term growth ambitions. We entered into
option agreements to buy 30 sites in FY25
(2024 – 35 sites), building upon our increased
activity in the strategic land market in recent
years. Bellway’s strategic land portfolio has
increased by over 75% in the last five years
and now comprises 47,800 plots (2024 –
45,500 plots). We expect to deliver a growing
proportion of volume output from our
strategically sourced land bank, with a target
of 15–20% over the medium term.
Production and cost control
Overall build cost inflation was running in
the low single digits through the year and
there are presently good levels of product
availability across the Group and modest
overall material cost inflation on new tenders.
Bellway’s experienced procurement teams
continue to work closely with our wide
range of supply chain partners to ensure
we are prepared for our targeted increase in
volume output in the current financial year
and beyond.
The Group’s outlet opening programme has
provided good visibility on pipeline work
for subcontractors and remains beneficial
when negotiating new labour contracts
and pricing. Requests for subcontract price
increases remain low for most trades and
typical minimum fixed price periods of
12 months are being secured.
Bellway has robust cost controls and a
consistent focus on margin recovery.
Furthermore, as the industry works towards
building to the requirements of the Future
Homes Standard, our Artisan Collection
of standard house-types and centralised
approach to design, procurement and site
layout reviews will continue to help the
Group maintain efficiency and mitigate
cost pressures. The proportion of Artisan
homes increased to 80% of housing
output(excluding apartments) in FY25
(2024– 70%).
As part of our long-term growth strategy, we
are increasing the use of sustainably sourced
timber frame construction and as previously
announced, the Group is targeting an
increase in timber frame use to around 30%
of housing output by 2030 (2025 – 14.0%).
The planned growth in timber frame output
will deliver a range of operational, financial
and environmental benefits and will be
achieved primarily by investing in our own
proprietary timber frame manufacturing
facility, ‘Bellway Home Space’.
During the year we entered into a long-
term lease for a 134,000 square foot
industrial unit for ‘Bellway Home Space’ near
Mansfield, Nottinghamshire. The facility is
progressing to plan, with fit out substantially
complete, installation of computer driven
robotic machinery underway and being
commissioned, and we are on track to
begin supplying our divisions with frames
inearly 2026.
We are confident that our investment
in timber frame in the years ahead will
underpin the delivery of our strategic
priorities, to drive long-term volume growth
and an improvement in RoE, and help meet
the targets set out in our ‘Better with Bellway’
sustainability strategy.
8,120
Plots contracted to purchase (plots)
Our Farrier, house type at
BartonQuarter, Manchester.
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
27
Chief Executive’s Market and Operational Review continued
Recent trading
Since the start of the new financial year
there has been a continuation of weak
consumer sentiment which has carried from
late spring. Customer demand has been
affected by ongoing affordability constraints
and uncertainties about potential taxation
changes in the Government’s Budget in
November 2025.
In the ten weeks since 1 August, the private
reservation rate per outlet per week
excluding bulk sales was 0.48 (1 August
to 6 October 2024 – 0.49). The private
reservation rate including bulk sales was 0.51
(1 August to 6 October 2024 – 0.60).
Reflecting recent trading and volume output,
the order book at 5 October 2025 comprised
5,285 homes (6 October 2024 – 5,164 homes)
with a value of £1,526.9m
2
(6 October 2024 –
£1,449.0m).
Outlook
Bellway has a healthy forward order book
and work-in-progress position and despite
the softer market conditions in recent
months, we remain on track for further
growth in FY26. If market conditions remain
stable, based on a private reservation rate
per site per week similar to the 0.57 achieved
in FY25, we are well-positioned to deliver
volume output of around 9,200 homes (2025
– 8,749 homes). By FY28 we are targeting
an increase in volume output to around
10,000 homes, and this growth together
with our sharp focus on capital efficiency
will drive an increase in cash generation for
shareholder returns.
For the industry to drive a meaningful
and sustained increase in housing
output, supportive Government policy
is also essential. The Government must
demonstrate its commitment to accelerating
housebuilding by driving through planning
reform and addressing the affordability
constraints facing first-time buyers across
the country.
Notwithstanding the current industry
headwinds, Bellway’s operational strengths
and land bank depth provide a strong
platform to capitalise on the positive long-
term fundamentals of the UK housebuilding
industry. Given the significant capacity in
our divisional structure, we remain very
well-positioned to deliver sustained volume
growth in the years ahead.
Jason Honeyman
Chief Executive
13 October 2025
Julie Armstrong and Darren Best, part of our site
and sales team at Abbey Heights, Newcastle.
Bellway p.l.c. Annual Report and Accounts 2025
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28
Chief Financial Officer’s Review
“ The Board remains confident that, with
supportive market conditions, Bellway
isin an excellent position to capitalise
onfuture growth opportunities.”
Shane Doherty
Chief Financial Officer
Driving higher cash
generation and sustainable
shareholder returns.
Trading performance
The Group has delivered growth in
housing revenue of 17.5% to £2,768.3m
(2024 – £2,356.7m), which was driven by a
strengthened order book at the start of the
financial year and the higher level of private
reservations. Other revenue was £14.5m
(2024 – £23.5m) and comprises ancillary
items including land and commercial sales,
and management fee income earned on our
joint venture schemes. Total revenue was
16.9% higher at £2,782.8m (2024 – £2,380.2m).
The table below shows the number and
average selling price of homes completed
in the year, analysed between private
and social homes, and against the prior
year comparative:
Total housing completions increased by
14.3% to 8,749 homes (2024 – 7,654 homes)
and overall private output rose by 20.3% to
6,924 homes (2024 – 5,758 homes).
There was a modest 3.7% decline in social
housing output to 1,825 homes (2024 – 1,896
homes) which resulted in the proportion of
social completions decreasing to a more
normalised level of 20.9% of the total (2024
– 24.8%). We have good visibility on our
near-term build programmes, and we expect
social housing completions to be a similar
proportion of the total in FY26.
The overall average selling price was
in line with our expectations at £316,412
(2024 – £307,909). While there were some
geographic and mix changes, underlying
pricing and the level of incentives remained
broadly stable through the year, and we
currently expect the average selling price in
FY26 to be around £320,000.
Underlying operating performance
The Group’s strong commercial disciplines
and proactive management of site-based
overheads helped to alleviate some of the
margin pressures faced during the year.
Notwithstanding this, margins face ongoing
pressures from the effects of residual cost
inflation and extended site durations, and
the absence of underlying house price
inflation. As a result, the underlying gross
margin increased only slightly to 16.4%
2,3
(2024 – 16.0%). Driven by this and the higher
revenues in the year, underlying gross profit
increased by 19.9% to £456.8m
2,3
(2024 –
£381.1m).
Other operating income and expenses,
which net to a modest expense of £1.3m
(2024 – £1.2m), relate to the running of our
part-exchange programme. Part-exchange
activity remained disciplined and was used
for only 3.8% (2024 – 2.8%) of completions
with a balance sheet investment at 31 July
2025 of £25.3m (2024 – £14.5m).
2025 2024 Variance (%)
Homes ASP (£000) Homes ASP (£000) Homes ASP
Private 6,924 350.4 5,758 347.7 20.3% 0.8%
Social 1,825 187.3 1,896 186.9 (3.7%) 0.2%
Total 8,749 316.4 7,654 307.9 14.3% 2.8%
Bellway p.l.c. Annual Report and Accounts 2025
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29
Chief Financial Officer’s Review continued
H1 2025
£m
H2 2025
£m
FY 2025
£m
FY 2024
£m
SRT and associated review
– cost of sales expense 3.2 47.7 50.9 6.1
SRT and associated review
– cost of salesrecoveries (0.2) – (0.2) (0.3)
Structural defects
– cost of sales (credit)/expense (0.9) (12.4) (13.3) 14.1
Net cost of sales expense 2.1 35.3 37.4 19.9
SRT and associated review – finance expense 6.4 6.2 12.6 15.9
Structural defects – financeexpense 0.9 0.9 1.8 1.2
Total net legacy building safety expense 9.4 42.4 51.8 37.0
The underlying administrative expense
rose by 7.2% to £152.0m
2,3
(2024 – £141.8m).
The increase, which was in line with previous
guidance, follows two years of broadly flat
overheads and reflects the requirement
to continue offering competitive reward
packages to attract and retain talent to
support our growth plans. It also includes the
initial, pre-operational costs of our ‘Bellway
Home Space’ timber frame facility.
The underlying operating margin increased
to 10.9%
2,3
(2024 – 10.0%) and we currently
expect it to be at a similar level at around
11.0%
2,3
in FY26.
The Group will continue with a disciplined
approach to land investment and cost
management, and with the support of stable
conditions in the housing market, the Board
is confident that an underlying operating
margin in the mid-teens
2,3
is sustainable over
the longer term.
Adjusting item: Net legacy building
safety expense
The Group has allocated and committed
significant resource and funding to
remediate its legacy apartments, and
we continue to make good progress on
addressing building safety issues.
During the year, following a period
of industry-wide delays in obtaining
building access licences, developers and
the Government committed to working
together through a ‘Joint Plan’ to accelerate
developer-led remediation.
In relation to legacy building safety, the net
adjusting expense includes £37.4m through
cost of sales (2024 – £19.9m), which relates
to the movement in overall cost estimates
for both the SRT and associated review and
structural defects provisions. It also includes
an adjusting finance expense for the year of
£14.4m (2024 – £17.1m), which was in line with
previous guidance. In total for FY25, a net
pre-tax expense of £51.8m (2024 – £37.0m)
has been recognised in relation to legacy
building safety.
The table below shows the primary
components of the net adjusting expense
relating to legacy building safety, split by
half year.
In relation to the SRT and associated
review and as required by the Joint Plan,
Bellway has now made determinations of
which developments require works for all
its legacy buildings in England and Wales.
Following this accelerated and extensive
survey programme, a higher proportion
of legacy buildings were found to require
works, both externally and internally, than
was previously assumed, which has led to
an increase in the SRT and associated review
provision. This amounts to a net adjusting
expense of £50.7m through cost of sales,
which comprises £50.9m in relation to the
increase in overall cost estimates, and a
modest £0.2m of recoveries.
With regards to structural defects, a
remediation strategy has now been finalised
for an issue relating to a reinforced concrete
frame identified at a high-rise apartment
scheme in Greenwich, London in FY23.
This strategy is less invasive than the
remediation design applied in the previous
year and has led to a reduction in the
costestimate for the Greenwich scheme
of£19.3m.
During the year a mid-rise building
was identified with a similar issue to the
Greenwich building and has led to an
expense recognised in cost of sales of £6.0m.
This building was not included in the previous
review undertaken by the Group as it was
less than 18 metres in height and at the time
of that review the Government required
A street scene at RoyalBowland
Park, Manchester.
The Group has strong controls around the
use of part-exchange homes as a selling
tool, and we have the financial capacity to
increase its use, in a controlled manner, if
market conditions require it.
21%
of total housing completions were
social housing.
1,825 social housing completions
in FY25.
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
30
Amir Bari – Accountant, Thames Valley visiting
theGroup Office inWoolsington, Newcastle.
Chief Financial Officer’s Review continued
buildings to be classified into two groups by
reference to height. The Group has carried
out a further review in the year of all buildings
over 11 metres in height constructed by, or on
behalf of Bellway, where the same third parties
responsible for the design of the frame at
these two developments have been involved.
To date, no other similar design issues with
reinforced concrete frames have been
identified. Overall in FY25 a net credit through
cost of sales of £13.3m has been recognised in
relation to historical structural defects.
The adjusting finance expense was
£14.4m (2024 – £17.1m) and related to the
unwinding of the discount on both the
SRT and associated review provision and
the structural defects provision. This is a
technical interest unwind, which was in
line with previous guidance. The adjusting
finance expense is subject to a range of
assumptions, and based on the 31 July 2025
forward looking discount rate, we currently
anticipate an adjusting finance expense of
around £15m in FY26.
The total amount Bellway has set
aside for legacy buildings in England,
Scotland and Wales since 2017 is £707.5m.
Demonstrating our ongoing commitment
to deliver appropriate solutions for legacy
buildings, the Group has spent £191.1m since
the start of the remediation programme, with a
remaining provision of £516.4m at 31 July 2025.
During FY25, we have delivered against
our requirements of the Joint Plan, with a
particular focus on accelerating building
surveys and procuring works. As at 31 July
2025, and including those buildings that
have been awarded an application by the
Building Safety Fund or ACM Funds, Bellway
had a total of 168 buildings where work is
complete or underway.
Looking ahead, our experienced site
remediation teams remain focused on
completing works as promptly and efficiently
as possible. The Group has the operational
and financial resources to meet its
commitments for legacy building safety and
we expect to make further strong progress in
the current financial year and beyond.
Adjusting item: Competition and
Markets Authority investigation
On 9 July 2025, the Competition and Markets
Authority (‘CMA’) announced its intention to
close its investigation into Bellway and six
other UK housebuilders, accepting voluntary
commitments from all parties.
Under the terms of the offered commitments,
Bellway will contribute £13.5m to a total
payment of £100m to be paid by the
seven UK housebuilders in aggregate to
Government programmes that fund and
support the construction of affordable
housing across the UK.
Bellway’s offer of commitments does not
constitute an admission of any wrongdoing,
and the CMA has made no determination
as to the existence of any infringement
of competition law. We will continue to
work constructively with the CMA as the
process concludes.
Bellway’s voluntary contribution
together with associated legal expenses,
totalled £15.4m, and these have been
recognised as an adjusting item through
administrative expenses.
The income tax expense was £64.4m (2024 –
£53.2m), reflecting an effective tax rate of 29.0%
(2024 – 29.0%). The effective tax rate reflects
the standard rate of UK corporation tax of 25%
and also includes the Residential Property
Developer Tax (‘RPDT’), which is charged at a
rate of 4% of relevant taxable profits.
The underlying profit for the year rose
by 30.6% to £209.7m
2,3
(2024 – £160.6m)
and underlying earnings per share was
176.7p
2,3
(2024 – 135.2p). After considering the
adjusting items, reported profit was £157.5m
(2024 – £130.5m) and basic earnings per
share was 132.8p (2024 – 109.8p).
Strong balance sheet and
financialposition
Bellway’s well-capitalised balance sheet
principally comprises amounts invested
in land and work-in-progress. Within total
inventories of £4,838.1m (2024 – £4,714.8m),
the carrying value of land was £2,502.9m
(2024 – £2,431.4m). The work-in-progress
balance rose modestly to £2,165.0m (2024 –
£2,123.9m).
Net underlying finance expense
The rise in the net underlying finance
expense to £12.9m
2,3
(2024 – £9.7m) was
primarily due to the higher interest rates
charged on the increased land creditor
balance in the year. This resulted in a higher
non-cash interest charge on land acquired
on deferred terms of £14.9m (2024 – £11.1m).
The total underlying non-cash related net
finance expense in the year was £15.7m
2,3
(2024 – £11.5m), and cash related net finance
income was £2.8m (2024 – £1.8m).
Based on prevailing interest rates the net
underlying interest expense in FY26 is
anticipated to be around £15m
2,3
.
Profit for the year
Including our share of loss from joint
ventures of £1.5m (2024 – £2.3m), which
reflects upfront financing costs on a long-
term scheme, underlying profit before
taxation increased by 27.9% to £289.1m
2,3
(2024 – £226.1m). Reported profit before
taxation was £221.9m (2024 – £183.7m).
Bellway p.l.c. Annual Report and Accounts 2025
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31
We have maintained a strong balance sheet
with net cash at 31 July 2025 of £41.8m
2
(2024 – net debt of £10.5m), and average
net debt was £49.2m
2
(2024 – £45.8m).
During the year, expenditure on land,
including payment of land creditors, was
£472m (2024 – £465m), primarily comprising
cash payments on contracts approved in
previous financial years.
Committed land obligations increased to
£337.6m (2024 – £225.3m), with the movement
reflecting a normalisation of land buying
activity. The increase in committed land
obligations and focus on better discipline
around WIP investment has had a positive
impact on cash from operations which
increased to £222.0m (2024 – cash utilised
in operations of £20.2m). Adjusted gearing,
inclusive of land creditors, remains low at
8.3%
2
(2024–6.8%).
Capital allocation framework
During the year we have refreshed
our approach to capital efficiency and
embedded it across the Group. Our refined
capital allocation framework is based on
maintaining balance sheet strength and
low gearing, driving capital efficiencies to
increase cash generation, and optimising the
balance between investment in growth and
returns to shareholders.
At the core of our framework, we will run the
business through the cycle with a strong and
efficient balance sheet. As part of this, and as
land investment has started to normalise, we
expect a modest increase in the use of land
creditors in the medium term to between
15% and 20% of land value (2025 – 13.5%).
The strength of our balance sheet will
enable the Group to continue investing in
attractive land opportunities to deliver long-
term volume growth. Given the ongoing
sluggish planning environment, we currently
expect broadly flat average outlet numbers
of around 245 in FY26, withpotential
for modest growth in FY27 and FY28.
Notwithstanding these near-term planning
constraints, with a stable market backdrop,
we are well-positioned to increasevolumes,
and we are targeting volume output of
around 10,000 homes by FY28, which
equates to annual growth of between
4%and 5%.
Over this period, we expect to maintain
our overall land bank at around current
levels, with an increased contribution from
our higher margin strategic land holdings.
The targeted volume growth, coupled
with the largely replacement only land
strategy and focus on monetising our well-
invested WIP position, will support healthy
improvements in asset turn and WIP turn
over the next three years.
In FY25 we delivered a significant increase
in adjusted operating cashflow to £638.9m
2,3
(2024 – £425.2m). Looking ahead, we will
leverage our strong land bank and WIP
position to drive material improvements in
adjusted operating cashflow conversion
and support the return of excess capital
to shareholders.
Today, we are initiating a share buyback
programme which will return £150m over the
next twelve months, and the Group intends
to continue with the return of excess capital
in future years.
Bellway also has a sustainable ordinary
dividend policy. The proposed total ordinary
dividend per share has risen by 29.6% to
70.0p for FY25 (2024 – 54.0p), which reflects
the increase in underlying earnings.
Our ordinary dividend policy will be
maintained with underlying dividend
cover of 2.5 times
2,3
, and our focus on
delivering sustained growth in earnings will
support a commensurate increase in future
dividend payments.
Bellway remains focused on driving growth
and an improvement in returns, and we are
targeting a significant increase in underlying
RoE in the years ahead. As part of our capital
efficiency drive, management incentives
are to be aligned with increasing cash
generation and returns. A new long-term
incentive plan, proposed for shareholder
approval at this year’s AGM, includes a
challenging FY28 underlying pre-tax RoE
Chief Financial Officer’s Review continued
stretch target of 14%
2,3
, which would require
exceptional delivery and more supportive
market conditions.
Overall, our framework reflects our
disciplined approach to capital allocation,
and I am confident of delivering increased
cash generation to meet the investment
needs of the business, regular dividend
payments and additional returns
to shareholders.
Delivering value for shareholders
Net assets increased in the year to £3,556.2m
(2024 – £3,465.4m), with the improvement in
underlying profitability partly offset by cash
dividend payments and adjusting items. As a
result, NAV per share increased to 2,989p
2
(2024 – 2,913p).
Driven by an improvement in both asset turn
and the underlying operating margin, our
underlying pre-tax RoE was 170 bps higher
at 8.2%
2,3
(2024 – 6.5%)and underlying RoCE
increased by 160 bps to 8.7%
2,3
(2024 – 7.1%
6
).
The Board remains confident that, with
supportive market conditions, Bellway is
in an excellent position to capitalise on
future growth opportunities. Together with
our drive for greater cash generation and
capital efficiency, we are well-placed to
deliver multi-year growth in both asset turn
and margin to deliver a sustained recovery
in returns and ongoing value creation for
our shareholders.
Shane Doherty
Chief Financial Officer
13 October 2025
Family at the Abbey Heights
development, Newcastle.
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32
Chief Commercial Officer’s Review
Land
The strength and depth of our lank bank,
with a healthy 5.4 years supply, supports our
growth plans and means we can operate
successfully with a largely replacement only
land strategy.
During the year, we contracted to purchase
8,120 plots across 51 sites. In addition, building
on the expansion of our strategic land bank
in recent years, the Group entered into
option agreements for 30 sites (2024 – 35
sites), which have enhanced our longer-term
growth prospects and overall land supply.
Our strengthened strategic land bank will
support outlet growth and can also generate
margin enhancement, in some instances,
due to option agreements prescribing that
land values will typically be agreed at a
discount to open market cost, once planning
permission has been obtained.
The Group’s experienced strategic land team
is focused on promoting and delivering
sustainable sites through the planning
system, and is able to skilfully navigate
emerging planning policies and other
legislative changes.
‘Bellway Home Space’
Following the Group’s announcement in
October 2024, we have continued to work
towards opening ‘Bellway Home Space’,
our own timber frame factory. We are
progressing well on the development of the
facility and key operational systems have
been installed and are being commissioned.
Recruitment for specialist roles is underway,
and we are building a skilled team to
manage production, quality assurance,
and logistics.
The factory, which opens in early 2026,
will play a pivotal role in supporting our
sustainability goals and improving build
efficiency across our developments.
This strategic investment reflects our
commitment to innovation and long-
term growth.
For more information see page 61.
Health and safety
We promote all aspects of health and safety
throughout our operations in the interests
of employees, subcontractors, suppliers,
customers and visitors to our sites and
premises. This is further supported by our
sustainability strategy, ‘Better with Bellway’,
and the Building Quality Homes, Safely
business priority. More details can be found
on pages 42 to 43.
The Board receives external advice and training
from specialist advisers on both the Directors’
and the Company’s regulatory obligations.
Health and safety issues are considered at
each Board meeting and are addressed in the
Strategic Report, and on the corporate website
www.bellwayplc.co.uk/sustainability.
Building safety
Bellway has consistently taken a proactive
approach to building safety and is committed
to delivering remediation works, having
set aside a significant provision for legacy
building safety improvements since 2017.
We have a standalone Building Safety
division, which is dedicated to the
remediation of buildings over 11 metres in
height where life-critical fire safety issues
have been identified.
“ The Group’s experienced strategic
land team is focused on promoting
anddelivering sustainable sites through
the planning system to support our
longer-term growth ambitions.”
Simon Scougall
Chief Commercial Officer
Building trust, by being
commercially responsible.
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33
support existing employees in developing
their skills to progress their careers within
the organisation.
We are pleased to report that 7.2% of the
workforce is currently engaged in
earn-and-learn roles, reflecting our
commitment to continuous development
and inclusive career pathways. Bellway’s
enhanced focus on the Trainee Assistant Site
Manager programme is helping to address
industry-wide labour shortages by providing
individuals with the skills needed to succeed
in site-based roles. For further details, please
refer to pages 40 to 41.
Training and development
The training and development of employees
is embedded into our operations through
annual training plans, ensuring that all
employees are given the opportunity to
reach their full potential. During the year, we
partnered with Safety Services UK to roll out
the Site Environmental Awareness Training
Scheme for all Construction Directors and
Construction Managers across the Group.
To date, 128 have attended the training.
Following an Employee Listening Group
held in November 2024, we introduced a
new policy to pay professional membership
fees for employees. This is a positive
development for employees and an
initiative that aligns with the ‘Better with
Bellway’ Employer of Choice business
priority, aimed at attracting and retaining
talented individuals.
Simon Scougall
Chief Commercial Officer
13 October 2025
Chief Commercial Officer’s Review continued
This committed Bellway to resolving any
life-critical fire safety issues on buildings
over 11 metres, which have been completed
since 5 April 1992. This was followed with
the signing of the Welsh Government’s
SRT’s in May 2023, which follows the same
remediation principles as those in England.
The signing of the SRT in March 2023
provided clarity on the standard required for
buildings, ensuring that remediation works
meet the requirements of the SRT. We have
taken a prudent approach to ensure we
assess to this standard, even where buildings
may have been assessed under previous fire
safety standards. The team are now focused
on repairing legacy buildings in accordance
with the requirements of the Joint Plan and
as at 31 July 2025, I am pleased to report that
we have completed all assessments on our
SRT portfolio. We are now working at pace to
procure contractors, secure Building Safety
Regulator approval and commence works at
the earliest opportunity.
Competition and Markets Authority
(‘CMA’)
In July 2025, the CMA announced its
intention to close its investigation into
Bellway and six other UK housebuilders,
accepting voluntary commitments from
all parties. Under the terms of the offered
commitments, Bellway will make an ex
gratia payment of £13.5m to a total payment
of £100m to be paid by the seven UK
housebuilders in aggregate to Government
programmes that fund and support the
construction of affordable housing across the
UK. Bellway’s offer of commitments does not
constitute an admission of any wrongdoing,
and the CMA has made no determination
In March 2023, Bellway signed the Ministry
of Housing, Communities and Local
Government (‘MHCLG’) Self Remediation
Terms (‘SRT’) in England, which converted
the principles of the building safety pledge,
which was signed in 2022, into a binding
agreement between the Government
and Bellway.
as to the existence of any infringement of
competition law. We will continue to work
constructively with the CMA as the process
concludes. For more information, see
page 20.
People, culture and inclusion
During the year, we have continued to
develop our sector leading offering as an
Employer of Choice. The Group’s policies
and procedures are designed to ensure
fair treatment for all employees, regardless
of age, gender, ethnicity, disability, religion,
or background, and to support their
development and wellbeing throughout their
careers with Bellway. We also provide full
and fair consideration to the employment
needs of disabled persons and comply
with all relevant legislation as a Disability
Confident Employer.
We conducted an annual Employee
Engagement Survey in June 2025, which
had a 93% engagement score from
employees, significantly above the industry
benchmark. We are proud that 91% of our
employees said that they would recommend
Bellway as ‘a great place to work’.
Future talent
At Bellway, we recognise that building strong
foundations extends beyond the homes
we construct. Our future talent programmes
play a critical role in attracting, developing,
and retaining high-potential talent across the
business. During the year, 23 graduates and
71 apprentices joined Bellway, supported by
the refreshed Good Foundations graduate
programme. This initiative is designed not
only to onboard new talent but also to
47,800
strategic land bank plots
This provides the Group with a strong
foundation for growth in the future.
Asmaa Hashi, Graduate Quantity
Surveyor, Barking Project team.
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34
Business priorities PlanetPeople
Vision
‘Better with Bellway’ Sustainability Strategy
‘Better with Bellway’ Overview
The way we build better
homesfor a better future
At Bellway, we are committed to operating responsibly and sustainably, while
acknowledging the increasing importance of reducing our business’ impact
on the environment. ‘Better with Bellway’ is our commitment tobuilding
homes that make apositive impact on society as a whole, our local
communities andthe planet.
At the heart of the strategy is a commitment to putting people and the planet
first, an approach that underpins how we operate and build for the future.
The eight ‘Better with Bellway’ business priorities focus on delivering
sustainable homes and creating thriving workplaces and communities.
Nature
Protecting
and preserving
nature.
Resource
Efficiency
Reducing waste
by building better.
Sustainable
Supply Chain
Building
sustainable
long-term
partnerships.
Charitable
Engagement
Giving, to build
better lives.
Customers
and
Communities
Putting customers
at the heart of
everything we do.
Employer
of Choice
Creating an
environment that
our colleagues
canthrive in.
Carbon
Reduction
Delivering low
carbon homes.
Building
Quality
Homes, Safely
Quality and safety
first for everyone.
Key:
Denotes flagship business priority
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35
Business Sponsors
Khan Barton Miller, Construction
Graduate on site for the
Graduate induction.
‘Better with Bellway’ Sustainability Strategy continued
‘Better with Bellway’ Overview continued
Governance
framework
Effective governance is key to
bringing our strategy to life.
A robust governance structure
ensures the strategy is integrated
into our day-to-day operations.
Each year we aim for continuous
improvement with new KPIs and
strategic objectives.
Key
Communication lines
• Embed ‘Better with Bellway’ into day-to-day activities.
• Implement projects at functional and departmental level
todeliver on the agreed objectives and targets.
• Maintain relevant KPIs to monitor progress against targets.
• Introduce new initiatives, KPIs and strategic objectives on
an annual basis.
The Steering Group
• Establish detailed targets to deliver the sustainability
strategy and plan new initiatives.
• Appoint business sponsors to take ownership of targets
and assist in strategy delivery.
• Hold quarterly progress review meetings with all
business sponsors.
The Leadership Team
• Propose the sustainability strategy, objectives and targets.
• Present updates on the ‘Better with Bellway’ strategy to
the Board and Sustainability Committee.
• Ensure appropriate business sponsors are engaged and
KPIs are mapped to key sustainability priorities.
Sustainability Committee
• Oversee the implementation and progress of the ‘Better
with Bellway’ strategy.
• Review, challenge and make recommendations on KPIs
and strategic objectives.
• Overall responsibility for the ‘Better with Bellway’ strategy.
• Review, challenge and approve the ‘Better with Bellway’
strategy, related processes and receive regular updates.
• Approve new KPIs and objectives, and ensure appropriate
governance, supported by external specialist guidance.
The Board
Bellway p.l.c. Annual Report and Accounts 2025
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36
‘Better with Bellway’ Sustainability Strategy continued
‘Better with Bellway’ Overview continued
Highlights from FY25
PlanetPeople
Work started on the Barking Riverside ‘Shed Life’
project, to create a space to help isolated people
become part of the community.
August First batch of Construction Industry Training
Board (‘CITB’) Site Environmental Awareness
Training Scheme (‘SEATS’) completed with over
900 hours to be dedicated to environmental
training in FY25.
£92k raised for Cancer Research UK (‘CRUK’) from
theNational Charity Event.
September 2024 Climate Disclosure Project (‘CPD’)
disclosure submitted, improving our Climate
Score from a ‘C’ to a ‘B’.
Launch of the Benefits Hub on Pathway. October Bellway wins ‘Best Carbon Reduction Initiative’
at2024 Building Innovation awards.
Housebuilder award for Employer of Choice. November Silt Management Conference organised for
senior construction teams in Birmingham.
Achieved £4 million for 2024 target for CRUK,
raising £4.14m for CRUK by 31 December 2024.
December We received the Innovation Award and a bronze
award from the Next Generation Initiative.
Achieved Clear Assured Silver status. January 300 all-electric plots completed at H1 of FY25.
Start of partnership with Regeneration Brainery. February Innovative offsite BNG units deal with Nattergal
secured for London Project.
Bellway secures five-star
5
homebuilder status for
ninthconsecutive year.
March Hosted the first Bellway Supplier Conference
in London.
Bellway People Awards hosted in Newcastle
upon Tyne.
April ISO 14001 Certification achieved for
Environmental Management System.
Celebrated a year since the launch of the internal
communication application Pathway.
May Completed the FY25 Climate Scenario
Analysis Report.
47 Pride in the Job Awards received. June SME Housebuilder event at Barton Quarter and
Energy House 2.0 with Future Homes Hub.
The ‘Apprentice House’ completed at the
Manchester division.
July Science-based Net Zero targets approved by
theSustainability Committee.
Month
KPIs and strategic objectives
Across the eight business priorities we have a total of 62 KPIs and
strategic objectives. Each year we refine our KPIs and strategic
objectives to ensure continuous improvements, these are then
approved by the Board at the annual strategy meeting in July.
10
Carried forward
40
Achieved
12
In progress
Sustainability reporting
This section of the report provides non-financial disclosures that are
closely aligned with the ‘Better with Bellway’ sustainability strategy,
illustrating the measures undertaken to address and mitigate key
sustainability and climate-related risks. The following disclosures can
be found throughout this report:
• Task Force on Climate-related Financial Disclosures Pages 52-59.
• Streamlined Energy and Carbon Report Framework Page 51.
• Non-Financial and Sustainable Information Statement Pages 83-85.
• Taskforce on Nature-related Financial Disclosures Pages 64-65.
Follow the below QR codes for more information:
Sustainability Accounting ‘Better with Bellway’
Standards Board disclosure Data Sheets
Bellway p.l.c. Annual Report and Accounts 2025
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‘Better with Bellway’ Sustainability Strategy continued
Customers and Communities
Flagship business priority
Customers and Communities
Putting customers at the heart of everything we do.
At Bellway, we are building homes to be proud of with customers at the heart of everything we do, this is
reflectedin our rating as a five-star
5
homebuilder for the ninth consecutive year. We strive to get to know
ourcustomers, train our people and share local knowledge to ensure our customers find their dream home.
Develop a customer care
portal linkedtoYour Bellway
by July 2025.
Work has started on this project,
weare now investigating ways to
improve reporting processes ahead
of rolling out the portal.
Develop a Balanced Score Card
systemfor quality, customer care,
health and safety, and compliance,
using NHBC andField View
statistics by July 2025.
We have created a Balanced
Score Card, which takes data from
multiple sources including NHBC
and Field View.
Develop a ‘Construction Tech
Integration’project to ensure best
practice forms aredigitalised for quality,
programming, customer care and
healthand safety byJuly2025.
We have started extracting data
from multiple platforms, including
Field View and our internal sales
monitoring system.
Develop a procedure for
community engagement in the
design of developments tobe used
across allprojects by July 2026.
A working group has been
established and a draft procedure
is due to be developed by
December 2025.
Establish best practice for
divisions covering each aspect of
sustainability (environmental, social,
and economic) by July 2025.
Best practice document completed
and shared across the Group.
• Balanced Score
Card system.
• Customer First.
• Schools Outreach
programme.
• Next Generation
benchmark.
HBF 9-month survey score
88.5%
Target – 82.0%
2024 – 80.1%
601
schools engaged
Target – Engage with
fourschools per division.
2024 – 664
Community wellbeing
initiatives introduced onto
61 sites
Retained five-star
5
homebuilder status
with a score of
95.4%
Target – 95%
2024 – 91.6%
Key Performance Indicators Strategic objectives Key initiatives
Sustainable
Development
Goals
R
R
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‘Better with Bellway’ Sustainability Strategy continued
Customers and Communities continued
A better way to Build Right
Through the Customer First programme,
we continue to drive our goal to Build Right,
to ensure we are continuously improving
our build quality for customers. We have
continued to digitise paper-based processes
and procedures, giving site teams easier
access to information on maintaining quality
on site.
The Meet the Builder and Customer
Pre-Plaster visits continue to be a valued
part of the Bellway customer journey.
These in-person meetings offer customers a
unique opportunity to engage directly with
the construction team and gain a deeper
appreciation of the housebuilding process.
Taking pride in our developments
Our focus on the NHBC Pride in the Job
Awards allows us to ensure sites meet
the rigorous standards expected from the
industry. In 2025, through active promotion
and the development of guides and
support materials for site managers, Bellway
achieved 47 NHBC Pride in the Job Awards,
representing 10% of winning site managers
across the industry.
In September 2024, ten site managers
were awarded a Seal of Excellence, with
three going on to win regional awards
and advance to the national Supreme
Awards final, where one site manager
achieved runner-up in the Large
Housebuilder category.
Building awareness
oftheconstruction industry
We continue to raise awareness of the
construction industry in primary and
secondary schools, encouraging young
people to consider a career they can be
proud of. Through the Schools Outreach
programme, we have reached 621,650
students and engaged with 601 schools
during the year, through newsletters and
face-to-face interactions with colleagues
across the UK.
Contributing towards
bettercommunities
In FY25, we introduced a new set of KPIs
and strategic objectives focusing on the
communities we operate in. During the
year, work has progressed to create a new
community engagement procedure. We are
aiming to ensure this is considered during
the land acquisition and planning process.
Future targets
• Maintain five-star
5
homebuilder status
with a combined score of 4.15 by the end
of FY26.
• All divisions to form a partnership with two
secondary schools by the end of FY26.
Future initiatives
• Construction site staff to undertake a
‘Knowledge Explorer’ assessment.
• Project to create a digital offering to
support customer home demonstrations.
• Develop the Customer Care Dynamics
System to enhance complaint
management and ensure compliance
with NHQC.
Bellway Thames Gateway
– St George’s Park
development
St George’s Park in Hornchurch, Essex,
is in close proximity to well-regarded
schools, nurseries, and Hornchurch
High Street, which features a variety
of shops, cafés, and restaurants.
The development fosters a sense of
community, with easy access to local
attractions like Hornchurch Country
Park and The Queen’s Theatre. As part
of the development process, Bellway
gifted Suttons House to the Hornchurch
Aerodrome Historical Trust for use as an
RAF heritage centre, preserving local
history and enhancing community spirit.
£84.0m
invested through the planning process.
£2.3bn
contributed in gross value add
throughhouse building activities.
25,300 – 26,500
direct, indirect and induced
employment supported in the UK.
A street scene from Hedworths
Green at Lambton Park, Durham.
Bellway p.l.c. Annual Report and Accounts 2025
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‘Better with Bellway’ Sustainability Strategy continued
Employer of Choice
Achieve ‘Clear Assured’ Silver status
by December 2024, by demonstrating
that diversity and inclusion are reflected
across all policies andprocesses.
We were awarded Silver status in
December 2024 by completing
the 59 required tasks. We are
now working towards achieving
gold status.
Develop a purpose and set of values
by December 2026.
Project in progress, started in
August 2025.
Establish early careers performance-
related progression plans for
construction, commercial and
engineering byJuly2025.
Plans were developed and
integrated into the Mi Experience
platform to support apprentice
career development.
Implement a programme to improve
social mobility and disability diversity
within Bellway.
11 Change 100 and four Variety
Intern placements took place
the Summer of 2025. This has
resulted in two permanent offers
of employment.
Develop and implement training
programmes through the ‘Bellway
Academy’ for the production functions
to upskill and develop new skills by
July2026.
We have introduced ‘Knowledge
Explorer’ and funded NVQ courses
for the construction teams. We also
secured funding to deliver a
bespoke NHBC course to sales and
customer care teams.
‘A great place to work’ score
(three-year average FY23-FY25)
89.0%
FY25 score – 91.0%
Target – 90%
2024 – 90.3%
Voluntary turnover rate
14.8%
Target – 18% or less
2024 – 18.3%
Key Performance Indicators Strategic objectives
Directly employed (%)
Target – 60/40
2024 – 66/34
6.1%
Ethnic minority
Target – 7.0%
2024 – 4.6%
Earn and learn roles
7.2%
Target – 10.0% by FY27
2024 – 6.5%
Senior leadership (%)
Target – 75/25
2024 – 80/20
2.9%
Ethnic minority
Target – 5.0% by FY27
2024 – 2.9%
Maintained
Flagship business priority
Employer of Choice
Creating an environment that our colleagues can thrive in.
Creating a safe, diverse and inclusive environment, as well as investing in and upskilling the workforce,
arejustsome of the ways wecan ensure that Bellway is an employer of choice and we are delighted
that91.0%ofour colleagues recommend Bellway as ‘a great place to work’ in the most recent Employee
Engagement Survey.
For more information on the Group’s
diversity split please see page 107.
Female
Male
66
34
Female
Male
80
20
Sustainable
Development
Goals
• Employee
Engagement Survey.
• Women into Home
Building Programme.
• Mi Experience
– Continuous
performance
management system.
• Leonard Cheshire
Change 100
and Variety
Interns programmes.
Key initiatives
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‘Better with Bellway’ Sustainability Strategy continued
Employer of Choice continued
A better way to understand
employees’ views
We conducted our annual Employee
Engagement Survey in June 2025.
This survey provides all employees across
the business with an opportunity to share
their views and experiences. It covers a wide
range of topics and the insights gathered
help us better understand our people, shape
our culture, and drive meaningful change
across the organisation.
While we narrowly missed our target
of 90%over a three-year average, we
have seen anincrease from 87% to 91%
of colleagues rating Bellway as ‘a great
place to work’. We will continue towork
onmaintaining this score above 90%year-
on-year.
93%
engagement rate (2024 – 90%).
A better way for employee
development
The continuous performance enablement
system, Mi Experience, was launched in 2024
to promote ongoing feedback and dialogue
between employees and their line managers.
We have focused on encouraging more
regular performance conversations, ensuring
that every colleague has clear objectives and
regular, meaningful discussions about their
ongoing development and wellbeing.
Following the launch of Mi Experience
in May 2024, we have made significant
progress, with an increase in the number
of employees having regular conversations
with their line manager and the majority of
employees now setting objectives.
A better way for driving diversity,
inclusion and equality
We are committed to providing equal
opportunities, supported by a range of
policies and procedures to ensure diversity
and inclusion is embedded across all areas
of the Group. We have been supporting
the HBF’s ‘Women into Home Building’
programme, and have committed to provide
a placement in every division for the second
year in a row. In FY25, we supported 16
placements resulting in four job offers.
We will support 11 more placements in the
Autumn 2025 cohort.
Through our partnership with Leonard
Cheshire, we have provided 20 work
placements as part of the Change 100
programme. We have recently extended
this partnership to include the Variety interns
programme to support four placements
through the Variety (The Children’s Charity)
Interns Programme.
While we made strong progress across
several Employer of Choice metrics, some
targets were missed due to factors such as
long tenure in senior roles and industry-
wide gender imbalances. We have refined
our 2026 targets to focus on increasing the
number of women in senior leadership
and site-based roles, and encouraging
greater representation of employees with
disabilities. These areas have been selected
because they represent opportunities where
meaningful change can have a lasting
impact on Bellway.
Wellbeing
We have continued to make wellbeing a
key focus area; in particular mental health.
During the year, we conducted an annual
Health and Wellbeing Survey to better
understand colleague priorities and used
this to shape our plans for the coming year.
The 2025 wellbeing calendar included stress
awareness, tips for better sleep and healthy
eating habits. The East Midlands division
introduced ‘wellness zones’ on their sites.
These designated spaces are designed to
offer a safe place where workers can take
time out to discuss mental health issues in
private or to decompress. The next stage will
be to provide a sheltered area so that these
zones can be used all year round.
Future targets
• Improve the engagement score in the
annual staff survey to >90% over a
three-year period (FY26–FY29).
• Maintain employee turnover to below 15%
by the end of FY26.
• Double the number of female staff in
site-based roles by the end of FY28.
Future initiatives
• Every division to offer a Change 100 or
Variety internship.
• Launch a new Managing Director
pathway for individuals to support
career development.
91%
of colleagues have rated Bellway
as‘agreat place to work’ in 2025.
Pathway is an
award-winning app
Pathway, our internal communications
app, has continued to evolve as a result
of initial feedback following the launch.
We have enhanced the information
available such as the launch of a new
Employee Benefits Hub and other
digital guides.
We are thrilled that a year after its
launch, Pathway won the gold award
for ‘Best Use of Mobile or Apps’ at
the Internal Communication and
Engagement Awards 2025, along with
two silver awards.
“ The support of our mental
health advocates, combined
with the atmosphere of the
wellbeing zones, help to create
a safe, environment, and we are
finding them beneficial on site.”
Claire Birkhead,
Group Health,
Safety and Environmental Director
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41
Building Quality Homes, Safely
Quality and safety first for everyone.
• ISO 14001 Environmental
Management system.
• RSK framework agreements.
• Safety Services UK support on
siteauditsand training.
• CITB SEATS training.
• In-house Mental Health trainers.
• Mental Health first aiders.
• Pride in the Job Awards.
Key initiatives
Sustainable Development Goals
Gap analysis of our Health and
Safety Management System
against requirements of ISO
45001 by July 2025.
Gap analysis completed
in June 2025, with minor
changes needed to fully
align with ISO 45001.
Greater engagement with
on-site colleagues and
subcontractors on mental
health awareness by providing
workshops on our sites.
25 engagement sessions
ran across Bellway
developments in FY25.
100% of sales operatives to
attend a half-day course in
Health and Safety, delivered by
the Regional Health and Safety
Managers by July 2025.
70% of division’s sales
operatives trained by
the end of FY25, the
remaining will be trained
in H1 of FY26.
Awareness of Silt Management
to be raised with construction,
technical and commercial
teams by July 2025.
Event for all divisional
Technical and Commercial
Directors took place in
Birmingham in October
2024, with Siltbuster and
RSK delivering CPD talks.
Achieve ISO 14001 certification
for the whole business by
July 2026.
ISO 14001 certification was
achieved in April 2025.
166.88
RIDDOR rate
Target – 186.17
(FY23-FY25)
2024 – 170.99
Key Performance Indicators Strategic objectives
20.7%
of employees received
Mental Health
Awareness Training
Target – 20.0%
2024 – 14.6%
10.0%
of employees are Mental
Health First Aiders
Target – 10.0%
2024 – 9.0%
We take steps to uphold the highest standards of health, safety, and environmental performance,
whilekeepingquality and service at the heart of everything we do.
‘Better with Bellway’ Sustainability Strategy continued
Building Quality Homes, Safely
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42
A better way to reduce
environmental risks
In FY25, we have continued work to
reduce environmental risks on our
sites. Working with specialist third-
party consultants, we have introduced
framework agreements to produce
Surface Water Management Plans and
Materials Management Plans across the
business. We also introduced dedicated
environmental inspections, which
complement existing health, safety and
environmental audits. This significant
investment in environmental controls
assists site teams in delivering projects in
a way that protects the environment and
reduces pollution.
A better way to raise awareness
withconstruction teams
During the year, we delivered environmental
training with over 900 hours of senior
construction colleagues’ time dedicated,
through the roll out of CITB accredited SEATS
training scheme. We now plan to deliver the
course to all Site Managers and Assistant Site
Managers by the end of FY27.
Responsible business
practicestoremediation
We are committed to building safe,
high-quality homes and take our
responsibilities to residents seriously.
Following the Grenfell tragedy in 2017,
we proactively reviewed our high-rise
portfolio and identified buildings requiring
remediation, particularly those with ACM
cladding. All developments met building
regulations at the time of construction and
were sold with NHBC Buildmark warranties.
We will continue to work constructively with
the government to help develop a practical,
sector-wide approach to fire safety in
medium-rise buildings. We welcome efforts
to promote a more proportionate, risk-based
system through collaboration with lenders,
insurers, and industry bodies.
For more information, see pages 33 to 34
andpages 117 to 118.
Future initiatives
• Roll-out CITB SEATS training to all Site
Managers and Assistant Site Managers.
• Introduce a Health Surveillance Policy
andProcedures.
• 100% of all divisions will be audited for
Building Safety Act compliance.
• 100% of all divisions will be audited for
Construction (Design and Management)
Regulations compliance.
• All recommendations of the ISO 45001 gap
analysis will be reviewed and implemented
where feasible.
• Create a consolidated compliance
dashboard to support leadership decision
making and risk forecasting, including
CDM and Building Safety Audits.
‘Better with Bellway’ Sustainability Strategy continued
Building Quality Homes, Safely continued
ISO 14001 certification
Bellway achieved ISO 14001
certification for its Environmental
Management System (‘EMS’)
12 months ahead of the FY26 target.
The certification was secured after
an external audit across Head Office,
five divisions and multiple sites.
The audit reviewed our Environmental
Management System, including
waste management and biodiversity
protection. To complement the
delivery of ISO 14001, we rolled out
extensive environmental training, with
128 individuals completing the CITB
SEATS course. The next steps involve
further external audits, continuing
our commitment to protect the
environment and reduce pollution.
“ The Environmental Management
System affects virtually every
aspect of what we do in the
division; land and planning,
procurement, quantity surveying,
design, engineering and sales.
It was a challenge preparing
everyone for the audit, but
definitely worth it.”
David Williams
Managing Director, North West
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43
Charitable Engagement
Giving, to build better lives.
• CRUK partnership.
• National Volunteering week.
• National charity event.
• Divisional Charity Coordinator Day
held inJune 2025.
• Change 100 Scheme.
• Variety partnership.
Key initiatives
Sustainable Development Goals
CRUK fundraising total
31 December 2024
£4.14m
Target – £4m
Key Performance Indicators
Strategic objectives
CRUK fundraising total
31 July 2025
£4.57m
Target – £5m by
December 2025
2024 – £3.76m
Donated to local good causes
£120.8k
2024 – £119.1k
Volunteering hours donated
since 2023
2,260
Target –
4,000 by July 2026
2024 – 496
Part of Bellway’s core ethos is supporting communities across the UK. Through fundraising and volunteering for
local and national charities, including our chosen charity partner, Cancer Research UK. We pride ourselves on the
impact and dedication colleagues have had, whether that be donating their time or raising much-needed funds.
Every division to offer a
Change 100 or Variety
placement by the end of FY27.
11 Leonard Cheshire
‘Change 100’ internships
and four variety
placements completed
insummer 2025.
‘Better with Bellway’ Sustainability Strategy continued
Charitable Engagement
Bellway’s annual Land, Legal and Company
Secretarial charity walk 2025.
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44
“ The atmosphere was electric
the whole night and everyone
had a great time. We are very
grateful for the generosity of
all our supporters and quite
honestly, we were impressed by
the money raised. It really was
beyond our expectations.”
Lynn Pringle
Sales Director, Scotland East
A better way to give back
Since 2016, our partnership with Cancer
Research UK has continued to grow. As a
result of colleagues’ efforts, Bellway was
able to exceed the target of £4 million by
31 December 2024, by raising a total of
£4.14 million since the partnership began.
Due to this incredible achievement, we
extended the CRUK partnership for a further
year until December 2025 and increased the
overall fundraising target to £5 million by the
end December 2025.
£816k
raised for CRUK in FY25.
£185k
raised for CRUK by employees in FY25.
A better way for bringing
people together
In September 2024, we hosted the third
National Charity Event, where we set Bellway
employees the target of completing four
million steps in a week. This event was a
great success, with employees completing
over 20 million steps in seven days and
raising over £92,000. As part of this event,
employees also completed 532 volunteering
hours for CRUK.
A better way for supporting
localcauses
To date, employees have completed 2,260
hours of volunteering, and we are on track to
reach our goal of 4,000 hours by July 2026.
To help achieve this target, we are in
the early stages of implementing a
volunteering platform for colleagues to
find volunteering opportunities. We hope
this will make the process of organising a
volunteering day more streamlined and
encourage more people to take advantage
of their volunteering day and support
local communities.
£224k
raised and donated to good causes
inFY25.
A better way for
drivingengagement
In February 2025, we set up a Charitable
Engagement Committee chaired by
the Group Deputy Company Secretary.
The purpose of this Committee is to
support and oversee the Group’s charitable
engagement and improve the overall
engagement across the Group.
Cancer Research UK
Partnership
In May 2025, the Scotland East division
hosted its first divisional Charity Ball in
aid of Cancer Research UK. The event
included an auction and a raffle as well
as a presentation by Cancer Research
UK. Through the efforts of colleagues,
suppliers and subcontractors at the
division, a total of £75,518 was raised.
A better way expanding
partnerships
During the year, Bellway partnered with
Variety to offer summer internships,
recognising the charity’s impactful work, we
will be expanding the partnership.
From January 2026, Variety will join Cancer
Research UK as part of Bellway’s expanded
National Charity Partnership. This partnership
reflects Bellway’s ongoing commitment
to social responsibility and supporting the
communities we build.
Future initiatives
• Develop a partnership with Regeneration
Brainery, including Newcastle bootcamp.
• Achieve a total of 8,000 hours of staff time
volunteered to good causes.
‘Better with Bellway’ Sustainability Strategy continued
Charitable Engagement continued
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‘Better with Bellway’ Sustainability Strategy continued
Sustainable Supply Chain
Sustainable Supply Chain
Building sustainable long-term partnerships.
• Supply Chain Conference.
• Supplier Discovery meetings.
• Supply Chain Sustainability School.
• Climate Scenario analysis.
• Carbon Disclosure Project.
Key initiatives
Sustainable Development Goals
Supplier discovery
meetingsheld
50
Target – Top 50
Key Performance Indicators Strategic objectives
Subcontractors registered
with SCSS (active members)
98
Target – Top 500
2024 – 75
Suppliers in attendance
at the Supplier Conference
176
CDP supplier engagement
assessment score
A-
2024 – B-
We are driving sustainability through building long-term partnerships in order to achieve both people
planet focused goals.
Ascertain approximate spend
with suppliers who are certified
to BES 6001 Responsible
Sourcing of Materials by
July 2025.
An approximate
spend was calculated
at £123 million for
FY25 volume.
Establish a process for
sustainability and modern
slavery checks on Tier 2
suppliers by July 2025.
Modern slavery discussed
in supplier discovery
meetings, will also form
part of the new Supplier
Engagement Programme.
Support the Group’s
compliance with the Task force
for Climate-related Financial
Disclosures (‘TCFD’) and
Taskforce for Nature-related
Financial Disclosures (‘TNFD’)
requirements by engaging with
our supply chain by July 2027.
Colleagues from Group
Procurement were
involved in the Physical
Climate Risk project.
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‘Better with Bellway’ Sustainability Strategy continued
Sustainable Supply Chain continued
A better way to assess
supplierengagement
Our commitment to engaging with supply
chain partners is reflected in the CDP
Supplier Engagement Assessment, in which
Bellway were awarded an ‘A-’, up from a ‘B-’
in 2023 and a ‘C’ in 2020.
The new Supplier Engagement Programme
is modelled around the five key areas of
CDP; Climate, Water; Forests; Biodiversity;
and, Plastics. We aim to continue improving
these scores following engagement with the
value chain.
Future targets
• Deliver a Supplier Engagement
Programme covering suppliers with
greatest impacts across five CDP topics by
the end of FY27.
• 100% Gold membership SCSS or Ecovadis
fortop 130 suppliers by the end of FY26.
Future initiatives
• Commit to a no deforestation
pledge, included in Sustainable
Procurement Policy.
A better way to collaborate
Effective collaboration with material
suppliers and subcontractors is essential to
meeting our targets. In FY25, we reached
some significant milestones, including
the completion of 50 supplier discovery
meetings. These discovery meetings are the
foundation for the new Supplier Engagement
Programme, which will see us hold detailed
conversations with our value chain on key
sustainability issues.
A better way to learn
We continue our partnership with the Supply
Chain Sustainability School (‘SCSS’), having
met our target for 85% of top 100 materials
suppliers to be ‘gold’ members, we are now
focusing on our subcontractors, with the
ambitious target for 500 to be members of
the SCSS by the end of FY26. We are also
a key partner for a SCSS Groundworkers
conference, which was held in September
2025. Engagement with our groundworks
subcontractors is essential if we are to meet
our new 2035 and 2045 net zero targets.
A better way to prepare for the
Future Homes Standard
The introduction of the Future Homes
Standard (‘FHS’) and the move away from
gas boilers is one of the most significant
changes our industry has seen in recent
years. To ensure subcontractors and
suppliers are prepared, we have organised
events, including the SME Engagement
Day at Barton Quarter, Manchester and
webinars covering the Microgeneration
Certification Scheme Standard for Air Source
Heat Pump (‘ASHP’), which were attended by
suppliers. This engagement will ensure we
are in a good position once the FHS comes
into force.
Bellway’s Supply Chain Conference
In March 2025, we organised the first Supply Chain Conference, attended by 176 suppliers
and delegates, plus key members of the senior leadership team, including the Executive
Directors. The Chief Commercial Officer gave the opening address which included
an overview of the Group’s strategy. Attendees were given briefings on the long-term
business strategy, plans for the Future Homes Standard, our approach to embodied
carbon and waste management. The FY25 Supply Chain Conference has helped to lay
the foundations for our long-term Supplier Engagement Programme.
“ A note to offer my congratulations to the presenters (and, crucially, those
behind the scenes who organised too). The day was informative, punchy,
and very well executed.”
James Hulbert
Head of Housing & Offsite (Knauf Insulation)
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‘Better with Bellway’ Sustainability Strategy continued
Carbon Reduction
Flagship business priority
Carbon Reduction
Delivering low carbon homes.
• Science-based targets.
• University of Salford Energy
House 2.0.
• Barton Quarter, Future Hub.
• Climate Scenario analysis.
• Net Zero Project and Climate
Transition Plan.
• Bellway’s Life Cycle assessment.
• Just Transition and SME
Housebuilder engagement.
• Hybrid Generator and PV Trials for
site setups.
Key initiatives
Sustainable Development Goals
Reduction in absolute
scope 1 and 2 emissions
48.3%
Target – 46% against
2019 baseline
2024 – 44.7% (14,227 tonnes)
2019 baseline – 25,715 tonnes
Key Performance Indicators Strategic objectives
Reduction in scope 3
emissions against FY19
baseline
6.5%
Target – 55% reduction
against FY19
2024 – 7.9% (1.40 tCO
2
e per m
2
)
2019 baseline – 1.53 tCO
2
e
perm
2
floor area
We are committed to reducing our own emissions through the setting of science-based targets (‘SBTs’)
and we will play a full and active role within the industry to drive innovation around carbon reduction.
Review car allowance
payments to promote choice
of low emission, hybrid, and
electric vehicles by 2025.
Policy has been reviewed
and 89% of cars through
the Bellway car scheme
are hybrid or electric.
All divisions to commence
ASHP trial sites, delivering
space and water heating by
December 2024.
All divisions have
identified sites for ASHP
trials with selected
manufacturers, designs
have been completed.
Establish a programme to
support SME housebuilders
through general mentoring,
interactive video and in-person
training days at Future Homes
exemplar projects.
In June 2025, we
organised an SME Day
in collaboration with
the Future Homes Hub
at the Barton Quarter
development, and the
University of Salford
Energy House 2.0.
Establish a ’net zero’ target and
produce a Climate Transition
Plan (‘CTP’) by July 2025.
New targets have been
produced and CTP has
been developed.
Build ten homes to Passivhaus
Standard by December 2025.
Target revised to
eight homes, in
construction at Southern
Counties’ Midhurst
Brickworks development.
CDP Climate score
B
2024 – C
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‘Better with Bellway’ Sustainability Strategy continued
Carbon Reduction continued
A better way for assessing
climaterisks
With record wet and dry periods
experienced in the UK over the past couple
of years, the physical impacts of climate
change continue to be felt. In this context,
we delivered a project with third-party
experts, which helped to strengthen our
knowledge of climate risks and improve
our disclosures.
A better way to net zero
We worked with the Carbon Trust to set two
science-based targets:
• Scope 1 & 2: Reduce absolute GHG
emissions by 46% by July 2030, from
a FY19 baseline, aligned with the 1.5°C
pathway; and
• Scope 3: Cut emissions by 55% per m² of
completed floor area by July 2030, from a
FY19 baseline, following a well below 2°C
pathway using physical intensity criteria.
We are proud to have met our 2030 scope
1 & 2 emissions reduction target five years
early. We have worked with the Carbon Trust
to develop a new set of ambitious science-
based targets.
The project involved calculating our Forestry
Land Use and Agriculture (‘FLAG’) emissions
for the first time, and updating our targets in
line with the latest Buildings Sector Guidance
from the Science Based Target initiative.
The results of the project are new 2035
‘near-term’ targets and an ultimate goal to
reach net zero by 2045. These new targets
are the foundation for our new Climate
Transition Plan.
A better way for moving
to all-electric homes
In FY25, we achieved our highest number of
completed ‘all-electric’ homes ever, totalling
714 (2024 – 130). To complement this increase,
we are collaborating with sales colleagues
and our supply chain to ensure they are
prepared for the implementation of the
Future Homes Standard and the transition
toall-electric homes.
Our award-winning ‘Future Hub’ at Barton
Quarter exemplifies our support for the wider
construction industry. In June 2025, we
organised an event for SME housebuilders,
detailing the proper installation of air source
heat pumps.
A better way for saving
carbonemissions on-site
In December 2024, we initiated a trial of
an energy-efficient site compound in
collaboration with Nixon Hire. The site
at Whitley Road, Newcastle upon Tyne,
includes solar PV, a hybrid generator
and battery, and an advanced energy
management system. Results show that
this setup has achieved a 72% reduction in
generator running time, saving over 31,000
litres of fuel.
With all the new technology to be included
in the Future Homes Standard, we are
trialling space saving roof systems, which
willbe used to store plant and equipment.
“ The successful implementation of the Future Homes Standard is crucial
to the UK’s net zero project, but it involves upskilling across the entire
workforce, this is a particular challenge for SME housebuilders.”
Mathew McAdam
Managing Director, Manchester
SME Engagement Day
The Manchester division hosted an SME
Engagement Day, organised with the
Future Homes Hub.
Attendees, who included SMEs and
supply chain partners, were shown our
Future Hub, which showcases air source
heat pump installations.
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‘Better with Bellway’ Sustainability Strategy continued
Carbon Reduction continued
2025 2024
2019
(base year)
Scope 1 – Combustion of fuel and operation of
facilities (including diesel and petrol used on-site
and in company cars on Group business) 12,855 13,590 20,560
Scope 2 – Electricity purchased for our own
use(market-method)
(b)
438 637 5,155
Total market-method Scope 1 and 2 GHG
emissions 13,293 14,227 25,715
GHG intensity (market-method) per
Bellwayhomesold 1.5 1.9 2.4
GHG intensity (market-method) per
Bellwayemployee
(c)
4.8 5.1 8.6
Scope 1 – Combustion of fuel and operation of
facilities (including diesel and petrol used on-site
and in company cars on Group business) 12,855 13,590 20,560
Scope 2 – Electricity purchased for our own
use(location-method)
(d)
4,738 4,101 5,518
Total location-method Scope 1 and 2
GHGemissions
(d)
17,593 17,691 26,078
GHG intensity (location-method) per
Bellwayhome sold 2.0 2.3 2.4
GHG intensity (location-method) per
Bellwayemployee
(c)
6.4 6.4 8.8
Out of scope emissions
(e)
1,991 1,334 –
Energy consumption used to calculate above
emissions (kWh) 89,375,853 89,829,236 109,622,315
2025 2024
2019
(base year)
Scope 3 (Category 1a: Purchased goods
andservices – product) 329,488 262,925 380,164
Scope 3 (Category 1b: Purchased goods
andservices – non-product) 14,650 13,493 16,261
Scope 3 (Category 2: Capital goods) 7,809 1,013 19,030
Scope 3 (Category 3: Fuel and
energy-relatedactivities) 5,132 5,055 5,081
Scope 3 (Category 4: Upstream
transportationanddistribution) 72,435 55,967 80,916
Scope 3 (Category 5: Waste generated
inoperations) 852 1,554 4,253
Scope 3 (Category 6: Business travel) 2,582 2,414 418
Scope 3 (Category 7: Employee commuting) 1,362 1,340 1,468
Scope 3 (Category 11a: Use of sold
products – direct) 704,144 591,475 998,544
Scope 3 (Category 12: End-of-life treatment
ofsoldproducts) 16,135 62,995 90,761
Scope 3 (Category 15: Joint venture
developments emission) – 7,187 –
Total Scope 3
(f)
1,154,589 1,005,418 1,596,895
Scope 3 – GHG intensity (tonnes CO
2
e per m
2
ofcompleted floor area) 1.43 1.40 1.53
Notes:
a. Carbon dioxide equivalent as per the meaning given in section 93(2) of the Climate Change Act 2008.
b. Scope 2 emissions reported using the market-based method to account for electricity supplies purchased under REGO contracts.
c. Based on the average number of employees during the year.
d. Scope 2 emissions reported using the location-based method for total electricity used, which does not account for the zero-carbon nature
of electricity supplies purchased under REGO contracts.
e. ‘Out of Scope’ biogenic emissions arising from our consumption of HVO biodiesel.
f. Total scope 3 emissions are reported in line with our scope 3 science-based target and so exclude category 11b (use of sold products –
indirect). We have separately calculated these category 11b emissions as part of our carbon lifecycle analysis as 54,716 tonnes of CO
2
e
(2024 – 36,276, 2019 – 88,663). Categories 8, 9, 10, 14 and 15 are not relevant to the Group.
Greenhouse gas emissions (‘GHG’) (tonnes of CO
2
(e,a)
Greenhouse gas emissions (‘GHG’) (tonnes of CO
2
(e,a)
continued
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‘Better with Bellway’ Sustainability Strategy continued
Carbon Reduction continued
Streamlined Energy and
CarbonReporting (‘SECR’)
In line with the Companies Act 2006
and SECR regulations, we disclose our
greenhouse gas (‘GHG’) emissions in the
Strategic Report, aligned with our financial
year and including prior year comparisons.
Scope 1 covers emissions from fuel use and
facility operations (e.g. diesel in generators,
fuel in company cars, and gas heating),
while scope 2 includes purchased electricity.
We report scope 2 emissions using both
location-based and market-based methods
to reflect renewable electricity use.
The methodology used follows UK
Government Environmental Reporting
Guidelines (2013) and uses 2023 GHG
Conversion Factors. We report all material
emission sources, excluding:
• gas from part-exchange properties (0.42%
of total scope 1 and 2 emissions);
• air conditioning emissions in FY19 due to
data limitations (included from FY23); and
• site-based CHP units not under our control.
Estimates are used for:
• diesel on contractor-managed sites (based
on forklift usage); and
• divisional offices with landlord-managed
utilities (based on floor space).
Verification:
• FY19 scope 1 and 2: Zeco Energy,
reasonable assurance (ISO 14064-3);
• FY24 and FY25 scope 1, 2, and 3: Carbon
Trust, limited assurance (ISO 14064-3); and
• FY19 scope 3: Calculated with Carbon Trust
for SBT submission (not verified).
Future targets
• Achieve Net Zero Carbon Emissions across
scopes 1, 2 and 3 by 2045.
• Achieve ‘near-term’ science-based
targets by 2035, these targets are pending
SBTi approval:
– 67% reduction in scope 1 and 2
carbon emissions;
– 69% reduction in scope 3 ‘embodied’
carbon emissions; and
– 66% reduction in scope 3 ‘other’
carbon emissions.
• Make a commitment to not install any fossil
fuel equipment by 2030.
Future initiatives
• Investigate the suitability of rolling out
space-saving roof systems for Future
Homes Standard homes.
• All divisions to complete ASHP on-site trials
in accordance with the MCS standard.
“ These insights will be
invaluable as we try to reduce
the carbon emitted in heating
our homes, while ensuring
people are warm and
comfortable in their homes
without paying too much on
their bills.”
Richard Fitton
Professor of Building Performance
at the University of Salford
Energy House 2.0
HeatingReport
Results continue to be produced from
our groundbreaking Energy House 2.0
project with the University of Salford.
Released in November 2024, the heating
report analyses performance of heating
systems at a range of temperatures, and
shows on a typical winter’s day that our
approach of a Monobloc ASHP, underfloor
heating and upstairs radiators can reduce
customers’ heating costs.
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‘Better with Bellway’ Sustainability Strategy continued
Task Force on Climate‑Related Financial Disclosures (‘TCFD’)
Governance
Climate change represents a principal risk
for our business and, as such, it is treated
with the utmost importance by our Board
and within our approach to governance.
Governance is headed up by our
Sustainability Committee, which supports
the Board in fulfilling its responsibilities
in relation to Environmental, Social and
Governance (‘ESG’) matters and overseeing
the implementation and performance of the
‘Better with Bellway’ strategy, reporting to
theBoard three times a year.
Strategy
We continue to develop the climate‑related
strategy, and this improvement is reflected
in our CDP ‘Climate’ score, which increased
from a ‘C’ in 2023 to a ‘B’ in 2024. Many of
the projects we have delivered in FY25,
included updating our climate scenario
analysis and setting new near‑term and
long‑term science‑based targets will further
increase our CDP score in future years.
Within the ‘Better with Bellway’ strategy,
the business priorities covering Carbon
Reduction, Resource Efficiency, Sustainable
Supply Chain and Building Quality Homes,
Safely each include objectives related to
climate change.
In accordance with Listing
Rule 9.8.6R, we confirm full
compliance with all 11 TCFD
recommended disclosures.
Each disclosure is cross-referenced
in the 2025 Annual Report, with
ongoing actions outlined to enhance
alignment, particularly in scenario
analysis and financial quantification
of climate-related risks.
Our approach is structured in line
with the four TCFD supporting
recommended disclosures to find out
more see:
Governance – see page 52.
Strategy – see page 52.
Risk management – see page 59.
Metrics and targets – see page 59.
Board sustainability
sponsor, supported by
Sustainability Committee.
Responsible for monitoring climate
change risks, opportunities and
business impacts.
Climate change is a strategic risk
overseen by the Audit Committee on
behalf of the Board, including regular
reviews of progress against risk action
plans and assurance outcomes.
Governance framework
Chief Financial Officer Audit Committee
Responsible for recommending
carbon reduction targets for approval
by the Board. Receive updates from
the ‘Better with Bellway’ leadership
team on progress against carbon
targets, and disclosure requirements.
Sustainability Committee
The leadership team meet on a quarterly basis following
the business sponsor meetings. Board‑level membership
of the team ensures that senior leaders are kept up to
date with progress against targets, and have early sight
of new initiatives.
Business sponsors are colleagues working at an operational level, and are responsible for the delivery of strategic objectives
andensuring progress against key performance indicators. Sponsors are required to update on progress on a quarterly basis
andsuggestnew targets each year.
The steering group are responsible for organising and
chairing the quarterly progress meetings. The steering
group also assist with key projects that sit outside of
‘Better with Bellway’, including climate scenario analysis
andmateriality assessments.
‘Better with Bellway’ Leadership Team
Business Sponsors
Steering Group
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‘Better with Bellway’ Sustainability Strategy continued
Task Force on Climate‑Related Financial Disclosures (‘TCFD’) continued
1. https://wmo.int/news/media‑centre/wmo‑confirms‑2024‑warmest‑year‑record‑about‑155degc‑above‑pre‑industrial‑level
2. https://www.carbonbrief.org/met‑office‑a‑review‑of‑the‑uks‑climate‑in‑2024/
3. https://www.metoffice.gov.uk/about‑uas/news‑and‑media/media‑centre/weather‑and‑climate‑news/2025/double‑record‑breaker‑spring‑
2025‑is‑warmest‑and‑sunniest‑on‑uk‑record
The map to the right shows over 100 different
sites that were used during the climate
scenario analysis.
Following the initial presentation of
the physical climate risks, a climate risk
workshop was held with representatives
from Group Office functions. The objective
of the workshop was to review the findings
and assess the current control measures.
Bellway has already implemented a range
of mitigation strategies aimed at managing
some of the identified climate‑related risks.
The climate models used for our updated
FY25 analysis include data from:
• Intergovernmental Panel on
Climate Change;
• Representative Concentration Pathways
(‘RCP’);
• International Energy Agency’s World
Energy Model; and
• Network for Greening the Financial System.
Climate scenario analysis
The World Meteorological Organisation
confirmed that 2024 was the hottest year
on record, averaging about 1.55ºC above
pre‑industrial levels
1
. With this increase in
temperature, we are already starting to
experience some of the physical impacts
ofclimate change here in the UK, with 2024
recorded as the ‘wettest’ winter
2
and spring
2025 among the driest on record
3
.
In FY25, we worked with a partner to update
our physical climate scenario analysis, using
three distinct future emissions scenarios
across short (2024 – 2040), medium
(2041 – 2060) and long‑term (2061 – 2080)
timeframes. The climate scenario analysis
was conducted on 105 different sites,
including 62 developments, 22 offices,
1timber frame factory, and 20 strategic
land sites.
The analysis aimed to identify potential
physical risks associated with climate
change, including investigations on
heatwaves, rising mean temperatures,
flooding, water stress, sea level rise,
and wildfires.
Timeframe Year(s) Rationale
Short‑term 2024 ‑ 2040 The short‑term allows for the prioritisation of risks and
opportunities to be included within operational, financial,
and capital planning.
Medium‑term 2041 ‑ 2060 The medium‑term allows for the changes in the physical risk
impacts to be monitored between the short and long‑term
timeframes. The datasets show clear changes between the
short and long‑term timeframes.
Long‑term 2061 ‑ 2080 The long‑term ensures that the average lifespan of homes,
which by industry guidance is typically up to 60 years, is
accounted for.
Development Site
Site type
Divisional Office Site
Timber Frame Factory
Strategic Land
Head Office
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Task Force on Climate‑Related Financial Disclosures (‘TCFD’) continued
The first scenario, ‘Proactive’, is a best‑case
scenario. In this scenario, global temperature
rise is kept below 2°C from pre‑industrial
levels. All countries and organisations
align with the Paris Agreement to achieve
net zero by 2050. Markets shift, creating
new sustainability‑driven investments.
Research and development of renewable
and low‑carbon technologies enable the
replacement of fossil fuels as the leading
energy source. In this scenario, the physical
risks of climate change are easier to
anticipate, can be mitigated, and supply
chains are marginally impacted.
The second scenario, ‘Reactive’, is a slower
and more disorderly transition to net
zero. In this scenario, temperatures rise to
between 2°C and 3°C from
pre‑industrial levels. Global emissions will
continue to rise until 2040, before starting
to decrease. Many organisations do not
make or fail to meet their net zero pledges.
The physical impacts of climate change are
experienced in the long‑term, as extreme
weather becomes unpredictable, and some
irreversible environmental damage is caused.
Some supply chains break down as regions
start to become inhospitable.
The third scenario, ‘Inactive’, sees
temperatures rise above 3°C from
pre‑industrial levels. Governments and
organisations fail to reach net zero.
Investment increases into fossil fuels, leading
to an increase in coal power production.
Emissions will continue to rise late into
the century. Almost all climate tipping
points are reached, leading to a complete
shutdown of supply chains in the long
term. Extreme weather intensity increases,
creating climate events only recorded in
geological history.
The updated Climate Risk Project identified
the financial impact in each scenario and
timeframe when this was most likely to occur,
for example sea level rise is most likely to
impact our business in the long term under
the inactive scenario. We have updated
the analysis in FY25 to calculate impact on
operating profit, rather than portfolio asset
value, which we used in FY24.
The financial impacts of the risks and
opportunities are considered as part of the
financial planning process. This includes the
allocation of resources for initiatives including
the Future Home Standard (more detail on
pages 48‑51), the cost of complying with
BNG requirements as well as continuing to
consider the physical risks of climate change,
such as flood risk, as part of land viability
assessments. Bellway considers its strategy
tobe resilient to the climate risks identified.
UK Winter precipitation change
2015 2020 2025 2030 2035 2040 2045 2050 20602055
2065
Precipitation change (%)
Proactive Reactive Inactive
14
8
10
12
6
4
-2
0
2
UK Summer precipitation change
2015 2020 2025 2030 2035 2040 2045 2050 20602055
2065
Precipitation change (%)
Proactive Reactive Inactive
4
-2
0
2
-4
-6
-12
-10
-8
Climate scenarios Description
Proactive scenario (<2ºC, RCP 2.6) Low‑emissions pathway where global temperatures
are kept well below 2ºC from pre‑industrial levels.
Reactive scenario (2 - 3ºC, RCP 4.5) Disorderly transition pathway where global
temperatures rise to between 2 and 3ºC from
pre‑industrial levels.
Inactive scenario (>3ºC, RCP 8.5) High‑emission pathway where global temperatures
rise above 3ºC from pre‑industrial levels.
Impact on Bellway’s operating profit (underlying)
1. Less than 2.5%
2. Between 2.5% to 5%
3. Between 5% to 10%
4. More than 10%
Risk: financial impact score key:
For each climate‑related opportunity,
we have identified a potential value
score. Each opportunity is scored against
the strength of the benefits Bellway
will experience if they are to realise the
identified opportunity.
Increase to Bellway’s operating profit (underlying)
1. Less than 2.5%
2. Between 2.5% to 5%
3. Between 5% to 10%
4. More than 10%
Opportunity: financial impact score key:
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Task Force on Climate‑Related Financial Disclosures (‘TCFD’) continued
Physical risks
Category Identified climate risk Actual and financial impact Short-term Medium-term Long-term
Emissions
scenario
Acute Heatwaves 85% of analysed strategic land sites will be impacted by heatwaves in the long‑term, under the proactive
scenario, increasing to 95% and 100% under the reactive and inactive scenarios.
The average financial impact of building repairs can vary significantly, but developers should budget
around 1% of the property value for maintenance and repairs during a heatwave.
Reactive
Chronic Rising mean
temperatures
By 2080, labour productivity could decrease by 8.5% in the inactive scenario. Reactive
Increased build costs due to the wider application of heatwave mitigation measures, i.e.triple glazing and
mechanical ventilation with heat recovery.
We have experience of building homes compliant with Building Regulations Part O, including
over‑heating assessments, ventilation and building fabric amendments.
Acute Increased severity
offlooding
Flooding can cause significant financial damage to homes, with repair costs potentially ranging from
£10,000 to £50,000 or more, depending on the flood depth and extent of damage.
Inactive
Under the inactive scenario, 37% of analysed developments and 10% of analysed strategic land sites
will be exposed to a high yearly chance of surface water flooding by 2060. As well as, 8% of analysed
developments will be exposed to direct fluvial flooding impacts.
Through our use of flood risk assessments and sustainable drainage systems (‘SuDS’) we are able to
reduce the risk of surface water flooding, with developments designed to withstand 1 in a 100 flood events.
Chronic Water stress 30% of the analysed strategic land sites will be in high or extremely high‑water stress zones in the long
term across all emissions scenarios.
We modelled the financial impact using the cost per unit of a development‑wide rainwater harvesting
scheme delivered of one of the London divisions in FY25.
Inactive
Chronic Sea level rise Homes exposed to Sea Level Rise (‘SLR’) sell for approximately 7% less than observably equivalent
unexposed properties equidistant from the beach. This discount has grown over time and is driven by
sophisticated buyers and communities worried about global warming.
Inactive
10% of analysed strategic land sites will be impacted by SLR in the long term of the inactive scenario.
Acute Increased frequency
ofwildfires
In areas affected by wildfires, there may be delays in construction timelines as homes and infrastructure
are damaged, or as firefighting efforts and emergency responses take precedence. This could disrupt
Bellway’s ability to meet project deadlines, resulting in lost revenue or higher costs.
Reactive
40% of analysed strategic land will be exposed to a major or critical increase in wildfires by 2060, under
theproactive scenario, increasing to 75% and 95% under the reactive and inactive scenarios.
Key: impact on Bellway’s operating profit (underlying)
1. Less than 2.5% 2. Between 2.5% to 5% 3. Between 5% to 10% 4. More than 10%
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‘Better with Bellway’ Sustainability Strategy continued
Task Force on Climate‑Related Financial Disclosures (‘TCFD’) continued
Transition risks
Category Identified climate risk Actual and financial impact Short-term Medium-term Long-term
Emissions
scenario
Policy and
legal
Increased energy
and carbon
requirements for
new build homes.
Originally scheduled to be launched in December 2024, the FHS will see the end of gas‑boiler
installations, with homes instead heated by air source heat pumps, or district heating schemes.
Proactive
We have included provision for FHS compliance for all new schemes starting from FY25 onwards.
Introduction of
mandatory carbon
pricing for large
organisations.
If a carbon tax was introduced, in line with the EU ETS, then Bellway would be required to pay a fee per
tonne of CO
2
e emitted. We have modelled such a charge looking at scope 1 & 2 emissions only, if scope
3 were included the impact would be higher, although this is unlikely when reviewing trading schemes
currently in place.
Proactive
We have ambitious carbon reduction targets and have seen a reduction across all scopes since 2019.
We are aiming for net zero by 2045, and significant reductions by 2035.
Technology
Insufficient
availability of energy
efficient products.
Insufficient availability of higher efficiency products and technologies to deliver low‑carbon homes. Proactive
Availability may be affected by delivery (owing to geopolitical and climatic challenges across the various
geographies where products and technologies are supplied) and/or the future scaling up of technologies
and products.
The impact of this risk has been built into the Carbon Reduction and Sustainable Supply Chain strategies,
metrics and targets as part of ‘Better with Bellway’, see pages 48 to 51 and 46 to 47.
Market
Supply chain
challenges resulting
in exhaustion
of resources
and decreased
availability of
building materials.
Increased production costs due to changing input prices (e.g. associated with building materials and
abrupt and unexpected shifts in energy costs) and output requirements (e.g. waste treatment) resulting
inconstruction delays.
Reactive
Reduced revenue from a reduction in the number of completed homes, affecting ability to meet growth
targets. This may result in reduced investment and damage to share price.
The impact of this risk has been built into the Sustainable Supply Chain strategy, metricsand targets as
partof ‘Better with Bellway’, see pages 46 to 47.
Inability to attract the
number and quality
of appropriately
skilled construction
staff.
Inability to attract the number and quality of appropriately skilled construction staff owing to a green skills
workforce shortage.
Reactive
This risk is addressed through our ‘Better with Bellway’ strategy, and award‑winning Employer of Choice
business priority.
Key: impact on Bellway’s operating profit (underlying)
1. Less than 2.5% 2. Between 2.5% to 5% 3. Between 5% to 10% 4. More than 10%
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‘Better with Bellway’ Sustainability Strategy continued
Task Force on Climate‑Related Financial Disclosures (‘TCFD’) continued
Category Identified climate risk Actual and financial impact Short-term Medium-term Long-term
Emissions
scenario
Reputation
Customers and
communities
do not perceive
that Bellway
has responded
appropriately to
thetransition to
lowcarbon.
Customers and communities do not perceive that Bellway has responded/contributed appropriately
orsufficiently to the transition to a lower‑carbon economy.
Reactive
The impact of this risk has been built into the Carbon Reduction and Customers and Communities
strategies, metrics and targets as part of ‘Better with Bellway’, see pages 48 to 51 and 38 to 39.
Potential
climate‑related
litigation claims
for failing to meet
regulations and
adequately plan
for the impacts of
climatechange.
Potential climate‑related litigation claims (e.g. from investors, insurers, public interest organisations, etc.) for
making misleading green claims or failing to provide information, and we modelled a potential fine of1%
of turnover.
Reactive
Our climate strategy continues to evolve, as shown by our CDP Climate score improving from
a‘C’toa‘B’,reflecting our improved quality of disclosure.
Failure to embed
sustainability leads
to the business
becoming
unattractive to staff,
potential investors
and shareholders.
Failure to embed sustainability in the business, including within staff training and development
processes, may lead to the business becoming unattractive to staff, potential investors and existing
shareholders as sustainability and ESG performance are increasingly incorporated into employment
andinvestment decisions.
Reactive
Transition risks continued
Key: impact on Bellway’s operating profit (underlying)
1. Less than 2.5% 2. Between 2.5% to 5% 3. Between 5% to 10% 4. More than 10%
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‘Better with Bellway’ Sustainability Strategy continued
Task Force on Climate‑Related Financial Disclosures (‘TCFD’) continued
Category Identified climate opportunity Business impact Short-term Medium-term Long-term
Emissions
scenario
Physical
(Acute)
Flood risk
Reduced operational costs through
reviewing and optimising flood alleviation
designs.
Reduced capital costs and scope 3 carbon emissions, through optimising
designs and using less concrete.
Inactive
(Chronic)
Overheating
Further optimising building design to comply
with overheating regulations, and to improve
thermal comfort for customers.
Well‑designed homes with optimum building design presenting a strong
market position and a commercially competitive advantage for Bellway.
Formore information see the Energy House 2.0 case study on page 51.
Reactive
Technology
Low-carbon
techresearch
Optimising air source heat pump heating
designs through research projects and
collaboration with suppliers.
Optimised designs reduce Bellway's capital cost and result in a more efficient
heating system for our customers.
Proactive
Energy efficient
equipment
Roll out energy efficient equipment for
our construction sites, including battery
technology and solar PV.
Reduced energy consumption and costs in our construction site compounds. Proactive
Modern
methods of
construction
Increase the proportion of homes built with
modern methods of construction, specifically
timber frame.
‘Bellway Home Space’ timber frame factory opening in FY26. Potential to
reduce onsite waste, improve build quality and also speed up build time. There
is also potential to see savings in preliminary costs.
Proactive
Demand side
response
Offer equipment, including battery storage
and demand‑side response systems to
customers.
There is potential to sell batteries and demand side response equipment as
anaddition to customers, with a resulting increase in revenue per home.
Proactive
Market and Reputation
Leader in low-
carbon homes
Bellway recognised as a leader in low‑
carbon homes, results in a competitive
advantage when the FHS comes into force.
Increased sales due to customer's confidence in Bellway's ability to design
andinstall air source heat pump technology correctly.
Proactive
Local
communities
and
stakeholders
Bellway’s sustainability credentials results in
communities and stakeholders being more
likely to partner with us.
Strong sustainability credentials result in Bellway's proposals being well
received by communities and stakeholders, which in turn will help with the
planning process and increased sales.
Reactive
Opportunities
Key: increase to Bellway’s operating profit (underlying)
1. Less than 2.5% 2. Between 2.5% to 5% 3. Between 5% to 10% 4. More than 10%
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‘Better with Bellway’ Sustainability Strategy continued
Task Force on Climate‑Related Financial Disclosures (‘TCFD’) continued
Risk management
At Bellway, climate‑related risks have been
integrated into our established
Group‑wide risk management framework.
This framework is overseen by our
Audit Committee, and we utilise our Risk
Management Policy to identify current
climate‑related risks and opportunities.
This process considers internal and external
uncertainties which, if they occur, will have a
significant impact on our business.
A full summary of our climate‑related risks
and opportunities, and their associated
business and financial impacts, is
captured within our internal TCFD risk and
opportunities register. The register provides
a coherent framework to identify, assess,
manage, and monitor the impacts of climate
change on our business. We identify current
or future mitigation measures and controls
for the risks to reduce the impact and
likelihood of each arising. We follow the
same method to identify our
climate‑related opportunities.
Following the quantification of the most
significant risks and opportunities for our
business, we integrate these into our
Company‑wide strategic risk register.
This risk register is reviewed annually by the
Board, with risks deemed high or significant
monitored quarterly by the Audit Committee
to prevent the actualisation of a risk event.
Metrics and targets
In early 2025, we appointed the Carbon Trust
to develop updated near‑term and
long‑term science‑based targets, in
accordance with the new ‘Building Sector’
guidance, which came into force in
February 2025. This project also involved us
calculating our FLAG emissions for the first
time, to understand if they were material,
which they were not.
In accordance with the updated guidance,
we have moved any construction‑related
emissions out of scope 1 & 2 and into scope
3, under the capital goods section. For FY26,
we will report scope 1 & 2 emissions in
this way. A further significant change is
the requirement for a separate ‘embodied
carbon’ scope 3 target, under our previous
targets, emissions from the materials we
use to construct our homes were included
together with a calculation of the operation
of our homes, this is no longer the case.
We met our FY30 scope 1 & 2 target early,
achieving a 48.3% reduction in FY25.
Metrics and targets relevant
toTCFDinclude:
• Achieve net zero carbon emissions across
scopes 1, 2 and 3 by 2045.
• Reduce scope 1 & 2 emissions by 67%
from a 2023 baseline by 2035, pending
approval from SBTi.
• Reduce scope 3 ‘embodied’ carbon
emissions by 69% per m
2
from a 2023
baseline by 2035, pending approval
from SBTi.
• Reduce scope 3 ‘other’ emissions by 66%
per m
2
from a 2023 baseline by 2035,
pending approval from SBTi.
• All divisions to complete ASHP onsite trials
in accordance with the MCS standard.
• A commitment to not install any fossil fuel
equipment by 2030.
• A further 20% reduction in waste per plot,
down to 5.7 tonnes by 2030.
• A 10% reduction in site water use (m
3
of
water per 100m
2
of completed homes)
by 2030.
• Completion of 714 ‘all‑electric’ plots in
FY25, up from 130 in FY24.
For information on progress please see
pages 48 to 51 and pages 60 to 61.
As a result of the Carbon Trust project, we
now have a science‑based net zero target,
which was approved by the Sustainability
Committee in July 2025, and forms the basis
for our new climate transition plan. We will
report on progress against our targets each
year in the Annual Report and Accounts, and
every five years we will review the targets, in
line with the SBTi guidance.
For information on how we link climate
change to Executive Remuneration please
see pages 128 and 130.
48.3%
reduction in scope 1 & 2 emissions
in 2025, against a 2019 baseline of
25,715 tonnes.
Father and son at our Sheasby
Park development, Lichfield.
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‘Better with Bellway’ Sustainability Strategy continued
Resource Efficiency
• Monthly waste reporting.
• Waste management incentives for
senior leaders.
• Use of waste management brokers.
• ‘Bellway Home Space’ timber
frame factory.
• Reporting on water use.
• Community Wood Recycling.
• Waste Champions.
• Pathway waste toolbox talk.
Key initiatives
Sustainable Development Goals
Resource Efficiency
Reducing waste by building better
Waste tonnage per completed
unit (tonnes)
5.7
Target – 7.1 tonnes
2024 – 7.1 tonnes
Key Performance Indicators Strategic objectives
Construction site
water usage (per 1000m
2
)
343.2m
3
Target – below 301.8m
3
2024 – 270m
3
14.1%
of plots were completed in
timber frame
Target – 30% by 2030
2024 – 12.1%
Landfill division rate
99.7%
Target – 99%
2024 – 99.2%
Resource Efficiency is a business priority that aligns closely with our sustainability objectives of minimising
waste,water usage, and carbon emissions, while supporting improved financial performance.
Develop a longer-term action
plan to reduce waste at all
stages of our developments
byJuly 2026.
Following a recent
assessment of waste
across build stages, we
will explore opportunities
to reduce brick and block
waste in FY26.
Work with divisions to promote
a site-based league table
tracking waste per completed
unit on a monthly basis.
Divisions now produce
site-level league
tables, to help analyse
waste performance.
Identify a ‘waste champion’
in each division working in a
construction role.
On each development
our forklift driver has
been identified as waste
champion who will
be supported by the
Assistant Site Manager.
Increase awareness of the link
between lost and damaged
items, and overall waste figures.
Progress is discussed with
the technical and buying
teams highlighting the
link between damage
items becoming waste
and its effect on carbon
toraise awareness.
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‘Better with Bellway’ Sustainability Strategy continued
Resource Efficiency continued
A better way for reducing waste
Our headline target under resource
efficiency has been our goal to reduce
waste by 20% per completed unit by the
end of FY25. We are pleased to report that
we met this target, and this is a testament to
the engagement across all divisions when it
comes to waste management onsite.
Across the workforce, from buying teams to
‘waste champion’ forklift drivers, we have
seen positive engagement regarding waste
performance. Coupled with the introduction
of specialist waste contractors who offer
‘value-added’ services, this has enabled us
to reduce waste from over 11 tonnes per unit,
to below 6 tonnes.
FY25 also saw the introduction of recycling
legislation in England, requiring offices
and construction projects to segregate
food waste for the first time. This change
has been embraced by divisions and with
the support of our waste partners, we
successfully executed a plan to comply
withthe legislation.
A better way for measuring water
consumption
During the year, our construction site water
usage saw an increase of 27%, this is due to
a number of factors. In the UK, weather from
March to August was nearly 2°C higher on
average, compared to the previous year,
this has significantly influenced water usage.
In addition, properties were measured for
longer periods, increasing by 26.7% on
average from 146 to 185 days. This extended
metering, particularly during hotter months,
has led to increased sprinkler use and higher
overall consumption.
A better way for reducing
embodiedcarbon
We have continued to incorporate timber
frame into our developments, delivering
1,229 homes using this method across
various divisions in FY25. The current
proportion for FY25 is 14.1%. We have
extended this target to build a third of
our homes in timber frame by FY30 as
we continue to expand the use of timber
frame in our projects, this will be supported
by our new timber frame factory, ‘Bellway
Home Space’.
Future targets
• Reduce waste per completed unit to 5.7
tonnes by July 2030.
• Minimum 95% Landfill diversion for
all waste, including demolition and
groundworks by July 2030.
• 10% reduction in construction water use in
m
3
/100m
2
by 2030 from a FY25 baseline of
343.2m
3
/100m
2
by July 2030.
Future initiatives
• Undertake a research project into brick
and block usage.
a. https://www.gov.uk/government/publications/timber-in-construction-roadmap-2025/timber-in-construction-roadmap-2025
‘Bellway Home Space’ – Timber Frame Factory
In FY25, we continued the development of Bellway’s own timber frame factory, ‘Bellway
Home Space’. This cutting-edge facility, located in Nottinghamshire, is developed in
partnership with Donaldson’s Timber Systems and fitted with the latest equipment from
Swedish manufacturer Randek. A highly experienced team is overseeing the final stages
of development, and the facility is due to produce the first timber frame kits in early 2026.
We anticipate the factory will be able to produce 3,000 kits per year by 2030.
By increasing the use of timber, which sequesters carbon, we can significantly reduce
these carbon emissions to achieve net zero by 2050. This aligns with broader initiatives
such as zero-waste economy, and decarbonisation of concrete, steel, and cement
a
(DEFRA, Timber in Construction Roadmap, March 2025).
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‘Better with Bellway’ Sustainability Strategy continued
Nature
Nature
Restoring and protecting nature
• Plantlife charity partnership.
• Nattergal offsite BNG units.
• Homes for Nature pledge.
• Graduate business project.
• Community Woodlands.
• CDP – Biodiversity
andForests.
Key initiatives
Sustainable Development
Goals
Average BNG on
secured sites
12.3%
Target – more than 10%
Key Performance Indicators Strategic objectives
Bellway remains committed to effectively integrating nature into all elements of the business, ensuring that we
lead the sector by example and exceed minimum BNG requirements where possible, providing genuine nature
gains and wide-ranging customer benefits.
Ensure mowing regimes implemented
on all new Bellway developments
are designed to be beneficial to
invertebrates during the summer
growing period.
A Management Guide was
produced showing best practice
for our Management Companies.
This will be reviewed and
implemented in FY26.
Create a new community woodland
to benefit both communities and
biodiversity as part of every new
Bellway planning application.
Five Community Woodlands
identified, willbe delivered
by 2030.
Investigate the potential to utilise
existing Bellway land to deliver a range
of secondary ‘stacked’
eco-system services.
Research complete, Solar PV
not feasible, but the long-term
production of BNG credits is viable.
Conduct a research project
investigating the impact on soil health
from different soil storage strategies by
July 2025.
Desk-based study completed
in FY25, further projects to be
delivered from FY26.
Understand the implications of the
Taskforce for Nature-related Financial
Disclosures (‘TNFD’) and the steps we
need to take to comply by July 2025.
We have completed an internal
review of the steps required to
comply with TNFD. This work
will support Bellway towards
submitting a full annual
disclosure, with support from
consultant partners.
Homes with wildlife
feature in July 2025
70.0%
Target – 100%
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‘Better with Bellway’ Sustainability Strategy continued
Nature continued
A better way for wider
developmentactivity
Bellway is a firm supporter of BNG. Over the
last 12 months we have worked across all
of our divisions to develop understanding
of how this approach to nature restoration
integrates with our wider development
activity. In February 2025, we were happy to
support Wildlife and Countryside Link’s open
letter in support of BNG, in recognition of the
cross-sector nature of this new approach.
In 2024, Bellway committed to going beyond
the minimum standards for BNG. This takes
the form of the Bellway BNG+ promise to
deliver more than 10% gain for all new sites
secured from FY25. This pledge has been
achieved with an average projected gain of
12.3% (on sites BNG gains range from 10.0%
to 30.3% as at 31 July 2025).
A better way for
ecosystemresilience
We have worked with industry experts to
understand how resilient our landscaping
schemes are to future climate change.
To do this we have started from the ground
up, looking at how we store soil during
construction and considering how this may
impact its ability to support habitats into
the future.
Plantlife
Our relationship with the conservation
charity Plantlife has continued to grow.
They have delivered a range of new
informative materials for our customers and
continue to help us to understand how best
to sustainably deliver BNG onsite.
Homes for Nature Pledge
Bellway is proud to be a signatory of
the Future Homes Hub’s ‘Homes for
nature’ pledge which looks to provide
wildlife features in every new home built
in sites taken through planning from
September 2024.
Since September 2024, Bellway has
committed to providing at least one swift
nest box or bat access feature and a
hedgehog highway per plot submitted to
planning. We will continue to work with our
staff and customers to realise the positive
opportunities presented by this pledge.
At ‘Home with Nature’
A key outcome of the partnership with
Plantlife has been the design and delivery of
our first Bellway at ‘Home with Nature’ show
garden at the Ashlands development in the
East Midlands. The local team has worked
closely with our Group Head of Biodiversity,
Plantlife and local landscaper designers to
deliver a show garden planted entirely with
UK native plant species, grown in peat free
conditions. This initiative will be rolled out
to further sales areas in the next financial
year. The initiative is designed to encourage
customers to replicate this approach in their
own gardens, boosting biodiversity across
our sites.
Going beyond BNG at
Harold’s Wood, Romford
After an extensive design review, it
became clear that achieving 10% BNG
onsite at the Harold’s Wood site was
not going to be feasible. To meet BNG
requirements, we partnered with a
leading nature restoration company,
to provide additional gains offsite.
This company was also able to create a
new habitat for the population of slow
worms ensuring their safe relocation.
This approach to nature mitigation is a
cornerstone of Bellway’s BNG+ promise.
A better way for understanding
customer views on biodiversity
The support of Bellway’s customers is vital to
the ongoing success of our
biodiversity-related activity. Therefore, in
March 2025, we decided to ask for their
views in Bellway’s first customer biodiversity
survey. Nearly 600 responses were received,
showing significant support for our current
approach, with a clear message that our
customers wish to be surrounded by well
managed greenspaces, rich with biodiversity.
A better way for delivering BNG
The Group Head of Biodiversity has
undertaken a strategic review of Bellway
owned land, which is not currently suitable
for development. This has identified a range
of opportunities including the delivery of our
own BNG habitat banks to facilitate future
development. This review will form the
basis around the future use of these parcels
of land.
Future targets
• Continue to work with Plantlife to support
customers to understand the biodiversity
benefits of their new home during FY26.
• Achieve 100% of homes complying with
the Homes for Nature Pledge by the end
of FY26.
Future initiatives
• Support the Supplier Engagement
Programme by attending ten meetings
with suppliers who are material
to biodiversity.
• Identify a minimum of five sites per year for
Community Woodlands.
“ I am delighted that we have
been able to start our BNG
delivery journey working with
a leading nature restoration
company. It has been inspiring
to see the diligence and
integrity with which they
approach their work, and
Bellway is more than happy to
support this.”
Neil Beamsley
Group Head of Biodiversity
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‘Better with Bellway’ Sustainability Strategy continued
Taskforce on Nature-related Financial Disclosures (‘TNFD’)
Below is Bellway’s first set of voluntary TNFD-aligned disclosures, a proactive step ahead of regulatory requirements. In preparation for a forthcoming Group-wide double-materiality assessment,
which covers our nature-related dependencies, impacts, risks and opportunities, we acknowledge that our approach to nature is still evolving. Guided by the results of the double-materiality
assessment and the TNFD framework, we look forward to building a robust, evidence-based understanding of these factors to strengthen future decision making and our reporting over time.
TNFD recommended disclosures Bellway disclosure
Governance
Disclose the
organisation’s
governance of nature-
related dependencies,
impacts, risks and
opportunities.
A. Describe the Board’s oversight of nature-related
dependencies, impacts, risks and opportunities.
Biodiversity is embedded into the Nature strategic priority under the ‘Better with Bellway’ sustainability strategy, which
embeds environmental considerations into long-term planning. The Board is accountable for the strategy and are supported
by the Sustainability Committee, Leadership Team, Business Sponsors, and Steering Group. For clear roles, responsibilities,
and reporting lines of these bodies please see page 36. The Board approves key policies, including the Environmental,
Sustainability, Anti-Slavery and Human Rights, and Sustainable Procurement policies. Our BNG+ commitment, which exceeds
the statutory minimum requirement of a 10% BNG on our sites, is based on our ‘Better with Bellway’ strategy and reflects our
ambition to enhance biodiversity well beyond the legal baseline. The Board reviews the sustainability strategy annually each
July, considering progress, risks, and stakeholder expectations, with interim oversight from the Sustainability Committee during
the year.
B. Describe management’s role in assessing and
managing nature-related dependencies, impacts,
risks and opportunities.
The Sustainability Committee oversees the delivery of the Group’s strategy, which includes nature. Oversight includes
reviewing key policies, supply chain training, nature initiatives, and nature-based risk escalations. The Leadership Team
coordinates nature-based updates to the Sustainability Committee and Board, while Business Sponsors embed the strategy
across our procurement, land acquisition, and construction functions in day-to-day activities. The Steering Group coordinates
quarterly progress reviews, tracking KPIs and assigning responsibilities. Bellway has also appointed a Group Head of
Biodiversity, who oversees the Company’s strategic interaction with nature and the delivery against key legislation and
internal KPIs.
C. Describe the organisation’s human rights policies
and engagement activities, and oversight by
the Board and management, with respect to
Indigenous Peoples, local Communities, affected
and other stakeholders, in the organisation’s
assessment of, and response to, nature-related
dependencies, impacts, risks and opportunities.
Bellway respects human rights across its value chain through the Anti-Slavery and Human Rights Policy, which is applied in
supply chain assessments. Bellway currently operates in regions with no identified Indigenous Peoples affected. As part of
our ‘Better with Bellway’ strategy, Customers and Communities is a core business priority (see pages 38 and 39), focused
on strengthening engagement processes and embedding best practice in placemaking across our developments.
Engagement with local communities includes consultation forums, biodiversity partnerships (e.g. with Plantlife), and customer
feedback tools such as the new BNG customer survey. See page 74 for more information on how we engage with local
communities and the environment.
Strategy
Disclose the effects
of nature-related
dependencies,
impacts, risks and
opportunities on
the organisation’s
business model,
strategy and financial
planning where such
information is material.
A. Describe the nature-related dependencies,
impacts, risks and opportunities the organisation
has identified over the short, medium and
long term.
Bellway recognises that its success depends on nature, from healthy biodiversity to sustainable timber and water resources,
all of which are vital to housebuilding and the ongoing needs of our customers. Recognising this, we embed BNG into the
planning process for all our sites, acting as a fundamental requirement for responsible development.
While formal assessments are still evolving to capture our nature-related dependencies, impacts, risks, and opportunities,
we actively manage key risks such as construction resources, land and Planning, and regulatory compliance through our
established risk management framework (see pages 80 and 82). Biodiversity initiatives are integrated into financial planning
and delivered with partners such as Plantlife. Our ISO 14001-aligned Environmental Management System embeds sustainability
into business processes, covering biodiversity, carbon, waste, and resource use, and underpins the ‘Better with Bellway’
strategy. These considerations play a central role in shaping our strategy, reflected in our headline biodiversity performance
indicator, the Bellway BNG+ Promise. To support delivery, we have appointed a Group Head of Biodiversity to embed nature-
positive thinking within the ‘Better with Bellway’ strategy. In addition, we have built an approved network of contractors to carry
out BNG assessments and introduced Biodiversity Champions across all divisions to drive best practice at a local level. In areas
where meeting the BNG+ Promise looks unfeasible, we have partnered with Nattergal to provide additional units offsite.
B. Describe the effect nature-related dependencies,
impacts, risks and opportunities have had on
the organisation’s business model, value chain,
strategy and financial planning, as well as any
transition plans or analysis in place.
C. Describe the resilience of the organisation’s
strategy to nature-related risks and opportunities,
taking into consideration different scenarios.
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‘Better with Bellway’ Sustainability Strategy continued
Taskforce on Nature-related Financial Disclosures (‘TNFD’) continued
TNFD recommended disclosures Bellway disclosure
Strategy continued
D. Disclose the locations of assets and/or activities
in the organisation’s direct operations and, where
possible, upstream and downstream value chain(s)
that meet the criteria for priority locations.
Bellway’s land bank spans sites across Great Britain, all screened for BNG compliance and ecological sensitivity. Our ability
to meet nature and biodiversity obligations is a key factor considered by the main board before acquiring new delivery sites.
We are committed to disclosing priority locations as our assessment capabilities develop.
Risk and impact management
Describe the
processes used by
the organisation
to identify, assess,
prioritise and monitor
nature-related
dependencies,
impacts, risks and
opportunities.
A(i). Describe the organisation’s processes for
identifying, assessing and prioritising nature-
related dependencies, impacts, risks and
opportunities in its direct operations.
As our TNFD reporting evolves, we aim to strengthen how we identify, monitor, and manage nature-related risks across our
value chain, including tracking progress against our BNG+ commitment, wildlife friendly fittings, and supply chain impacts.
In the meantime, we are not sitting still. Our nature-based risk and impact management is overseen by our Group Head
of Biodiversity, supported by approved contractors who conduct BNG assessments across our business. Upstream, our
Responsible Sourcing Policy and supplier assessments address timber, emissions, and human rights, with engagement through
the Supply Chain Sustainability School. Downstream, in collaboration with our partner Plantlife and our Resident Management
Companies, we are embedding biodiversity through:
• our Space for Nature homeowner information pack;
• a Management Guide launching in FY26;
• five planned Community Woodlands by 2030; and
• developing our Homes for Nature Pledge, ensuring swift and hedgehog access in all new homes submitted to planning
from September 2024.
A(ii). Describe the organisation’s processes for
identifying, assessing and prioritising nature-
related dependencies, impacts, risks and
opportunities in its upstream and downstream
value chain(s).
B. Describe the organisation’s processes for
managing nature-related dependencies, impacts,
risks and opportunities.
C. Describe how processes for identifying, assessing,
prioritising and monitoring nature-related risks
are integrated into, and inform, the organisation’s
overall risk management processes.
Nature-related risks are identified through Bellway’s enterprise risk management processes, as well as site-specific ecological
and flood surveys. The principal risks to Bellway’s financial performance include construction resources, land planning, and
regulatory compliance, as outlined in detail on pages 80 and 82. They are reviewed at Board level and linked to broader
financial and governance considerations to ensure adaptive risk prioritisation. We will also seek to engage more directly with
our customers through our new ‘At Home with Nature’ showhome gardens project, focused on native planting, along with the
supporting information provided to all Bellway customers to help them create spaces for nature in their gardens.
Metrics and targets
Disclose the metrics
and targets used to
assess and manage
material nature-
related dependencies,
impacts, risks and
opportunities.
A. Disclose the metrics used by the organisation to
assess and manage material nature-related risks
and opportunities in line with its strategy and risk
management process.
Bellway tracks nature-related performance through metrics on BNG, ecological enhancement, and the installation of nature-
positive features. Our main target is to deliver the Bellway BNG+ promise on all new sites, assessed using the Defra Biodiversity
Metric (habitat area, distinctiveness, condition, connectivity). Progress is measured through biodiversity units created,
community woodlands, and wildlife-friendly features in homes.
Key targets:
• Exceed the statutory minimum 10% BNG on all new developments through our BNG+ Commitment.
• Deliver one wildlife feature fitted per home for those submitted to planning from September 2024, in line with the Homes for
Nature pledge.
• Establish community woodlands at strategic locations across the UK by 2030.
Performance is reviewed via sustainability KPIs and risk processes, and will be refined through the double materiality andLEAP
assessments to ensure alignment with TNFD recommendations.
B. Disclose the metrics used by the organisation to
assess and manage dependencies and impacts
on nature.
C. Describe the targets and goals used by
the organisation tomanage nature-related
dependencies, impacts, risks and opportunities
and its performance against these.
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Section 172 Statement
Section 172 (1) statement and engaging withstakeholders
The Board remains committed to acting in a way that promotes the long-term success of the Group for the benefit of its members as a whole, in accordance with Section 172(1) of the
Companies Act 2006. In doing so, the Board has given careful consideration of the interests of stakeholders and the broader impact of their decisions on the environment, community,
andreputation of the Group.
Throughout the financial year ended 31 July 2025, the Directors have actively engaged with stakeholders to understand their views, needs, and concerns. This engagement has informed
strategic decision making and helped ensure that the Group continues to operate responsibly, sustainably, and in alignment with its values.
S172(1) How the Board had regardtothe principles For more information Link to ‘Better with Bellway’
A. The likely consequences of any decision in the long-term. Business Model
‘Better with Bellway’
Key Stakeholder Relationships
Principal Risks
Pages 14 – 18
Pages 35 – 65
Pages 69 – 75
Pages 80 – 82
B. The interests of the Group’s employees. ‘Better with Bellway’
Key Stakeholder Relationships
Nomination Committee
Pages 35 – 65
Pages 69 – 75
Pages 105 – 107
C. The need to foster the Group’s business relationships
with suppliers, customers and others.
Business Model
‘Better with Bellway’
Key Stakeholder Relationships
Pages 14 – 18
Pages 35 – 65
Pages 69 – 75
D. The impact of the Group’s operations on the community
and the environment.
Business Model
‘Better with Bellway’
Pages 14 – 18
Pages 35 – 65
E. The desirability of the Group maintaining a reputation
for high standards of business conduct.
Business Model
‘Better with Bellway’
Key Stakeholder Relationships
Risk Management
Pages 14 – 18
Pages 35 – 65
Pages 69 – 75
Pages 76 – 79
F. The need to act fairly between members of the Group. Key Stakeholder Relationships
Engaging with Employees
Remuneration Report
Pages 69 – 75
Page 97
Page 124 – 149
Section 172 principles
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66
Section 172 Statement continued
How our Directors fulfill their Section 172 duty
Board report
Throughout the year, the Board received detailed reports and in-person updates from various members of the Executive Committee and
Board-delegated committees on all aspects of the Company. This is an opportunity for the Board to challenge and debate the topics brought
to their attention. Updates on the progress of previous Board decision implementation are provided. This allows the Board to monitor, review
and amend where appropriate, as situations evolve. For a more in-depth look into each committee see the Committee reports on pages 105
to 151.
Board discussion and decisions
All Directors are expected to contribute, engage, and constructively challenge discussions, ensuring each Director is offering a different
perspective. This gives the opportunity for a comprehensive evaluation to take place and ensure every Board decision is in the best interest
of the members and promote the long-term success of the Company.
See pages 68 and 94 to 95 for key decisions and activities made by the Board throughout the year.
Governance framework
The Executive Committee lead on the day-to-day running of the business, members of the Executive Committee then report to the relevant
committees with the Board having overall oversight of the Committee.
Each Board Committee has a robust substantive agenda and Terms of Reference that set out their responsibilities and duties.
Knowledge and experience
Across the Board, there is an extensive range of knowledge and experience ranging from legal and financial to marketing and sales.
A comprehensive skills matrix is performed annually to ensure the Board has all relevant and necessary skills to ensure they are in the best
possible position to make the relevant decisions required of the Board.
The Board also have access to the Finance Director and Company Secretary, who is able to advise the Board on all governance matters they
may require. For more information see page 100.
10
Main Board meetings in FY25.
The Board regularly meets to discuss
the performance of the Group and
support key decision making.
Member of the construction team
at EastMidlands.
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Board composition and successionplanning
In May 2024, the Group announced that Keith Adey
would be retiring from his role as Group Finance Director.
Throughout the recruitment process, the Board had in mind
the overall strategic direction of the Group and the skills and
experiences required to ensure the long-term success of
the Group. With the support of the Nomination Committee,
Shane Doherty was appointed in December 2024 as Chief
Financial Officer. In determining that Shane was the right
candidate for the role, the Board considered his extensive
leadership experience and proven track record of delivering
financial and operational growth across several industries.
In September 2025, Gill Barr was appointed as a
Non-Executive Director, bringing extensive marketing,
strategy and general management experience across a
number of industries.
The Board carries out regular assessments of succession
plans at Board-level for all roles, including Executive Directors
as well as our Non-Executive Directors. As part of this, the
Board monitors the current tenure of the Non-Executive
Directors and assesses independence requirements as
well as any requirements for Committee Chairs. The Board
recognises the importance of having a robust and varied skill
set to ensure all appointments are in the best interests of the
Company and its stakeholders.
Final dividend
The Directors have proposed a final ordinary dividend
for the year ended 31 July 2025 of 49.0p per share (2024
– 38.0p). This has not been included within creditors as it
was not approved by shareholders before the end of the
financial year. The Board recommends payment of the
final dividend on 14 January 2026 to shareholders on the
Register of Members at the close of business on Friday
5 December 2025.
This recommendation of the final dividend will be taken as
a resolution at this year’s Annual General Meeting (‘AGM’)
on 27 November 2025, where shareholders will have the
opportunity to approve this.
The Board provisionally approved the proposed final
ordinary dividend for FY25 in October 2025 following support
by the cash flow forecast and a robust viability and going
concern assessment, which was reviewed by the Audit
Committee, and then by the Board.
‘Bellway Home Space’
In recognition of the Group’s target to increase timber
frame usage to around 30% of housing output by 2030, we
announced in October 2024 that Bellway will be investing
in its own proprietary timber frame manufacturing facility,
‘Bellway Home Space’. During the first half of the year,
Bellway signed a long-term lease agreement for a 134,000
square foot industrial unit in Nottinghamshire.
The Board are now in the process of working with the
Regional Chairs to increase the usage of timber frame across
the Group. The aim of this initiative is to increase build speed,
reduce waste and improve construction quality, which will
underpin the delivery of our strategic priorities and drive
long-term value growth.
‘Bellway Home Space’ is progressing well and in accordance
with the Board-approved business plan; factory fit-out works
have been completed and we are currently in the process of
recruitment of the manufacturing workforce, with the aim of
starting to manufacture in early 2026.
Section 172 Statement continued
Major decisions and activities of the Board
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Key Stakeholder Relationships
A better way for understanding stakeholder needs
Engaging with key stakeholders
Key stakeholders
Investors, Analysts
and Advisers
See page 72.
Partners and
SupplyChain
See page 73.
Local Communities
and the Environment
See page 74.
Customers
See page 70.
Employees
See page 71.
A family at our Fielders Quarter
development, Barking.
As a FTSE 250 housebuilder, we recognise that the long-term success of the Company depends on maintaining transparent and responsible relationships with a broad range
of stakeholders. We are committed to engaging meaningfully with each stakeholder group to ensure their views are considered in strategic decision making and
operational practices.
This section outlines key stakeholders that are likely to be impacted or likely to impact the Board’s decision making, how we engage with them, and how their feedback
informs governance and the business strategy. For information on Board activities during the year and how stakeholders were considered see pages 94 and 95.
Government
andRegulators
See page 75.
Key:
R
Link to remuneration
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Key Stakeholder Relationships continued
Why we engage
By engaging with customers directly, we
gain insights into the challenges they
face, allowing Bellway to tailor products
and services accordingly. This approach
strengthens trust and satisfaction, and
ensures decisions are aligned with
customer needs.
How we engage
• Digital channels and social media.
• Your Bellway.
• Post-completion customer care.
• Trustpilot reviews and customer
satisfaction surveys.
• Meet the Builder and Customer
Pre-Plaster meetings.
• BNG survey.
• Building Safety division and Resident
Liaison Officers.
Topics raised from engagement
• Customer service.
• Digital transformation.
• Build quality and customer care.
• Sustainability, energy efficiency of homes
and BNG.
• Innovation.
• Mortgage availability and interest rates.
• Legacy building safety improvement.
Customers
Engagement outcomes
• New innovations have been added to the
customer website including Showhome
Finder and ‘Good to Go’ plots.
• The introduction of guides and resources
for customers on new technologies and
government policies.
• Feedback from the BNG survey will be
used to improve the implementation of
BNG projects on current and future sites
(see pages 62 and 63).
• The Meet the Builder and Pre-Plaster
meetings have improved customer trust
and transparency, and relationships with
onsite teams.
We have digitised previous paper-based
processes and procedures to improve
access to information, accompanied
by Build Right guides and Build Right
Quality Framework.
For more information see page 39.
• Increased resources at the Building
Safety division to meet requirements
of the Remediation Acceleration Plan
from MHCLG.
• A dedicated web portal for Legacy
Remediation projects and appointed
Resident Liaison Officers as a point of
contact for residents.
Performance overview
88.5%
9-month survey score.
14,278
users registered on Your Bellway
sinceits launch.
47
Pride in the Job Awards.
Board-level engagement
• The Board regularly reviews and places
strong emphasis on the HBF Customer
Satisfaction survey scores. These insights
are a key measure of performance and
are important in shaping our customer-
focused strategy.
• The Board receive updates on legacy
building remedial work and regulations
requirements. In January, the Board visited
a remedial site along with the Building
Safety division.
• The Group Customer Experience and
Sales Director regularly provides updates
on customer complaints, and key
customer initiatives.
Impact of Board decision making
• The Board is fully committed to enhancing
quality and customer service and actively
supporting all customer-facing initiatives,
including digital transformation projects
and targeted improvements within the
customer care operations.
R
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Key Stakeholder Relationships continued
Why we engage
We are fully committed to being an
employer of choice. We actively engage
with employees: listening to their feedback,
recognising their contributions, and investing
in their development, to create a culture they
can thrive in.
How we engage
• Annual Employee Engagement Survey.
• Employee engagement app ‘Pathway’.
• Quarterly Regional Employee Listening
Groups and bi-annual National Employee
Listening Group.
• Mi Experience platform.
• Bespoke training courses ‘Elevate’
and‘Architecture’.
• Annual health and wellbeing survey.
• Health and Safety training and
toolbox talks.
Topics raised from engagement
• Internal communications.
• Performance management
and development.
• Focus on wellbeing.
• Health and safety.
• Succession planning.
• Training and development.
• Diversity and inclusion.
Employees
Engagement outcomes
• Enhanced the information available on
Pathway, including the launch of a new
Employee Benefits Hub.
• Increased focus on regular performance
conversations, ensuring that every
colleague has clear objectives and
meaningful discussions.
• Feedback from the health and wellbeing
survey supported the 2025 wellbeing
calendar and action plan.
• Listening Groups have created a forum
that has proved to be a good way of
gaining employee views on proposed new
initiatives or ideas.
• 90 managers enrolled on the Elevate
programme, and 56 senior leaders have
enrolled on the Architecture programme.
• The Balance Network has worked on a
range of initiatives, including enhancing
women’s facilities on construction
sites, sourcing a uniform provider for
womenswear for colleagues working
onsite and supporting diversity awareness
campaigns across the Group.
Board-level engagement
• In December 2024, Cecily Davis was
appointed as Non-Executive Director for
Workforce Engagement and Chair of the
National Employee Listening Groups.
• Non-Executive Directors attend Regional
Employee Listening Groups.
• Each Non-Executive Director undertakes
an individual divisional visit and joins the
Board on formal site visits.
• Receive regular updates from Group
HR Director.
For more information see page 97.
Impact of Board decision making
• The Board dedicated significant time to
analysing the results of the Employee
Engagement Survey and continuous
feedback from National and Regional
Listening Groups.
• Throughout the year, the Group HR
Director presented key initiatives to the
Board, which have provided ongoing
scrutiny and support. The results of the
June 2025 Employee Engagement Survey
were presented to the Board in October.
These findings will guide the development
of additional initiatives.
For more information see pages 40–41.
Performance overview
82%
Employee Engagement Survey
response rate.
92%
of colleagues registered on Pathway.
290
mental health advocates, 60%
insite based roles.
For more information see the Employer
ofChoice section on page 40-41.
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Key Stakeholder Relationships continued
Why we engage
We are committed to providing investors
with fair, transparent and balanced
information about the Group’s performance
and strategic direction. This commitment
underpins investor confidence and trust,
enabling informed decision making
and supporting the long-term stability of
the business.
How we engage
• Trading updates, interim and full year
results announcements.
• Stock exchange announcements.
• Introduced new Board members.
• Annual General Meeting.
• Formal presentations held twice a year
and informal sessions and events.
• Corporate website.
• Group Investor Relations Director.
Topics raised from engagement
• Environment, social and governance.
• CMA market investigation.
• Remuneration policies.
• Market conditions.
• Building safety remediation.
• Leadership changes.
• Capital Allocation Policy.
• Dividend approval.
Investors, Analysts and Advisers
Engagement outcomes
• Proactive communication around the
‘Better with Bellway’ strategy has fostered
strong engagement with investors,
analysts, and advisers. This dialogue has
deepened their understanding of strategic
priorities, the challenges we face, and the
opportunities ahead.
• Regular updates on the remediation
of legacy developments enables us to
demonstrate our prudent and responsible
approach to building safety, reinforcing to
investors how we are effectively executing
our strategy.
• Engagement around the interim and
full year results, along with regular
trading updates, help reinforce
Bellway’s reputation for strong and
transparent management.
• We actively incorporate shareholder
feedback from these engagements to
shape future communications, ensuring
messaging continues to align with investor
expectations and priorities.
Board-level engagement
• The Executive team regularly engage
with major shareholders and analysts
through formal presentations held at least
twice a year and informal meetings and
events. These sessions ensure investors
receive timely updates on our progress
and provide a valuable forum for feedback
and dialogue.
• Throughout the financial year, the Board
and Executive Management team have
maintained active engagement with key
investors, analysts, and advisers. This has
included meetings and updates aligned
with our interim and full year results
announcements, as well as regular trading
updates. In addition, ad hoc engagement
with select analysts and investors has
taken place to address specific areas of
interest and changes to the management
team have afforded us the opportunity to
engage in this way.
Impact of Board decision making
• The Board carefully considers the impact
of its decision making on shareholders
and the wider investment community.
The ‘Better with Bellway’ sustainability
strategy has been instrumental in fostering
proactive engagement with investors.
Feedback received through this dialogue
has played a valuable role in shaping and
refining the strategy, ensuring it remains
aligned with investor expectations and
long-term value creation.
• Feedback received on all trading updates
is presented to the p.l.c. Board during the
subsequent Board meeting.
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Key Stakeholder Relationships continued
Why we engage
Partners and the supply chain are
fundamental to our success. We maintain
long-standing, sustainable partnerships,
which have proven valuable during periods
of supply chain disruption, inflationary
pressures, and the transition towards
net zero.
Through a collaborative approach, we
work closely with partners to deliver more
sustainable products at the scale required for
a volume housebuilder.
How we engage
• Supply Chain Conference.
• Supplier Engagement Programme
covering five key areas of CDP.
• Supplier discovery meetings.
• Supply Chain Sustainability School.
• SME events and the Future Hub.
• Supplier and industry visits to the Future
Home project at the University of Salford.
• Anti-Slavery Compliance team.
• Health and safety.
Topics raised from engagement
• Supply chain issues.
• Skills shortage.
• Health and safety.
• Sustainability.
• Cyber security.
• Modern slavery.
• Carbon reduction.
Partners and Supply Chain
Engagement outcomes
• We work with subcontractors and
suppliers to ensure the risk of modern
slavery occurring is being proactively
managed and the measures we have in
place to ensure partner compliance.
• We are working with suppliers to
ensure our commitment to the Code for
Construction Product Information is met.
• During the period, we undertook a
controlled research project of heating,
which will be used to drive learnings
that can be shared with the supply chain
and SMEs.
• We continue to undertake supplier and
industry visits to the Energy House 2.0
project to help drive awareness and
provide education on how to deliver the
low-carbon homes of the future.
• We are working closely with our key
partners to reduce embodied carbon in
the supply chain and minimise waste,
aligning with the ambitions of the ‘Better
with Bellway’ sustainability strategy.
• We are proactively engaging with supply
chain partners on cyber security matters
to ensure they are prepared for the risks of
cyber-attacks on business continuity and
the supply of products and services to us.
Board-level engagement
• The Board maintains active oversight of
our partners and supply chain, receiving
regular updates and reports on key
matters. The commercial and technical
teams ensure ongoing communication
with the Board.
• Progress against the ‘Better with
Bellway’ targets is reported regularly
to the Board. These updates include
detailed assessments and strategic
recommendations, ensuring alignment
with our corporate objectives and securing
Board endorsement where necessary.
Impact of Board decision making
• The Board carefully considers the
impact of its decisions on partners.
The effectiveness of the ‘Better with
Bellway’ sustainability strategy depends
on the active collaboration and support of
these partners. This strategic, partnership-
led approach ensures that decisions
are made with a clear focus on mutual
benefit and positive outcomes for all
stakeholders involved.
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Key Stakeholder Relationships continued
Why we engage
Bellway’s commitment to local communities
goes beyond building high-quality homes
and desirable communities in areas
of housing need. We actively cultivate
relationships with local suppliers and
subcontractors, supporting job creation
and contributing to the regeneration and
development of local infrastructure.
Our community outreach includes
partnerships with schools, charitable
organisations, and other key local
stakeholders. Through these initiatives, we
aim to make a lasting, positive impact in the
communities where we operate.
How we engage
• Public consultations throughout the
planning process.
• Gather feedback from
community engagement.
• S106 and S75, CIL and affordable
housing contributions.
• Engage with environmental consultants
and community groups.
• Customer surveys on biodiversity.
• School outreach programme.
• Volunteering with local and
national causes.
• Partnership with Plantlife.
• Social media.
Local Communities and the Environment
Topics raised from engagement
• Affordability and supply of housing.
• Planning and community engagement.
• Biodiversity.
• Home efficiency and sustainability.
• Environmental issues.
• Impact on existing communities
and infrastructure.
Engagement outcomes
• The feedback we gather through
community engagement directly informs
the development of our schemes, helping
us to create a place through the design
of our homes and public realm that meet
local needs and align with the character
and expectations of the communities
we serve.
• Affordable housing is integral to our
developments and working together with
affordable housing providers and local
authorities. In FY25, we delivered 1,825
affordable homes, representing 20.9% of
total housing completions.
• Our developments generate significant
investment in local communities, with
funds allocated to improve or build
schools, healthcare facilities, roads,
recreational spaces, and other essential
services. These contributions, managed
by local authorities, help ensure
that infrastructure keeps pace with
housing growth.
Performance overview
£83.9m
paid through contributions
totheplanning process.
20.9%
of completions were social housing.
For more information see the Customers
andCommunities section on page 38–39.
Board-level engagement
• The Board fully supports engagement
with national and local charities and local
community organisations, recognising
them as integral to the ‘Better with Bellway’
sustainability strategy and a core part
of Bellway’s overall commitment to the
community. This strategy has received the
Board’s full endorsement, highlighting our
commitment to making a positive impact
beyond our core operations.
• The Board also actively supports the
introduction of new initiatives that
encourage colleague participation in
charity and community activities.
Impact of Board decision making
• Community feedback on planned
developments plays a vital role in the
Board’s decision-making process,
particularly when assessing the feasibility of
a project before moving forward. This input
helps us understand local sentiment
and ensure our developments align with
community needs and expectations.
• Community engagement and charitable
fundraising initiatives are key components
of the ‘Better with Bellway’ sustainability
strategy. These efforts are regularly
reported to the Board and actively
shape our future strategies and direction.
By integrating this feedback into our
decision making, we demonstrate our
commitment to meeting sustainability
goals and making a meaningful, lasting
impact in the communities we serve.
West Park CofE School visit to
Elizabeth Square, South London.
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Key Stakeholder Relationships continued
Why we engage
We maintain regular and constructive
engagement with government departments,
opposition parties, and regulatory bodies,
as they shape the legal and regulatory
environment in which we operate.
Local government plays a crucial role in our
activities, particularly through the planning
system and regional policies that directly
influence our developments.
In addition, we collaborate with industry
organisations such as the HBF to address
sector-wide challenges and contribute to the
ongoing development of housing policy and
best practices.
How we engage
• We engage directly with policymakers to
help shape a supportive environment for
sustainable growth.
• At a local level, we work closely with
authorities and relevant stakeholders
to ensure our developments align with
regional priorities and meet the specific
housing needs of each community.
• Centralised communication with Members
of Parliament and key stakeholders.
• Investment in community through S106,
S75 and CIL.
• Share results from our Future
Homes projects.
• Partnership with Homes England.
• Compliance with NHQC.
• Regular meetings with MHCLG officials
and the Department for Housing and
Regeneration in Wales.
Government and Regulators
Topics raised from engagement
• Customer service.
• Digital transformation.
• Build quality and Customer Care.
• Sustainability, energy efficiency of homes,
and BNG.
• Innovation.
• Mortgage availability and interest rates.
• Legacy building safety improvement.
Engagement outcomes
• Our customer care teams actively
monitor compliance with the NHQC.
When complaints are escalated to
the NHQB, we take prompt action to
address any areas of non-compliance.
These matters are regularly reported to
the Board to ensure accountability and
continuous improvement.
• The Group has actively participated
in the CMA investigation into possible
anti-competitive conduct by eight
housebuilders, including Bellway.
• Building on our commitments to building
safety under the Self-Remediation Terms
in England and Welsh Developers Pact
in Wales, Bellway continues to engage
constructively with both the English and
Welsh Governments.
• In December 2024, we signed the
Remediation Acceleration Plan with
MHCLG, reinforcing our commitment
wherever possible to expedite the
remediation of buildings with critical fire
safety issues.
• We are also aligning with the Code
of Practice for the Remediation of
Residential Buildings, with a particular
focus on improving transparency and
communication with residents. To support
this, we have launched dedicated web
portals that provide development-specific
updates for sites where remediation work
has not yet commenced.
Board-level engagement
• The Board has remained fully engaged
with the key challenges facing the
housebuilding sector, particularly
considering ongoing political uncertainty
and the recent change in government,
which has brought positive shifts in
housing policy. Recognising the significant
macroeconomic impact of these
developments, and the ongoing geo-
political impact of wider world events,
the Board has made this a priority area of
focus throughout the year.
• In addition, the CMA investigation into
possible anti-competitive practices in
the housebuilding industry, launched in
February 2024, has received the Board’s
full attention. Bellway has fully cooperated
with the CMA, responding promptly and
transparently to all regulatory requests.
• Building safety remediation remains one
of our most pressing issues, and the
acceleration on delivering remediation
faster has been a focus of the Board.
Impact of Board decision making
• Housing strategy is inherently political and
shifts in government policy and economic
conditions have a direct impact on the
housebuilding sector.
• The recent change in UK Government
and the renewed emphasis on reinstating
housing targets for Local Authorities
represent a significant development for
the industry. As such, the Board remains
focused on evaluating the implications of
evolving policy, carefully considering both
the opportunities and risks that may arise.
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Our established framework for
managing risks remained in place
across the Group throughout this
financial year, withresponsibility
to implement theBoard’s policies
on risk management and internal
control sitting with management.
Our risk management objectives
continue to be:
• Assessing emerging and principal risks
against an agreed appetite for risk,
which is determined annually and
regularly reviewed;
• Improving the balance of risk and return
through developing and maintaining a
proactive, risk-aware culture;
• Ensuring there is a consistent approach
for the identification, assessment, control,
monitoring, follow-up and reporting
of risks;
• Developing and implementing action
plans to ensure that risks are mitigated
where required, within our agreed risk
appetite and that improvements are made
to our control environment; and
• Ensuring the approach to risk
management meets the needs of the
business, senior management and all
key stakeholders.
Risk Management
Risk management framework
Audit Committee
• Oversee the risk management framework, policy
and processes.
• Review routine risk reports and utilise risk information
toreview and approve assurance plans and priorities.
• Provide assurance over risk management to the Board.
• Monitor the progress of risk mitigating actions
and recommendations.
The Board
• Overall responsibility for risk management.
• Review, challenge and approve the risk managementframework andcorresponding
policy, processes and annual risk plan.
• Review and agree risk appetite.
• Conduct a robust assessment of the emerging andprincipal risks facing the Group.
• Review and challenge risk reports.
Key
Directs and monitors
Reports to
Executive Management
• Review, challenge and approve the risk management
framework and corresponding policyand processes.
• Review and challenge risk information against stated
business objectives.
• Approve risk treatments and actions.
• Approve risk reports for the Board.
• Review and agree risk appetite.
Group Risk Director
• Design, implement and facilitate the risk management
framework and corresponding policy and processes.
• Undertake risk management activities and produce reports
in accordance with risk management policy.
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Risk Management continued
Risk management roles
andresponsibilities
In all businesses, responsibility for managing
risk sits with every employee. In undertaking
their roles, employees assist in identifying,
assessing and managing risks. Specific roles
and responsibilities, as defined in our risk
management framework and corresponding
policy, are set out in the diagram to the right.
Risk management process
A risk register is maintained detailing all
potential risks and our risk management
processes ensure that all aspects of the
Group are considered, from strategy through
to operational execution, which includes any
specialist business areas.
The risk register is reviewed as part of our
management reporting processes, resulting
in the regular assessment of risk, severity and
any required mitigating actions. The severity
of risk is determined based on a defined
scoring system assessing risk impact
and likelihood.
A summary of risks is reported to
management, the Audit Committee
and the Board, which is mainly, but not
exclusively, comprised of risks considered
to be outside of our risk appetite after
mitigation. This summary is reviewed
throughout the year, with the Board
systematically considering the risks and
any changes that have occurred. Once a
year, via the Audit Committee, the Board
determines whether the risk management
framework is appropriately designed and
operating effectively.
The Directors confirm that they have
conducted a robust assessment of the
principal risks facing the Group.
More information on risk management and
internal controls is included within the Audit
Committee Report on pages 108 to 123.
Financial risk management
The Group’s financial instruments comprise
cash, fixed-rate sterling USPP notes and
various items such as trade receivables
and trade payables that arise directly from
its operations.
The main objective of the Group’s policy
towards financial instruments is to maximise
returns on the Group’s cash balances,
manage the Group’s working capital
requirements, and finance the Group’s
ongoing operations.
Capital management
The Board’s policy is to maintain a strong
capital base to underpin the future
development of the business in order to
deliver value to shareholders. The Group
finances its operations through reinvested
profits, bank facilities, fixed-rate sterling USPP
notes, cash in hand, where appropriate, and
the management of working capital.
The dividend is determined following careful
consideration of capital requirements, as
well as the Group’s operational capability
to deliver further long-term volume growth.
If the final dividend is approved, the total
dividend will be covered by total underlying
earnings by 2.5 times
(2,3)
(2024 – 2.5 times).
Management of financial risk
The main risks associated with the Group’s
financial instruments held during the year
have been identified as credit risk, liquidity
risk, interest rate risk and housing market risk.
The Board is responsible for managing these
risks and the policies adopted, which have
remained unchanged during the year and
are set out below.
Credit risk
The Group’s exposure to credit risk is largely
mitigated as the vast majority of the Group’s
sales are made on completion of a legal
contract, at which point monies are received
in exchange for transfer of legal title. There is
no specific concentration of credit risk in
respect of home sales as the exposure is
spread over a number of customers.
In respect of trade and other receivables,
the amounts presented in the balance
sheet are measured at amortised cost
less a loss allowance for expected credit
losses, which are assessed on the basis
of an average weighting of the risk of
default (see note 8 to the Group Financial
Statements). For this purpose, a default is
determined to have occurred if the Group
becomes aware of evidence that it will
not receive all contractual cash flows that
are due. The Group had £54.0 million
(2024 – £47.7 million) of financial assets
relating to loans made by Bellway to equity
accounted joint arrangements (note 12).
The counterparties to these loans are
expected to make a profit and, therefore,
repay the loans in full. The Group, therefore,
considers the risk of default to be minimal.
No credit limits were exceeded during the
reporting period, or subsequently, and the
Group does not anticipate any losses from
non-performance by these counterparties.
The Board considers the Group’s exposure
to credit risk to be acceptable and normal for
an entity of its size, in the industry in which
it operates.
Identify
all business areas
Risk management process
Evaluate
severity ofrisks
Report
monitor risks and report
progress of mitigation
Treat
to bring within
risk appetite
Action
mitigate risks
(where needed)
Bellway p.l.c. Annual Report and Accounts 2025
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77
Risk Management continued
Liquidity risk
The Group finances its operations through a
mixture of equity (comprising share capital,
reserves and reinvested profit) and debt
(comprising bank borrowings and fixed-rate
sterling USPP notes). The Group manages its
liquidity risk by monitoring existing facilities
and cash flows against forecast requirements
based on a three-year rolling cash forecast.
The Group’s Treasury Policy has, as its
principal objective, the maintenance of
flexible debt facilities in order to meet
anticipated borrowing requirements.
The Group’s banking arrangements outlined
in note 17 to the Group Financial Statements
are considered to be adequate in terms of
flexibility and liquidity for its medium-term
cash flow needs. Relationships with banks,
fixed-rate sterling USPP noteholders and
overall cash management are coordinated
centrally. The Group is operating well
within its financial covenants and available
debt facilities.
Short-term cash surpluses are placed on
deposit at competitive rates with
high-quality counterparties. Other than those
disclosed, there are no financial instruments
or derivative contracts. The Board, therefore,
considers the Group’s liquidity risk to
be mitigated.
In relation to land payables, certain payables
are secured on the respective land asset
held (see note 9 to the Group Financial
Statements). No other security is held against
any other financial assets of the Group.
Interest rate risk
Interest rate risk reflects the Group’s exposure
to fluctuations in interest rates. The risk arises
because the Group’s overdraft and floating
rate bank loans, fully undrawn at year-end,
bear interest based on SONIA.
The Group’s attitude to interest rate risk and
forecast debt is influenced by the existing
and forecast conditions prevailing at the time
that each new interest-bearing instrument
is entered into. This will determine, among
other things, the term and whether a fixed or
floating interest rate is obtained.
During the year ended 31 July 2025, it is
estimated that an increase of 1% in interest
rates applying to the full year would have
decreased the Group’s profit before taxation
by £0.5 million (2024 – £0.5 million decrease
to profit).
Housing market risk
The Group is affected by movements in
UK house prices. These in turn are affected
by factors such as credit availability,
employment levels, interest rates, consumer
confidence and supply of land with planning.
While it is not possible for the Group to fully
mitigate housing market risk on a national
macroeconomic basis, the Group does
continually monitor its geographical spread
within the UK, seeking to balance investment
in areas offering the best immediate returns
with a long-term spread of its operations
throughout the UK to minimise the effect of
local microeconomic fluctuations.
Going concern statement
After conducting a full review, the Directors
have a reasonable expectation that the
Group has adequate resources to fund its
operations for at least the period to 31 July
2027, aligning with the first year-end after
the minimum 12-month assessment period.
For this reason, they continue to adopt
the going concern basis in preparing the
financial statements as discussed further on
pages 173 to 174.
Viability statement
In accordance with provision 31 of the UK
Corporate Governance Code, the Directors
have assessed the viability of the Group
over the period to 31 July 2029, which is
longer than required by the going concern
assumption. This period is consistent with the
Group’s detailed bottom-up forecasts, which
assess future profitability, cash flows and the
land bank, and are overlayed with prudent
Group-level assumptions.
In assessing the Group’s forecasts and long-term viability, the following factors are considered:
Factor Consideration
Group’s latest
performance
This considers the trading performance in both the year ended 31
July 2025 and in the first ten weeks of the new financial year including
any changes to selling prices. In addition, any relevant external factors
that may affect Bellway, such as any changes to government policies,
regulations and mortgages, were considered.
Group’s current
financial position
This considers the latest net cash/debt held by the Group and the
expiry date of existing debt financing. Furthermore, consideration is
given to the land and work-in-progress held on the balance sheet at
31July 2025.
Group’s strategy Whether the base forecast is consistent with the Group’s strategy, both
financial and non-financial.
Principal and
emerging risks
Whether the principal and emerging risks associated with achieving
the Group’s strategy, particularly those that would have a significant
effect on Bellway’s ability to meet its liabilities over the period of the
viability assessment, are incorporated.
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78
Group forecast methodology
The Group’s bottom-up forecasts are
updated on at least a monthly basis by
the 20 trading divisions and are subject to
review by the divisional management team,
Regional Chairs and Group management.
The forecasts consider the profitability,
cash flows, debt covenants, land bank and
other financial and non-financial metrics
over the period. These forecasts also
incorporate anticipated costs arising from
adopting the Future Homes Standard, which
is linked to the environment and climate
change risk. The viability assessment has
not been materially affected by climate
change considerations.
The main assumptions used in preparing
theforecasts are as follows:
• The number, timing and selling price of
legal completions.
• Production volumes and the associated
build costs.
• The quantity and timing of land spend.
• The quantity and timing of spend following
the signing of the Self-Remediation Terms.
• Working capital requirements.
• Dividend payments.
• Corporation tax and residential property
developer tax.
Viability assessment
The viability assessment is based on the
Group’s current position and the potential
effect of the principal risks facing the Group,
which are summarised on pages 80 to 82.
The principal risk that has been identified as
the most severe and plausible scenario is:
Factor Consideration
External environment:
Including housing
demand, mortgage
availability and
government
HousingPolicy.
A reduction in
private completions
and private ASP
due to a decline
indemand.
The most severe but plausible downside
scenario is a severe recession. It includes the
following principal assumptions:
• Private completions in H1 FY26 are
supported by the forward order book.
In the 12 months to 31 January 2027,
private completions reduce by around
50% compared to the 12 month pre-stress
peak achieved in FY22. This is followed
by a gradual recovery based on the lower
base position.
• Private average selling price in H1 FY26
remains in line with internal forecasts due
to the forward order book position. In the
12 months to 31 January 2027, the private
average selling price reduces by 10%
compared to the latest achieved pricing.
This is followed by a gradual recovery
based on the lower base position.
• These assumptions reflect the Group’s
experience in the 2008-09 Global
Financial Crisis.
A number of prudent mitigating actions
within the Directors’ control were
incorporated into the plausible but severe
downside scenario, including:
• plots in the land bank only being replaced
at the same rate that they are utilised;
• construction spend reducing in line with
housing revenue; and
• dividends reducing in line with earnings.
The sensitivity analysis was modelled over
the period to 31 July 2027 for the going
concern assessment, but extended to 31 July
2029 for the Directors’ viability assessment.
In addition to the above, several additional
mitigating measures remain available to
management that were not included in
the scenario. These include withholding
discretionary land spend and instead trading
out of the substantial existing land holdings.
The output of this review considered
the profitability, cash flows and funding
requirements of the Group over the period
to 31 July 2029. The assessment included
an assumption that existing debt facilities
remained in place, but, very conservatively,
were not renewed at the end of their term.
In the most severe but plausible scenario,
the Group had significant headroom in both
its financial debt covenants and existing
debt facilities and met its liabilities as they
fall due. Based on the results of this review,
the Directors have a reasonable expectation
that the Group will be able to continue in
operation and meet its liabilities as they fall
due over the period to 31 July 2029.
Risk Management continued
The Lorimer, house type, at
ourClarence Gate development,
Durham.
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79
Principal Risks
The Board has completed its assessment of the Group’s emerging and principal risks. The following nine principal risks have been identified. The Group considers any emerging risks that have
the potential to impact the achievement of our strategy, but which cannot yet be fully defined and assessed. These uncertainties are reviewed as part of our established risk management
framework, discussed regularly by management, the Audit Committee, and the Board, and elevated to principal risks (either as new risks or an extension of existing risks) when warranted.
Economy and market
Changes in the external environment (including, but not
limited to, house price inflation, interest rates, mortgage
availability, unemployment, and government policy)
reduce the affordability of new homes, resulting in
reduced sales rates.
Strategic relevance
• Reduced affordability has a negative impact on customer
demand for new homes and, consequently, our ability to
generate sales at good returns.
KPIs
• Number of homes sold.
• Operating profit.
• Operating margin.
• RoCE.
• EPS.
• Gross margin.
• Customer satisfaction score.
• Reservation rate.
• Order book value.
• Average selling price.
Mitigation
• Board-level monitoring of
the housing market and
economic environment
alongside key business
metrics, leading to
development of action plans
as necessary.
• Disciplined operating
framework, strong
balance sheet and low
financial gearing.
• Product range and pricing
strategy based on Regional
market conditions.
• Regular engagement
with industry peers,
representative bodies, and
new-build mortgage lenders.
• Use of sales incentives
such as part-exchange,
and government-backed
schemes to encourage the
selling process.
• Quarterly site valuations and
monthly budget reviews
based on latest market data.
‘Better with Bellway’
Customers and
Communities
Building Quality
Homes, Safely
Employer of
Choice
Charitable
Engagement
Sustainable
Supply Chain
Resource
Efficiency
Carbon
Reduction
Nature
Construction resources
Shortages of building materials and appropriately skilled
subcontractors at competitiveprices.
Strategic relevance
• Failure to secure the required quantity and quality of resources
causes delays, impacting the ability to deliver volume
growth targets.
• Pricing pressure/increased costs impact returns.
KPIs
• Number of homes sold.
• Operating profit.
• Operating margin.
• EPS.
• Gross margin.
• Customer satisfaction score.
Mitigation
• Robust forecasting and
forward planning of labour
and materials requirements.
• Processes are in place to
select, appoint, manage and
build long-term relationships
withsubcontractors
and suppliers.
Climate change and the environment
Failure to evolve sustainable business practices and
operations in response to climate change, including
physical environmental impacts and transition risks
associated with new regulation, reporting requirements,
and increased social/market expectations.
Strategic relevance
• There is an increased focus on the actions taken by businesses
in response to climate change and the disclosures made.
Failure to improve policies, reporting and performance in line
with government regulations and heightened expectations
could lead to financial penalties and reputational damage.
• The physical impacts of climate change could lead to
disruptions within the supply chain and build programmes.
KPIs
• Tonnes of carbon emissions
per legal completion.
• Percentage of
renewable electricity.
• Tonnes of waste per
home built.
• Percentage of waste diverted
from landfill.
Mitigation
• Consultation with specialist
external advisers and
subject matter experts (e.g.
sustainability consultants).
• Continual monitoring
of new and evolving
requirements as part of
our legal and regulatory
compliance framework.
• Carbon Reduction is a key
priority under the Group’s
‘Better with Bellway’
sustainability strategy.
• Dedicated sustainability,
innovations and biodiversity
resources in place to assess
risks, monitor performance
and drive improvement.
• Regular review of the
design and features of
new homes, along with
construction methods and
the sustainability of materials.
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80
Principal Risks continued
Health and safety
A serious health and safety or environmental breach and/
or incident occurs.
Strategic relevance
• Failure to maintain safe
working conditions would
impact employee wellbeing
and the creation of a positive
working environment.
• Injury to an individual while
at one of our business
locations could delay
construction and result
in criminal prosecution,
civil litigation and
reputational damage.
KPIs
• Number of RIDDOR
seven-day reportable
incidents per 100,000
site operatives.
• Health and safety
incident rates.
• Number of near-miss
incidents reported.
• Number of NHBC Pride
inthe Job Awards.
Mitigation
• Health and Safety Policy
and procedures in place,
supported by
Group-wide training.
• Regular visits to sites by
both our Group Health and
Safety function (independent
of divisions) and external
specialist consultants to
monitor standards and
performance against
health and safety policies
and legislation.
• The Board considers
health and safety matters
ateach meeting.
Human resources
Inability to attract, recruit and retain high-quality people.
Strategic relevance
• Failure to attract and retain people with appropriate skills would
affect our ability to perform and deliver our strategy and volume
growth targets.
KPIs
• Employee voluntary
turnover rate.
• Number of graduates,
trainees and apprentices.
• Employees who have
worked for the Group for
over ten years or more.
• Training days per employee.
• Senior management
gender split.
• Percentage of staff in earn
and learn roles.
• Employee Engagement
Survey response rate.
• Percentage of staff who
would describe Bellway
asa‘great place to work’.
Mitigation
• Continued development
of our Group HR function
and implementation of our
people strategy.
• Established human
resources programme for
apprentices, graduates, and
site management.
• Monitoring staff turnover,
absence data and feedback
from exit interviews.
• Competitive salary and benefits
packages, which are regularly
reviewed and benchmarked.
• Employee engagement
activities undertaken,
including an annual survey,
with results communicated
tothe Board.
• Succession plans in place and
key person dependencies
identified and mitigated.
• Robust programme of training
provided to employees,
which is regularly updated
and refreshed.
• Development programmes
for senior leaders and middle
managers in place.
IT and security
Failure to have suitable IT systems in place that are
appropriately supported and secured.
Strategic relevance
• Poor performance of our
systems would disrupt
operational activity and
impact the delivery of
our strategy.
• An IT security breach could
result in the loss of data, with
significant potential fines and
reputational damage.
KPIs
• Operating profit.
• Operating margin.
• RoCE.
• RoE.
• EPS.
• Gross margin.
• Customer satisfaction score.
Mitigation
• Continued investment in
infrastructure and systems.
• Group-wide systems in
operation, which are
centrally controlled by
an in-house IT function,
supported by a specialist
outsourced provider.
• IT security policy and
procedures in place with
regular Group-wide training.
• Regular review and testing
of our IT security measures,
contingency plans
and policies.
• Security Committee in place.
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81
Principal Risks continued
Land and planning
Inability to source suitable land at appropriate gross
margins and return on capital employed. Delays and
complexity in the planning process.
Strategic relevance
• Insufficient land at appropriate margins, onerous planning
conditions or a failure to obtain planning approval within
appropriate timescales would exacerbate the challenge of
developing new homes, restrict our ability to deliver volume
growth targets and impact future returns.
KPIs
• Number of homes sold.
• Operating profit.
• Operating margin.
• RoCE.
• EPS.
• Gross margin.
• Number of plots in owned
and controlled land bank
with DPP.
• RoE.
• Number of plots in pipeline.
• Number of plots in strategic
land bank – positive
planning status.
• Number of plots in strategic
land bank – longer-
term interests.
• Number of plots acquired
with DPP.
• Number of plots converted
from medium-term pipeline.
Mitigation
• Continued development of
our Group Strategic Land
function and implementation
of our land strategy.
• Increased investment in land
and more sites with DPP.
• Regular review by Group
and divisions of the quantity,
location, and planning status of
land against growth targets to
ensure our land bank supports
immediate, medium-term, and
strategic requirements.
• Formal land acquisition
process in place for the
appraisal and approval of all
land purchases, including
pre-purchase due diligence
and Group-level challenge
of viability assumptions.
• Group and divisional
planning specialists in
place to support the
securing of implementable
planning permissions.
Legal and regulatory compliance
Failure to comply with legislation and regulatory
requirements, including the Self Remediation Terms.
Strategic relevance
• Lack of an appropriate compliance framework and/or
compliance breaches could incur fines, delay business
operations and lead to re-work across sites, which will impact
our reputation and profitability.
KPIs
• Number of homes sold.
• Operating profit.
• Operating margin.
• RoCE.
• EPS.
• Gross margin.
Mitigation
• In-house expertise from
Group functions such
as Company Secretariat,
Legal, Health and Safety
and Technical/Design, who
advise and support divisions
on legal compliance and
regulatory matters.
• Consultation with
government agencies,
specialist external legal
advisers and subject
matter experts, (e.g.
fire safety engineers).
• Strengthened Group-wide
policies, guidance, and
training in place supported
by externally facilitated
whistleblowing and
reporting procedures.
• Continual monitoring
and review of changes to
legislation and regulation,
including government
guidance, advice notes and
sector-specific updates.
• Regular liaison with industry
peers and the HBF on
compliance requirements
and matters.
Unforeseen significant event
An unforeseen significant national or global event occurs.
Strategic relevance
• The economic uncertainty
brought about by an
unforeseen significant event
could materially impact
the Group’s operations
and liquidity.
• Damage to reputation
if the Group is not
perceived to be following
government guidelines and
acting responsibly.
KPIs
• NAV.
• Operating profit.
• Operating margin.
• RoCE.
• EPS.
• RoE.
• Total dividend per
ordinary share.
• Gross margin.
• Reservation rate.
• Order book value.
• Employee turnover.
Mitigation
• Strong balance sheet, low
financial gearing, committed
bank loan facilities and USPP
debt, which would help
ensure resilience during
a recession.
• Maintenance of business
resilience and continuity
plans covering offices, sites,
and IT.
• Experienced and
well-established senior
management team.
• Continued investment in
systems and infrastructure to
enable robust agile working.
• Monitoring of government
guidelines (including
the Construction
Leadership Council).
• Regular communications
with subcontractors and
suppliers to understand any
potential issues as a result
of the event on their own
business and supply chain.
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About Us Strategic Report Governance Accounts Other Information
82
Non-Financial and Sustainability Information Statement
This section of the Strategic Report constitutes Bellway p.l.c.’s Non-Financial and Sustainability Information Statement, produced to comply with Section 414CB
of the Companies Act 2006. The requirements are addressed in this section by means of cross referencing to indicate which sections of the narrative they are
embedded. Policies can be found at www.bellwayplc.co.uk.
Non-financial information Section Pages
Description of
BusinessModel
Business Model 14 to 18
Principal Risks Risk Management
Principal Risks
76 to 79
80 to 82
Non-Financial KPIs Business Model
‘Better with Bellway’ KPIs
‘Better with Bellway’
14 to 18
23 to 24
35 to 65
Climate-related
FinancialDisclosures
Task Force on Climate-related Financial Disclosures
(‘TCFD’) 52 to 59
Environmental matters
Approach
We are committed to ensuring the business plays a role in delivering carbon reduction and
planning for a sustainable future. This commitment is shown in the Sustainability Policy and
‘Better with Bellway’ sustainability strategy.
Under the Climate Change Policy, we recognise that climate change is one of the defining
challenges of the current time and we are committed to reducing our own emissions,
and customer emissions from the homes we build. We are advancing the award-winning
Carbon Reduction strategy, updating targets, and aiming for net zero by 2045. The
introduction of ‘Bellway Home Space’, Bellway’s timber frame facility, will also aid our goal of
reducing carbon emissions and achieving net zero. The Waste Management Policy plays a
key role in our plans for a sustainable future.
In commitment to environmental matters, we are collaborating with sales colleagues and
our supply chain to ensure they are prepared for the implementation of the Future Home
Standard and the transition to all-electric homes.
Related principal risks* Where to find more information Pages
• Environment and
climate change.
• Land and planning.
• Legal and regulatory
compliance.
• ‘Better with Bellway’ – Sustainable Supply Chain.
• ‘Better with Bellway’ – Carbon Reduction.
• TCFD.
• ‘Better with Bellway’ – Nature.
• TNFD.
• Section 172 Statement.
46 to 47
48 to 51
52 to 59
62 to 63
64 to 65
66 to 68
Employees
Approach
We are committed to being an inclusive employer, which is formalised in the Equality,
Diversity and Inclusion Policy. We aim to create an environment that is open, diverse and
free from prejudice that employees can thrive in.
We have several measures in place to ensure this is a reality for employees including the
Safeguarding policy and Agile Working Policy. Bellway aims to promote employee’s
personal development in a safe and equal working environment. A strong emphasis is
placed on the mental health of colleagues, with the implementation of mental health first
aiders within the Group.
We pride ourselves in creating a safe environment for employees to work in, this can be
seen in the extensive Health and Safety Policy.
Related principal risks* Where to find more information Pages
• Health and safety.
• Human resources.
• IT and security.
• Legal and regulatory
compliance.
• ‘Better with Bellway’ – Employer of Choice.
• ‘Better with Bellway’ – Building Quality Homes,
Safely.
• Key Stakeholder Relationships.
• Nomination Committee Report.
• Audit Committee Report.
40 to 41
42 to 43
69 to 75
105 to 107
108 to 123
Bellway’s 2024 Graduate Cohort on a site visit
inDurham.
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About Us Strategic Report Governance Accounts Other Information
83
Non-Financial and Sustainability Information Statement continued
Respect for human rights
Approach
Bellway is committed to respecting Human Rights ensuring people, subcontractors and
suppliers are always treated fairly. We have several policies and procedures to ensure we
are respecting human rights including Data Protection Policy, Maternity Leave Policy,
Paternity Leave Policy and Bereavement Policy.
This commitment is also emphasised in the Anti-Slavery and Human Trafficking Statement
and Privacy Notice.
In May 2025, we also implemented a new Anti-Slavery and Human Rights Policy, which
further emphasises the ongoing commitment to respecting human rights.
Related principal risks* Where to find more information Pages
• Construction resources.
• Health and safety.
• IT and security.
• Legal and regulatory
compliance.
• ‘Better with Bellway’ – Employer of Choice.
• Key Stakeholder Relationships.
• Nomination Committee Report.
• Audit Committee Report.
40 to 41
69 to 75
105 to 107
108 to 123
Anti-bribery and anti-corruption
Approach
Bellway is committed to high standards of ethics, honesty and integrity and have a
zero-tolerance approach to any form of bribery and corruption, and have compliance
procedures in place to prevent bribery and corruption in the business. The standards set
out in the Anti-Bribery and Corruption Policy and Procedure are expected to be followed
by all employees, subcontractors, suppliers and any other third party acting for, or on behalf
of, the Company.
Related principal risks* Where to find more information Pages
• Legal and regulatory
compliance.
• Audit Committee Report. 108 to 123
Social matters
Approach
Bellway is committed to supporting local communities through, community engagement,
donations, and the Volunteering Policy. To support this, we are in the early stages of
implementing a volunteering platform; making volunteering opportunities more accessible
to employees and increase Bellway’s presence in local communities.
As part of ‘Better with Bellway’ sustainability strategy, we aim to continue investing in local
communities through the planning process, where we invest in a range of community
services and build a wide range of houses and apartments to meet the varying budgets
and needs of customers. We are proud of our five-star
5
homebuilder status, and we aim to
do better through the Customer First programme.
In August 2022, Bellway established a new standalone Building Safety division, which is
dedicated to the remediation of buildings identified during the review of the high-rise
portfolio, providing a full in-house capability in the delivery of remedial works.
Related principal risks* Where to find more information Pages
• Health and safety.
• Land and planning.
• IT and security.
• Legal and regulatory
compliance.
• Business Model.
• The Marketplace.
• Chief Executive Market and Operational Review.
• ‘Better with Bellway’.
• Section 172 Statement.
• Key Stakeholder Relationships.
14 to 18
19 to 20
26 to 28
35 to 65
66 to 68
69 to 75
* For full details on related principal risks see pages 80 to 82.
A street view of Bellway’s Hazel Ford development
in Manchester.
Approval of the Strategic Report
This Strategic Report on pages 12 to 84 was approved by the Board and signed on its
behalf by
Jason Honeyman
Chief Executive
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About Us Strategic Report Governance Accounts Other Information
84
Governance
Chair’s Statement on
Corporate Governance
86
Board of Directors and Company
Secretary
88
Executive Committee 91
Leadership and Culture 93
Board Activities and Decisions 94
Engaging with Shareholders 96
Engaging with Employees 97
Division of Responsibilities 98
Composition, Succession and Evaluation 103
Nomination Committee Report 105
Audit Committee Report 108
Remuneration Report 124
Sustainability Committee Report 150
Directors’ Report 152
Independent Auditor’s Report 155
85Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
Chair’s Statement on Corporate Governance
In this Governance Report
Board leadership
The Board is the principal decision-making
body of the Group and is collectively
responsible for promoting the long-term
sustainable success of the Group.
For more information see page 93.
Board activities and decisions
Throughout the year, the Board has made
a number of high-profile decisions and
engaged in a wide range of activities.
See Board Activities and Decisions
onpages 94 to 96.
Division of Responsibilities
The Board has put in place an effective
structure, which allows it to delegate
authority for operational matters.
For more information see pages 98 to 102.
Composition, succession and evaluation
The Nomination Committee ensures there
is the appropriate balance of diversity, skill,
knowledge and experience on the Board.
For more information see pages 103 to 107.
Engagement with employees
The Non-Executive Director for Workforce
Engagement, Cecily Davis, has led on the
first National Employee Listening Group.
For more information seepage 97.
Engagement with shareholders
The Board recognises engagement with
investors is essential to building trust and
supporting long-term value creation and
contributing to the wider society.
For more information see page 96.
Committee reports
Each of the Board Committees play a
vital role in the success of the business.
For more information on each of the
Committees and what they do.
For more information see pages 105 to 151.
Audit, risk and internal controls
The Audit Committee ensures the integrity
of the Group’s financial statements and
effectiveness of audit, risk management
and internal controls with the support from
external auditors.
For more information see pages 108 to 123.
“ Sustainability is integral
to ensuring the
long-term success of
the business for the
benefit of its members.”
John Tutte
Chair
Dear shareholder,
The Directors and I are committed
to applying effective corporate
governance and promoting the
highest standards of behaviour and
values throughout the Company.
As Chair of Bellway, I am pleased
to introduce this year’s Corporate
Governance Report.
Corporate Governance Statement
During the year, the Board has continued
to progress the long-term strategy of the
Group. Effective governance arrangements
underpin the Board’s activities and
ensure effective consideration of the risks
and opportunities that the Company is
faced with.
I am pleased to confirm that the Board
considers that it has complied throughout
the year with the detailed provisions of the
Code. This report sets out the Board’s key
activities and achievements during the year,
providing shareholders and stakeholders
with the necessary information to evaluate
how the principles and provisions have
been applied.
We are preparing for the implementation
of the FRC’s 2024 Corporate Governance
Code, which will apply to Bellway from
1 August 2025. Throughout the year, we
have taken steps to review our governance
framework to ensure we are compliant with
any changes the new Code brings and
ensure any necessary changes are made.
Bellway p.l.c. Annual Report and Accounts 2025
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86
Chair’s Statement on Corporate Governance continued
2024, we welcomed Shane Doherty to the
Board as Chief Financial Officer.
For more information on Shane’s
appointment and Keith’s retirement please
see page 105.
We are also happy to announce that Cecily
Davis was appointed as the Non-Executive
Director for Workforce Engagement in
December. For more information see
page 97.
In August 2025, we were pleased to
announce the appointment of Gill Barr
as Independent Non-Executive Director
from 15 September 2025. Gill will become
Chair of the Remuneration Committee in
April 2026 when Jill Caseberry steps down
from this role before retiring from the Board
later in the year. Gill brings a wide range
of experience and expertise with over 20
years in non-executive roles, including in the
construction industry.
In addition to the changes on the Board,
we were also pleased to announce the
appointment of Phil Hope as Finance
Director and Company Secretary, replacing
Simon Scougall following his appointment as
Chief Commercial Officer.
Board effectiveness and evaluation
In line with the Code, we undertake a
formal and rigorous annual evaluation
of the Board’s performance, and that of
the Committees and individual Directors.
Following the external evaluations
completed in the previous two years, this
year’s annual evaluation was an internal
evaluation facilitated by the Chair with
the support of the Finance Director and
Company Secretary.
Strategy
Throughout the year, the Board had a strong
focus on ESG matters through the ‘Better
with Bellway’ sustainability strategy. This is
driven by the Sustainability Committee.
Sustainability is integral to ensuring the long-
term success of the business for the benefit
of its members.
The Board receives regular updates from
the Head of Sustainability (Group Office) and
the Group Production Managing Director,
on key sustainability initiatives and updates
on sustainability targets within ‘Better
with Bellway’.
For more information on the Board’s work
onsustainability please see pages 150 to 151.
The Board has regular engagement with
stakeholders to understand their perspective
and incorporate their feedback into
the decision-making processes. We are
committed to fostering strong relationships
with shareholders, employees and
customers, and the wider communities in
which we operate.
Please see pages 69 to 75 for more
information on how the Board has engaged
with stakeholders during the year.
Board composition and succession
In August 2024, Simon Scougall was
appointed as Chief Commercial Officer, after
eight years as Group General Counsel and
Company Secretary.
Keith Adey stepped down from his role as
Group Finance Director on 1 December 2024.
Keith remained on the Board as an Executive
Director for a further four months to facilitate
an orderly transition period. In December
The output of the review provides a series
of observations and considerations, which
the Chair and the Board use to help further
enhance its performance in a challenging
economic environment.
Details of this year’s internal evaluation can
be found on pages 103 to 104.
Diversity
Becoming an Employer of Choice is a
flagship business priority of the ‘Better
with Bellway’ sustainability strategy (more
information can be found on pages 40 to
41). We are committed to providing a great
working environment, which recognises
that people from different backgrounds,
experiences and abilities can bring
fresh ideas and innovation to improve
the business.
We continue to have a strong commitment
to increasing the number of females in
the construction industry. Throughout the
year, we have participated in the ‘Women
into Home Building Programme’ led by
the HBF, to attract more women into site
management roles.
Board meetings
The Board meets formally at least six times a
year, typically at the Head Office or divisional
offices. These meetings also include site
visits, which allows for direct engagement
with operations. During the year the Board
visited a site that is being remediated by
our Building Safety division. These visits
give the Board a greater understanding of
the day-to-day running of the business and
an opportunity for the Board to see how
decisions made in the boardroom have
been embedded and embraced within
the business.
Throughout the year, each of the
Non-Executive Directors also individually
attended site visits where they were given a
tour around the development and met with
senior management who are responsible
for the site. On one of these visits, Jill
Caseberry, Non-Executive Director, visited
a North East site, Centurion Chase, and
was shown around the development by
aconstruction graduate.
“ It was a great opportunity to
showcase the development
and speak to Jill about the work
we are doing on site. It gave
me real confidence in my role
and helped me understand
how our work connects to the
wider business.”
Marcus Rogers,
Construction Graduate, North East.
AGM
The 2025 AGM will be held on 27 November
2025 at Woolsington House, Newcastle, and
we hope that shareholders are supportive of
the proposed resolutions. Full details can be
found in the Notice of Meeting (the ‘Notice’).
John Tutte
Chair
13 October 2025
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87
Board of Directors and Company Secretary
Key:
A
Audit Committee
NR
Board Committee on Non-Executive
Directors’Remuneration
S
Sustainability Committee
W
Non-Executive Director for
Workforce Engagement
R
Remuneration Committee
N
Nomination Committee
E
Executive Committee
*
Denotes Committee Chair
10
9
8
6
4
7
1
2
5
3
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88
Board of Directors and Company Secretary continued
1. John Tutte
Chair
Appointed 1 March 2022
Background and experience
John was appointed as Non-Executive Chair
Designate, succeeding Paul Hampden Smith
as Non-Executive Chair. He is qualified in civil
engineering and has held positions such as
Group Chief Executive, Executive Chair, and
then Non-Executive Chair. John was also a
Non-Executive Director of the Home Builders
Federation until June 2025 and Chairman of the
Home Building Skills Partnership until 2020.
What they bring to the Board
John brings over 40 years’ of industry
experience with extensive leadership skills.
3. Shane Doherty
Chief Financial Officer
Appointed 2 December 2024
Background and experience
Shane, a Chartered Accountant, has significant
experience in the housebuilding sector,
having spent over four years at Cairn Homes.
Shane held a number of senior finance roles
such as Chief Financial Officer at Morgan
McKinley and European Finance Director at
Flutter Entertainment PLC.
What they bring to the Board
Shane brings extensive leadership and
board experience with a record of delivering
financial and operational growth across
several industries.
2. Jason Honeyman
Chief Executive
Appointed 1 September 2017
Background and experience
Jason has over four decades of experience in
the housebuilding industry, having started his
career as a surveyor. Before joining Bellway in
2005, Jason held senior positions at several other
housebuilders, including Fairclough Homes and
Barratt Homes. Jason’s first role at Bellway was
as Managing Director of the Thames Gateway
division, before taking the role of Southern
Regional Chair in 2011. He was appointed to the
Board in September 2017 as Chief Operating
Officer and promoted a year later in August 2018,
to Chief Executive Officer.
What they bring to the Board
Jason’s exceptional leadership and extensive
experience bring an invaluable insight to
the Board, making him a well-respected and
trusted leader.
4. Simon Scougall
Chief Commercial Officer
Appointed 1 August 2024
Background and experience
Simon joined Bellway in March 2011. Prior to this,
he was a solicitor specialising in development
advice for clients in private practice. Simon has
held several senior positions within the Group
including as Group Commercial Director, before
being appointed as Group General Counsel
and Company Secretary in February 2016.
Simon joined the Board as Chief Commercial
Officer on 1 August 2024.
What they bring to the Board
Simon brings a broad and in-depth knowledge
of the business and the housebuilding industry
together with strong commercial acumen, which
provides an invaluable skill set to the Board.
5. Sarah Whitney
Senior Independent
Non‑Executive Director
Appointed 1 September 2022
Background and experience
Sarah has over 30 years’ experience in the
corporate finance, investment, and real
estate sectors. The majority of her career
was spent as a Corporate Finance Partner at
PricewaterhouseCoopers, and in other senior
executive roles at DTZ Holdings Plc and CBRE.
What they bring to the Board
Sarah’s depth of knowledge from her extensive
experience in property and finance play a vital role
within the Board.
Other appointments
• JP Morgan Global Growth & Income plc
– Non-Executive Director, Chair of Audit
Committee and Remuneration Committee and
a member of Nomination and Management
Engagement Committees.
• Regional REIT Limited – Non-Executive
Director, a member of the Audit, Remuneration
and Nomination and Management
Engagement Committees.
• University College London – Member of the
Council and Chair of the Audit Committee.
• Nuffield College, University of Oxford – Member
of the Investment Committee.
6. Jill Caseberry
Independent
Non‑Executive Director
Appointed 1 October 2017
Background and experience
Jill has extensive experience across a number
of blue-chip companies including Mars,
PepsiCo and Premier Foods. Jill was Non-
Executive Director of Northgate plc as well as
Remuneration Committee Chair and a member
of the Audit and Nomination Committees.
She has previously established her own sales
and marketing consultancy.
What they bring to the Board
Jill’s vast sales, marketing and general
management experience brings a wealth of
practical knowledge and insights directly from
the front lines of customer interaction.
Other appointments
• Halfords Group plc – Senior Independent
Director, Remuneration Committee Chair
and a member of the Audit, Nomination and
ESG Committees.
• C&C Group plc – Non-Executive Director
and a member of the Remuneration and
Audit Committees.
• St. Austell Brewery Company Limited –
Senior Independent Director, Chair of the
Remuneration Committee and a member of
the Audit and Nomination Committees.
• Bakkavor Group plc – Senior Independent
Director, Chair of the Remuneration
Committee and member of the
Nomination Committee.
R EN*S* A RN
SE NR
SE NR
NR*
A R*N
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89
Board of Directors and Company Secretary continued
7. Ian McHoul
Independent
Non‑Executive Director
Appointed 1 February 2018
Background and experience
Ian, a Chartered Accountant, was appointed
to the Board as a Non-Executive Director on
1 February 2018 and appointed as Chair of the
Audit Committee on 12 December 2018. He was
Finance & Strategy Director of the Inntrepreneur
Pub Company Limited from 1995 to 1998 and
then served at Scottish & Newcastle plc from
1998 to 2008, first as Finance Director of Scottish
Courage and later as Group Finance Director
of Scottish & Newcastle plc. From 2008 to 2017
he was Chief Financial Officer of Amec Foster
Wheeler plc. Ian has also previously served as
a Non-Executive Director of Premier Foods plc,
Britvic plc, Young & Co’s Brewery P.L.C., and
Videndum plc.
What they bring to the Board
Ian’s financial background and Board-level
experience bring extensive knowledge to
the Board and in his role as Chair of the
Audit Committee.
Other appointments
No other appointments.
8. Cecily Davis
Independent
Non‑Executive Director
Appointed 1 May 2024
Background and experience
Cecily, a qualified solicitor, was appointed to the
Board as a Non-Executive Director on 1 May
2024. Cecily has extensive legal experience in the
construction and infrastructure sector, combined
with a wealth of senior executive experience
and general management experience. She was
a Partner at DLA Piper from 2005 to 2012 and
has since served at Fieldfisher as Partner, Head
of Construction and Engineering and Head
of the Africa Group. She has recently been
appointed as Bellway’s Non-Executive Director
forWorkforce Engagement.
What they bring to the Board
Cecily’s experience brings an invaluable insight
to the Board due to her legal background as well
as her senior executive experience and general
management experience.
Other appointments
• Fieldfisher LLP – Partner, Head of Construction
and Engineering and Co-Head of the
Africa Group.
• Social Housing REIT PLC – Non-Executive
Director and member of the Sustainability &
Impact and Nomination Committees.
9. Gill Barr
Independent
Non‑Executive Director
Appointed 15 September 2025
Background and experience
Gill brings extensive strategy, marketing and
general management experience across a broad
range of industries. She has served in Non-
Executive Director roles since 2004, with previous
board roles at Morgan Sindall Group Plc, PayPoint
plc, Wincanton plc, N Brown Group plc, and
McCarthy & Stone plc, as well as Trustee Director
at Willis Towers Watson.
She is an experienced Chair of Remuneration
Committees and has held positions as
Senior Independent Director and Employee
Engagement Director.
Gill’s earlier career was spent in multi-site retail
organisations including Kingfisher Plc, The
Co-operative Group, and John Lewis. She holds
an MBA from London Business School.
What they bring to the Board
Gill’s wide experience and expertise as an
executive combined with over twenty years in
non-executive roles, including in the construction
sector, will be invaluable to the Board.
Other appointments
• DFS Furniture plc – Non-Executive Director,
Chair of the Remuneration Committee and
a member of the Audit, Nomination and
Sustainability Committees.
10. Phil Hope
Finance Director and
Company Secretary
Appointed as Company Secretary
on12 August 2025
Background and experience
Phil, a chartered accountant, joined Bellway
in 2010 and has held various senior finance
positions within the Group, including that of
Group Financial Controller.
In his 15 years at Bellway, Phil has played a
key role in strengthening the Group’s financial
management and governance frameworks,
contributing to its continued growth and
resilience in the UK housebuilding sector.
Prior to joining Bellway, Phil was an Audit
Manager at KPMG, where he gained valuable
insight into financial reporting, corporate
governance and regulatory compliance across
a range of sectors.
A* RN NA WR A R E EN
Keith Adey
Executive Director
(Previously Group Finance Director)
Retired on 21 March 2025
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90
Executive Committee
The Executive Committee oversees the strategic direction of the Group, making key decisions on operations, performance, and long‑term planning,
whilst also supporting and reporting to the Board on strategic decision making.
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91
Executive Committee continued
Jason Honeyman
Chief Executive
Appointed 2017
Steven Brown
West Regional Chair
Appointed 2019
Matt Grayson
Group Customer Experience
andSales Director
Appointed 2025
Shane Doherty
Chief Financial Officer
Appointed 2024
Stuart Gray
Northern Regional Chair
Appointed 2024
Lyndsey O’Leary
Group Risk Director
Appointed 2022
Simon Scougall
Chief Commercial Officer
Appointed 2024
Ian Gorst
London and South East
RegionalChair
Appointed 2017
Stefan Briddon
Group Strategic Land
ManagingDirector
Appointed 2025
Phil Hope
Finance Director and
CompanySecretary
Appointed 2025
Heidi Khoshtaghaza
Group HR Director
Appointed 2020
Gavin Jago
Group Investor Relations Director
Appointed 2022
Jonathan Underwood
Central Regional Chair
Appointed 2006
Tony Atkin
Group Production
ManagingDirector
Appointed 2022
The Executive Committee
comprises of Executive
Directors and senior
management including the
Regional Chairs and certain
Group Directors.
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92
Leadership and Culture
The Board is the principal decision-making body of the Group and, collectively, is responsible for establishing a clear purpose and setting the strategic
direction ofBellway. The Board promotes the long-term sustainable success of the Group, for the benefit of our shareholders and the wider society.
Board leadership
• Sets and defines the Group’s purpose and values, which drives the Group’s culture.
• Reviews, considers and approves major transactions and investments for the Group.
• Oversees the risk appetite of the Group andensures sufficient controls.
• Annual review of subcommittee Terms of Reference and the delegated authority.
• Sets and drives the Group’s strategies, including sustainability, volume growth, value creation
and capital allocation.
• Provides oversight of corporate governance and ensures effectiveengagement
with stakeholders.
Board of Directors
• Approval of the annual
Anti-Slavery and Human
Trafficking Statement.
• Annual internal control and
risk management review.
• Annual Policy
compliance review.
• Review and approval of
the draft Annual Report
and Accounts.
• Audit plan and review of
Auditor Policy.
• Monitoring the integrity of the
financial statements.
• Review internal audit plan
and the effectiveness of the
internal audit function.
Read more on pages 108
to 123.
Audit Committee
• Review the structure, size and
composition of the Board,
in accordance with the
Board’s Diversity Policy, and
current legislation.
• Consider succession planning
for the Board and their
direct reports.
• Identify candidates to
fill Board vacancies and
nominate these to the Board
for approval.
• Consider diversity and
inclusion targets for the Group.
• Annual performance
evaluation of the Committee.
• Keep under review the range
of skills and experience on
the Board.
Read more on pages 105
to 107.
Nomination Committee
• Review and determine
salaries and other elements
of remuneration package
of individuals under the
Committee’s remit.
• Work with external advisers to
review and determine annual
bonus performance targets.
• Annual review of
remuneration of management
below Board level and the
wider workforce.
• Annual review, grant and vest
of any awards under the
long-term incentive plan.
• Review Remuneration Policy.
• Ensure practices are designed
to support and promote
the long-term success of
the Company.
Read more on pages 124
to 149.
Remuneration Committee
• Meet at least once a year, to
review fees, and the terms of
appointment of the
Non-Executive Directors
(excluding the Chair).
• Receive advice from the
Finance Director and
Company Secretary and
external remuneration
consultants when required.
Board Committee
on Non-Executive
Directors’ Remuneration
• Oversee ESG matters for
Bellway, including the ‘Better
with Bellway’ strategy.
• Review industry best practice
in respect of ESG compliance.
• Review and approve ‘Better
with Bellway’ targets and KPIs.
• Review relevant policies
and determine their
appropriateness in
supporting the Group’s
sustainability agenda.
• Will meet at least twice a year,
and when otherwise required.
Read more on pages 150
to 151.
Sustainability Committee
Divisional BoardsExecutive CommitteeExecutive Directors
Head Office Senior Management Team
‘Better with Bellway’ Leadership Committee
Leadership
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93
Stakeholders
Customers
Investors,
Analysts
and Advisers
Government
and Regulators
Employees
Partners
and Supply
Chain
Local
Communities
and the
Environment
Our strategic priorities
Deliver
long-term
volume growth.
Drive a
long-term
improvement
inunderlying
pre-tax RoE.
Operate
responsibly
and sustainably
through our
‘Better with
Bellway’
strategy.
Customers and
Communities
Employer
of Choice
Building Quality
Homes, Safely
Charitable
Engagement
‘Better with Bellway’
Sustainable
Supply Chain
Resource
Efficiency
Carbon
Reduction
Nature
Key:
Board Activities and Decisions
For more detail on how the
Boardhasconsidered and engaged
with key stakeholders, please see
the KeyStakeholder Relationships
sectionon pages 69 to 75.
Board activities, decisions and stakeholders considered
Stakeholders
considered
Link to strategic
priorities
Link to ‘Better
with Bellway’
September
Employee Survey results presented to the Board. The Board agreed
actions to be taken to improve the Employee Survey results.
Board evaluation results presented to the Board. Our stakeholder
groupswere considered and agreed actions to further develop
theeffectiveness of the Board.
October
The Board approved the preliminary announcement along
withthe2024Annual Report and Accounts.
The Board approved the proposed final dividend for FY24,
havingconsidered the financial strength of the balance sheet.
–
Anti-Slavery and Human Trafficking Statement approved,
demonstratingour commitment to comply with legislation,
andBellway’scommitment to improving practices and
ways ofworkingpreventing modern slavery in our business
anddirectsupplychain.
Reappointment of John Tutte as ChairoftheBoard for a second
three-year term from 1 April 2025 to31March2028.
November
Shareholders and investor agencies were consulted and provided
detailsof the proposed Remuneration Policy changes to be voted
onatthe Company’s AGM on 12 December 2024.
December
AGM 2024.
–
The Board welcomed Shane Doherty as Chief Financial Officer
andtherewas a comprehensive induction carried out.
Appointment of Cecily Davis as NED for Workforce Engagement
demonstrating theBoard’s commitment to employee engagement.
2024
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Board Activities and Decisions continued
2025
Board activities, decisions and stakeholders considered
Stakeholders
considered
Link to strategic
priorities
Link to ‘Better
with Bellway’
January
The Board reviewed and approved updated policies in line
withbestpractice to ensure appropriate policies are in place.
The Board visited our Building Safety division and received
updatesfromthe Regional Chair and Managing Director onthe
regulations, progress to date and challenges.
The Board participated in ESG training with Sodali which included
Globaltrends, Investor engagement as well as the Board’s role and
Governance of ESG.
March
The Board approved the proposed interim dividend for FY25,
havingconsidered the financial strength of the balance sheet.
–
The Board approved the announcement of the Interim Statement.
May
Approved the re-appointment of Sarah Whitney as
SeniorIndependentDirector for a second three-year term
from1September 2025 to 31 August2028.
Site visit to joint venture site Cherry Hinton in Cambridge.
June
Employee Engagement survey conducted, to allow employees
tosharefeedback on a range of topics including training, views
onmanagement and the other leadership of the organisation.
July
Annual Board Strategy Meeting including a broker presentation.
TheBoard’sannual strategy day allows for discussion of the short
and long-term strategy of the business.
Standing agenda items for
scheduled Board meetings:
Chief Executive’s Report
The Chief Executive’s Report provides
the Board with an overall update on the
Group’s current operations, highlighting key
points that require the Board’s attention.
This includes updates on the current market,
key performance indicators, sales, health and
safety and customer satisfaction.
Chief Financial Officer’s Report
This report gives the Board an overview of
the Group’s financial position and forecasts.
This includes an investor relations update.
Chief Commercial Officer’s Report
Gives the Board an update on both
immediate and strategic land progress as
well as HR, Building Safety and ‘Bellway
Home Space’ matters. It also includes any
regulatory and legal updates, and gives any
details of commercial matters that the Board
needs to be informed about.
Company Secretary’s Report
This report gives the Board an update
on corporate governance matters,
policy reviews and updates on any
whistleblowing matters.
Other matters reserved for the Board
In addition to the Board’s standing agenda
items, there is also a number of other
matters that are reserved for the Board that
are discussed periodically in the Board’s
calendar. These include, but are not limited
to ‘Better with Bellway’ updates, Gender
pay gap report review, Board objectives
review and Health and Safety annual review
and update.
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95
Engaging with investors
At Bellway, we recognise that open,
transparent, and consistent engagement
with our investors is essential to building trust
and supporting long-term value creation.
Throughout the year, we maintained active
dialogue with shareholders through a range
of channels, including results presentations,
investor roadshows and participation in
one-to-one meetings.
Shareholder engagement
programme
We maintain regular engagement with
investors through our interim and
full year results announcements, as
well as through scheduled trading
updates issued throughout the financial
year. These interactions help reinforce
Bellway’s reputation for strong and
transparent management. We actively
incorporate shareholder feedback from
these engagements to shape future
communications, ensuring our messaging
continues to align with investor expectations
and priorities.
Bellway regularly engages with major
shareholders and analysts, through
formal presentations held at least twice a
year and informal meetings and events.
These sessions ensure investors receive
timely updates on our progress and provide
a valuable forum for feedback and dialogue.
Our proactive communication around the
‘Better with Bellway’ strategy has fostered
strong engagement with investors, analysts,
and advisers. As we work towards the
ambitious targets and KPIs embedded in
the strategy, this engagement continues to
reinforce confidence in our long-term vision
and sustainable growth approach.
Engaging with Shareholders
Oue Goldsmith housetype at the Aspen Walk
development, Essex.
92.5m
votes cast at the 2024 AGM.
Representing 77.8% of Bellway
p.l.c. shareholders. All resolutions
were passed.
Our Executive Directors and Group Investor
Relations Director regularly engage with
institutional investors and analysts to provide
updates on our financial performance,
strategic priorities and market insights.
The insights from these engagements
are shared with the Board to help inform
decision making.
AGM
The AGM provides an opportunity for
shareholders to engage with the Board, ask
questions and vote on important matters.
In December 2024, we hosted the AGM at
the Group Office in Newcastle upon Tyne,
and welcomed shareholders to voice any
questions or concerns.
Information on this year’s AGM can be
found in the Notice of Meeting, available
to view on the corporate website
www.bellwayplc.co.uk/investor-centre/
shareholder-information/shareholder-
general-meetings.
Remuneration Policy consultation
In September 2024, we engaged with our
largest investors as well as Institutional
Shareholder Services (‘ISS’), the Investment
Association (‘IA’) and Glass Lewis, to
understand their views on our proposed
new policy and its proposed implementation
in 2024/25. Based on the feedback received
from our engagement, almost all investors
were supportive of the changes proposed.
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Regional Employee
ListeningGroups
Regional Employee Listening Groups have
been in place to support our employee
voice strategy since 2019. These groups
are a vital part of ensuring that the
employee views are heard at all levels
of the organisation and instrumental in
surfacing ideas, concerns and feedback that
help Bellway improve its culture and ways
of working.
The Regional Employee Listening Groups
have been pivotal in the introduction
of a number of initiatives, most recently
the introduction of our Professional
Memberships Policy and improved maternity,
shared parental and paternity enhanced
pay entitlements.
These Regional Employee Listening Groups
are attended by our Non-Executive Directors
to create a forum to gain an understanding
of various views and topics vital in creating a
safe, inclusive culture across the Group.
National Employee Listening Group
The Board recently established the National
Employee Listening Group, chaired by
Cecily Davis. This listening group will support
the Board in understanding the view of
employees ensuring they are considered
in Board discussions and decision making.
The members are elected and cover different
disciplines and geographical locations across
the Group, to offer a well-rounded view.
The Group have one face-to-face meeting
and one virtual meeting each year.
During the year, Cecily Davis was appointed
as the Non-Executive Director for Workforce
Engagement, in recognition of the
importance of employee engagement to
the Board in line with Provision 5 of the UK
Corporate Governance Code 2018.
As the Non-Executive Director for Workforce
Engagement, Cecily is responsible for
championing the employee voice in the
boardroom and strengthening the link
between the Board and employees.
Engaging with Employees
Employee Engagement survey
We carry out an annual Employee
Engagement survey, which offers every
employee the opportunity to share their
feedback confidentially. The insights gathered
help us better understand our people, shape
our culture, and drive meaningful change
across the organisation. The results of this
survey are presented to the Board by the
Group HR Director to provide understanding
of the experiences of employees and
help shape our culture and drive
meaningful change.
Employee engagement
Employee Engagement survey
National Employee Listening Group
Heidi Khoshtaghaza, Group HR
Director and Cecily Davis at a
recent Board meeting.
Regional Employee Listening Groups
Divisional site visits
Board
Group HR Director
Non-Executive Director for
Workforce Engagement
“ Our employee representatives
shared valuable insights and
reflections from across the
business and fed back on the
key points raised at the recent
regional listening groups.”
Cecily Davis
Non-Executive Director for
Workforce Engagement
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Division of Responsibilities
Commitment to Governance
The Board is committed to maintaining
highstandards of corporate governance
andpromoting a positive, inclusive and
ethical culture throughout the Group.
We apply the principles of goodgovernance
in accordance withthe Code. Further detail
on how we apply the Code is provided
below and in the Committee Reports.
Leadership
The Board is collectively responsible
toshareholders for promoting the
long-term sustainable success of the Group.
It sets the strategic direction, oversees
management performance, ensures
the availability ofadequate resources,
defines the Group’svalues and culture,
and ensuresthebusiness meets its legal,
ethicaland stakeholder obligations.
At the date of this report, the Board
comprises of nine Directors: three Executive
and six Non-Executive Directors, including
the Chair. Details of the Directors and
theirresponsibilities are set out on pages
88to90.
To support effective oversight and
decision making, the Board has established
a clear governance framework and
delegation structure, supported by prudent
and effective systems of internal control
andrisk management.
Role Responsibilities
Chair
John Tutte
The Chair leads the Board and is responsible for its overall
effectiveness. Key responsibilities include:
• Promoting the highest standards of integrity, probity and
corporategovernance ensuring that the correct cultural tone
issetfrom the top.
• Ensuring that the Group complies with the requirements of
theCode and adheres to the highest standards of governance.
• Leading the Board and ensuring its effectiveness.
• Setting the Board’s agenda.
• Ensuring the Directors receive accurate, timely and
clear information.
• Ensuring effective communication with shareholders.
• Ensuring the effective conduct of Board meetings and facilitating
the effective contribution of all Directors and theFinance Director
and Company Secretary.
• Leading the evaluation of the performance of the Board,
itsCommittees, individual Directors and the Finance Director
andCompany Secretary.
• Overseeing the induction of any newly appointment Board
Directors and the development of existing Directors.
• Ensuring that the views of shareholders are communicated
totheBoard as a whole.
• Encouraging constructive relations between the Executive
and Non-Executive Directors and the Finance Director and
Company Secretary.
• Approving land purchases over specified limits in conjunction
withthe wider Board.
Chief Executive
Jason Honeyman
• Implementing the strategy agreed by the Board.
• Leading the Executive Directors, Finance Director and Company
Secretary andthe senior management team in the day-to-day
running oftheGroup’s business.
• Ensuring the effective implementation of Board decisions.
• Reviewing the Group’s organisational structure and
recommending changes as appropriate.
• Supervising the activities of the Regional Chairs and
divisionalsenior management, overseeing their development
andsuccession planning.
• Overseeing Group operations.
• Overseeing the activities of subsidiary companies.
• Overseeing divisional expansion plans.
• Together with the Chair, providing coherent leadership of the
Group, including representing the Group to customers, suppliers,
government, shareholders, financial institutions, employees,
themedia, the community and the general public.
• Keeping the Chair informed of all important matters.
• Overseeing the sales and marketing, public relations,
andtechnical departments.
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Division of Responsibilities continued
Role Responsibilities
Chief Financial Officer
Shane Doherty
• Supporting the Chief Executive in fulfilling his duties.
• Devising and implementing the financial strategy and policies
of the Group, including treasury and tax.
• Developing budgets and financial plans.
• Responsible for the Group’s investor relations activities.
• Approving land purchases within specified limits.
• Responsible for delivering the Board-agreed sustainability
andESG strategy.
• Working with the Chief Commercial Officer on the delivery of the
sustainability and ESG agenda.
• Responsible for developing an IT strategy which remains fit for
purpose in the evolving world.
Chief Commercial Officer
Simon Scougall
• Supporting the Chief Executive in fulfilling his duties.
• Approving land purchases, within specified limits.
• Keeping the Board regularly updated on land, legal, regulatory,
commercial and HR matters.
• Responsible for legal compliance throughout the Group including
ensuring policies and procedures are maintained and updated on
a regular basis.
• Overseeing the land/ strategic land and planning, HR and legal
functions as well as ‘Bellway Home Space’ and the Building
Safety division.
• Working with the Chief Financial Officer on the delivery
ofthesustainability and ESG agenda.
• Responsible for the operations at the Group’s Head Office.
Independent
Non-Executive Director
Sarah Whitney
• Acting as a sounding board for the Chair, Executive Directors
andthe Finance Director and Company Secretary.
• Being available to shareholders.
• Leading the annual appraisal of the Chair.
• Holding meetings with the Non-Executive Directors without
theChair present.
Non-Executive Director
for Workforce Engagement
Cecily Davis
• Chairing the National Employee Listening Group.
• Reporting to the Board on key employee concern to support the
Board in gaining an understanding of the views of the workforce.
• Providing feedback to employees, explaining actions taken in
response to their concerns.
• Challenge the Executive team on the Group’s approach to
workforce engagement and ensuring concerns raised by
employees are addressed.
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Division of Responsibilities continued
Role Responsibilities
Non-Executive Directors
Cecily Davis Jill Caseberry
• Constructively challenging management.
• Contributing to the development of the Group’s strategy.
• Scrutinising the performance of management.
• Ensuring integrity of financial information and financial controls,
and ensuring systems of risk management are robust.
• Ensuring integrity of the cyber security controls and ensuring the
systems are robust.
• Determining appropriate levels of remuneration for the
Executive Directors, Finance Director and Company
Secretary, Regional Chairs and Executive Committee.
• Appointing and removing Executive Directors
andsuccession planning.
• Serving on Board Committees.
Finance Director and Company Secretary
Phil Hope
• Supporting the Chair and Chief Executive in fulfilling their duties,
including the facilitation of the Board and its Committees annual
performance review and director inductions.
• Keeping the Board regularly updated on corporate governance
matters and best practice and ensuring the Board has the policies,
processes, information, time and resources it needs to function
effectively and efficiently.
• Available to all Directors for advice and support, individually
and collectively.
• Attend and maintain record of matters discussed at Board and
Committees ensuring good information flows within the Board, its
Committees, the Executive Committee and senior management.
• Assessing and advising the Board on compliance with the
Listing, Prospectus, Disclosure Guidance and Transparency
Rules, the Corporate Governance Code and the Companies
Act and arranging any required training.
• Overseeing the company secretarial, financial reporting,
commercial finance, treasury and tax departments.
• Supporting the CFO in implementing and delivering the
Group’s financial strategy and policies.
Executive Committee
• Responsible for the day-to-day management of the Group
inaccordance with the approved objectives and strategies.
• Recommends the objectives and strategy of the Group tothe
Board for its approval.
• Overseeing the implementation of the objectives and strategy
approved by the Board.
• Ensuring the identification, management and monitoring
ofrisksand the implementation of effective internal controls.
• They are also responsible for reviewing performance,
development and succession planning of
senior management.
Head Office Senior Managementteam
• The Head Office Senior Management team consists of all the
Group Directors and heads of department, who meet on a
bi-monthly basis, to provide updates and collaborate on projects.
Ian McHoul Gill Barr
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Division of Responsibilities continued
Board effectiveness
All Directors have access to the advice
and services of the Finance Director and
Company Secretary, and the Company
Secretarial department. All of the Directors
may take independent professional advice
at the Group’s expense where they judge it
necessary to discharge their responsibilities
as Directors.
In accordance with the Code, all of the
Directors will retire from the Board and offer
themselves for re-election or election at the
forthcoming AGM. None of the Executive
Directors hold external directorships.
The Board, its Committees and the individual
Directors are subject to annual performance
evaluation and all Directors are subject
to annual re-election by shareholders.
The Board regularly reviews the Directors’
other interests andappointments to ensure
that there are no conflicts of interest.
The Chair is responsible for leading the
Board and ensuring it operates effectively.
The Directors possess an appropriate
balance of skills, knowledge and experience
to meet the requirements of the business.
The Board recognises the value of both
gender and ethnic diversity as well as the
recommendations of the Parker Reviews,
the FTSE Women’s Leaders Review, and
the FCA disclosure rules. This is taken into
careful consideration when addressing
Board succession.
Conflicts of interest
Pursuant to the provisions of the Companies
Act 2006 relating to conflicts of interest, the
Board has put in place a register to deal with
the notification, authorisation, recording
andmonitoring of Directors’ interests
andhow these procedures have operated
throughout the year, which is reviewed
ateach Board meeting.
Board activity during the year
The Board meets formally and informally
during the year to consider strategy,
performance, risk, major land acquisitions,
potential conflicts of interest and reports from
senior employees and external advisers.
One meeting a year is devoted entirely
to the consideration of strategy where
the Board agrees the medium and long-
term business plan and ensures that the
necessary financial, human, land and other
resources are in place to meet its objectives.
Areas focused on during the strategy day
were the following strategic priorities of:
1
Deliver long-term
volume growth.
2
Drive a long-term
improvement in underlying
pre-tax RoE.
3
Operate responsibly
and sustainably
throughthe‘Better
withBellway’ strategy.
Each year, we look to hold separate annual
conferences for the divisional Managing,
Finance, Sales, Technical and Commercial
Directors and our Planning Managers,
which are attended by Executive Directors
and members of the Group Office Senior
Management Team.
We also host informal Board dinners where
senior management meet members of
the Board. The Chair meets with Executive
Management and individual Directors
on a regular basis outside of Board
meetings. This process allows for two-way
discussion, enabling the Chair to act as
necessary todeal with any issues relating to
Board effectiveness.
44%
of the Board are female, following
the appointment of Gill Barr on
15 September 2025. In line with the
FTSE Women Leaders Review and
Parker Review.
Father and Daughter at Sheasby
Park development, West Midlands.
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Division of Responsibilities continued
Membership and
meeting attendance
Director
Date appointed
to the Board
Number of
meetings
attended
during the
year
John Tutte (Chair) 1 March 2022,
appointed
Chair 1 April
2022 10/10
Jason Honeyman 1 September
2017 10/10
Shane Doherty 2 December
2024 6/6**
Simon Scougall 1 August 2024 10/10
Keith Adey 1 February
2012 7/7*
Sarah Whitney 1 September
2022 10/10
Jill Caseberry 1 October 2017 10/10
Ian McHoul 1 February
2018 10/10
Cecily Davis 1 May 2024 10/10
* Keith Adey retired from the Board on 21 March 2025.
** Shane Doherty joined the Board on 2 December 2024.
The Executive Directors and Finance
Director and Company Secretary regularly
met with the divisions during the year.
The Board also received presentations from
the external advisors, Regional Chairs and
certain Group Functional Heads, with an
update on their operating area including the
opportunities and challenges they face.
Meetings with operational management
ensured that the Board’s standards
and values for integrity and honesty
are disseminated.
Each of our divisions has its own
management team and staff who manage
and take pride in the success of their own
operational business within the strategy set
by the Board. In this way, we create a culture
that motivates and rewards our colleagues.
We promote a supportive culture that
enables our employees to develop their
talents and skills. The Board assesses the
Group’s corporate culture through various
interactions with senior management
and the wider workforce including Board
presentations, divisional visits, Board dinners
and the employee awards. The Board has
concluded that the corporate culture of the
Group is of a high standard.
Matters Reserved for the Board
The Board has adopted a schedule of
matters that are specifically reserved for
its decision, which includes strategy and
management, structure and capital, financial
reporting and controls, internal controls
covering both financial and operational
areas of the business, land acquisition above
specified limits, contracts and agreements,
communication, Board membership
and other appointments, remuneration,
delegation of authority, corporate
governance matters, Group policies and
other miscellaneous items.
In addition, it has a series of matters
that are dealt with at regular Board
meetings including:
• Operational and strategic review.
• Financial review.
• Major land acquisitions.
• Major projects.
• Risk.
• Health and safety.
• Sales and customer care.
• Human resources.
• Reporting requirements.
• Corporate governance and internal control
including any whistleblowing issues.
In between Board meetings, the Directors
receive updates from the Chair, the Chief
Executive, the Chief Commercial Officer, and
the Finance Director and Company Secretary
to advise them of any significant matters
affecting the Group or its performance.
Our Milliner, house type at Fallow
Wood View, West Sussex.
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102
Composition, Succession and Evaluation
Board evaluation
The effectiveness of the Board, its Committees and individual Directors is assessed on an annual basis. At least every three years, the Board undertakes an externally facilitated evaluation,
thelast of which was inthe prior year. The FY25 evaluation was internally facilitated with the support of the Chair and Finance Director and Company Secretary.
Board and Committee evaluation scope and process
Progress on FY24 evaluation
As reported in last year’s Annual Report, the
FY24 Board and Committee effectiveness
review was externally facilitated, in line with
the Code. This review highlighted a high
level of diversity of thought and experience,
with no key action areas noted for either the
Board or Committees.
Stage 1 Stage 3
Online questionnaires, developed by
the Finance Director and Company
Secretary, were provided to the Chair,
each Committee Chair and the Senior
Independent Director to confirm the
scope of the evaluation.
Using anonymised data, the Finance
Director and Company Secretary
prepared and issued an overview,
along with the detailed report,
as appropriate to the Chair, each
Committee Chair and the Senior
Independent Director.
Stage 2
The online questionnaires were
issued to the Directors and
regular attendees of the Board or
Committee meetings.
The scope of the questionnaires
focused on the following areas.
• The Board – strategic oversight,
performance management, Board
agenda and meetings, talent and
culture, Board composition and
dynamics, interactions with senior
management, and reporting and
risk management.
• Committees – role and operations,
composition, leadership, and process
and procedures.
• The Chair – skillset and experience,
relationships and communication, and
the management of meetings.
• Individuals – individual performance,
time commitment, relationships
and contribution.
Stage 4
Individual discussions were held
between the Chair and each
Director on the findings.
Stage 5
The findings were presented and
discussed at the October Board and
Committee meetings.
Stage 6
The planned actions for
improvement in FY26 were agreed,
as set out on page 104.
FY25 Board and Committee effectiveness outcomes
The evaluation concluded that the Board and each Committee continue to operate effectively, ensuring strong governance. The Board has
astrong focus on the Group’s strategic priorities and risk, with the Chair ensuring meetings focus on the most critical and value-creating topics.
The Chair and the Chief Executive Officer have an open, trust-based relationship and there is regular dialogue between them.
The evaluation participants all confirmed that the Board and Committees operate well, fostering a collaborative approach, with good
engagement and level of challenge. The Directors are well prepared for meetings. It was confirmed that the Committees have the required
skills, knowledge and experience, with the respective Chairs being effective.
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103
Some areas of further improvement were identified during this process, with the Board or relevant Committee identifying the following
action plans.
Evaluation of individual Directors
The questionnaire also considered the
performance of both the Chair and the
Senior Independent Director. The Senior
Independent Director discussed the results
of the questions relating to the Chair with
the Non-Executive Directors and provided
feedback to John. The feedback included
John being considered a strong Chair who
combines his extensive knowledge of the
sector with strong oversight, support and
challenge of the Board.
The Chair discussed the results of the
questions relating to the Senior Independent
Director with the Directors. The Chair held a
one-to-one meeting with Sarah to provide
feedback. It is considered that Sarah is
effective with an open communication style
that provides a good sounding board for
the Chair, Executive Directors and Finance
Director and Company Secretary.
Committee Action point from FY25 review Planned action for FY26
Audit Committee To monitor the Group’s preparedness for the new
corporate governance requirements and associated
board control attestation.
This is currently a standing agenda item, with
updates provided by the Group Risk Director based
on the agreed roadmap.
Audit Committee Ensure a smooth onboarding of the new external
Audit Partner.
The Audit Committee Chair and CFO have met the
new Audit Partner, Simon O’Neill, who will observe
close out meetings that he is permitted to attend as
part of the FY25 audit. The Committee met Simon at
the October 2025 Audit Committee meeting.
Audit Committee Support and challenge the new capital allocation
strategy and areas of emerging focus that may arise
from this.
The Committee will be agile to support and
challenge any emerging focus areas that arise.
Remuneration Committee Smooth onboarding of the new Remuneration
Committee Chair.
The onboarding of the new Remuneration
Committee Chair will be a key activity, and Gill will
commence work as part of the Committee in
mid-September before becoming Chair in April.
Key findings for the Committees
Action point from FY25 review Planned action for FY26
Increased engagement with the workforce. This is now being addressed following the appointment of Cecily
Davis as Non-Executive Director for Workforce Engagement.
Increase the Board’s awareness of technology and cyber risks. Additional training will be provided with support from both internal
and external experts.
Key findings for the Board
Our Pargeter, house type at
StJames Park, North London.
Composition, Succession and Evaluation continued
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104
Nomination Committee Report
Key focus areas during FY25
• Oversaw the recruitment and
recommended the appointment of Shane
Doherty, as Chief Financial Officer and the
appointment of a Non-Executive Director.
• Reviewed the composition, skills, structure
and size of the Board.
• Reviewed and confirmed the collective
and broad experience of the members
of the Audit Committee ensuring the
Committee acts effectively.
• Reviewed succession planning for the
Board and Executive Committee.
• Received updates on the Group’s
approach to diversity, equality
and inclusion.
• Approved the process for the internally
facilitated Board evaluation.
• Appointed Cecily Davis, as Non-Executive
Director for Workforce Engagement.
Statement from the Chair of the
Nomination Committee
On behalf of the Board, I am pleased
to present the Nomination Committee
Report for the year ended 31 July 2025.
The Nomination Committee plays a
fundamental role in ensuring Bellway
appoint suitable strong candidates to
the Board. The Committee monitors the
balance of skills, experience, independence,
knowledge and diversity of the Board
and its Committees, with any changes
recommended to the Board for its review
and approval. The Committee is also
responsible for succession planning
and overseeing the development of a
diverse pipeline.
The Committee meets at least twice a
year and operates under its own Terms
of Reference. These have been approved
by the Board and are available at:
www.bellwayplc.co.uk/investor-centre/
governance/committees.
“ We remain committed
to promoting diversity,
equality and inclusion.”
John Tutte
Chair of the
Nomination Committee
Membership and meeting attendance
In line with the Code, the Committee is comprised of independent Non-Executive Directors.
As at 31 July 2025, the members were:
Director Date appointed to the Committee
Number of meetings
attended during the year
John Tutte (Chair) 1 March 2022, appointed Committee Chair
on1April 2022 3/3
Jill Caseberry 1 October 2017 3/3
Ian McHoul 1 February 2018 3/3
Sarah Whitney 1 September 2022 3/3
Cecily Davis 1 May 2024 3/3
The Group HR Director and external advisers are invited to attend meetings when appropriate.
Sarah Whitney Jill Caseberry
Gill Barr
(Appointed 15 September 2025)
Ian McHoul Cecily Davis
Committee activities during the year
Following the retirement of Keith Adey,
Group Finance Director, on 21 March 2025
after 17 years at Bellway, 13 of which as
a Director, the Committee oversaw the
recruitment process, and following a rigorous
external search process, Shane Doherty
was appointed as Chief Financial Officer on
2 December 2024.
The Committee continued to review the
succession planning of both the Board
and the Executive Committee to ensure
appointments and succession plans are
based on merit and objective criteria and
promote diversity. The Committee engaged
with management on talent pipeline
development and leadership diversity, with
a focus on high-potential individuals and
functional leadership.
The Committee also monitored the
tenure and re-election recommendations,
particularly in view of the Code expectations
around the independence of long-serving
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105
Balance of skills, knowledge
andexperience
The Directors have wide-ranging experience
as senior business people, with strength in
depth across all key disciplines including
strategic planning, organisational growth and
change, and corporate governance.
Committee evaluation
The Committee’s performance was reviewed
as part of the annual Board evaluation.
The results confirmed that the Committee
and its members have performed their role
effectively. Opportunities were identified to
develop the Board’s succession planning as
well as for our Divisional Managing Directors
and Regional Chairs.
Nomination Committee Report continued
Non-Executive Directors. During the year,
the Committee recommended to the Board
both John Tutte and Sarah Whitney for re-
appointment for a second three-year term.
The Senior Leaders and Middle Managers
programmes have been refreshed, with the
support of an external third party and the
Group HR team are using them across the
business to improve leadership skills and
enhance career development.
The Committee continued to develop the
succession plan for those immediately
below Board level and the Executive
Committee with support from the Executive
Management Team and Group HR Director.
Diversity and inclusion
We continued to work on improving diversity
and inclusion across the Group, taking into
account the various recommendations from
the Parker Reviews, the FCA Diversity and
Inclusion Policy Statement and the FTSE
Women Leader Review.
Succession planning for roles below Board
and Executive Committee level remains
a key focus, with diversity and inclusion
embedded in the process.
Following the appointment of Simon
Scougall as an additional Executive Director,
the gender split of the Board was 38% female
and 62% male as of 31 July 2025. While this
was below the recommended standards
of the FTSE Women Leader Review and
Parker Review, the appointment of Gill Barr
on 15 September 2025, increased the female
representation, resulting in a 44% female and
56% male split.
Board composition and succession
The below data shows the Board composition as at 13 October 2025.
Male
5
Female
4
Gender split on the Board
0-3 years
2
4-6 years
2
Tenure of Non-Executive Directors
(including the Chair)
7-9 years
2
Executive
Director
3
Non-Executive
Director
5
Independence (excluding the Chair)
White British/
European/
Non-European
8
Black or
Black British
1
Ethnicity
We continue to look for the opportunities to
recruit and promote female candidates and
candidates ethnically diverse, which helps
drive diversity within Bellway and provides
possible leaders of the future.
Key initiatives that support the work of the
Committee are carried out by the Group HR
function including:
• mandatory equality, diversity and inclusion
e-learning which continues to be issued to
employees. 87.1% employees completed
this training within three months of
joining Bellway;
• external partnerships with organisations
including Leonard Cheshire Change 100
and Variety Interns to support disabled and
underrepresented talent;
• talent and succession planning training for
senior leaders and line-managers, focused
on developing graduates and higher
apprentices; and
• targeted development programmes in
partnership with Regional Chairs and
Managing Directors, with a strong focus on
improving retention and career pathways
for diverse talent.
More detail on the Group’s efforts to improve
diversity can be found on pages 40 to 41.
Director election and re-election
In accordance with the Code, all Directors
will stand for election or re-election at the
2025 AGM. The Committee reviewed the
contribution and time commitment of each
Director and are satisfied that they continue
to bring independent judgment and add
value to the Board’s discussions and
decision-making process.
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Emmanuel Akinterinwa and
Matthew Scullion, at Group Office.
Nomination Committee Report continued
John Tutte
Chair of the Nomination Committee
13 October 2025
Key focus areas for FY26
• Ensure that Board and senior
appointments reflect the skills, knowledge
and experience required to support the
Group’s long-term success.
• Continue to focus on succession planning
both generally and with regard to specific
roles, to ensure that we remain well
positioned for the future.
• Support cultural and leadership
development, by engaging
with high-potential talent and
continuing to strengthen internal
development pathways.
• Monitor progress against diversity and
inclusion goals, including gender and
ethnic diversity in senior roles, ensuring
continued alignment with external best
practice frameworks.
• Review succession plans below the Board
andExecutive Committee, with a particular
focus on accelerating development of
underrepresented groups.
Male No. Male % Female No. Female % Total No. Total %
Board of Directors 5 62 3 38 8 <1
Executive Committee
and direct reports 12 71 5 29 17 <1
Senior managers 159
80 41 20 200 7
Other employees 1,615 65 879 35 2,494 92
Total 1,791 66 928 34 2,719 100
Asian or
Asian British
Black or
Black British
Mixed/
Multiple
Ethnicity
Other
Ethnic/Arab
White
British/
European/
Non-
European
Any other
ethnic
group
Prefer not
tosay
Board of Directors – 1 – – 7 – –
Executive
Committee and
direct reports – – 1 – 16 – –
Monthly paid
employees 62 52 27 2 2,063 5 19
Weekly paid
employees – 13 3 1 441 1 5
Total 62 66 31 3 2,527 6 24
Director and employee profile
In accordance with the UK Listing Rules, the following tables show the gender and ethnicity
split in the Group as at 31 July 2025.
FCA UK Listing Rule 6.6.6R(9) – diversity reporting
In compliance with FCA UK Listing Rule 6.6.6R(9) the Company reports the following diversity information as at 31 July 2025:
FCA UK Listing Ruletarget
Outcome at
31July
2025
Explanation at
31July2025
Outcome at
13October
2025
Update at
13October2025
At least 40% of Board Directors
are women.
Target not
achieved
Due to the appointment of Simon Scougall,
as an additional Executive Director, 38% of
the Board were women.
Target
Achieved
44% of the Board were women following
theappointment of Gill Barr. The FTSE WomenLeaders
target has been achieved.
At least one senior Board
position* held by a woman.
Target
Achieved
Sarah Whitney holds the position of Senior
Independent Director.
Target
Achieved
At least one senior Board position* isheldbyawoman.
The FTSE Women Leaderstarget has been achieved.
At least one Board Director from
a minority ethnic background.
Target
Achieved
One Board Director is from a minority
ethnic background.
Target
Achieved
One Board Director from a minority ethnic background.
The Parker Review target has been achieved.
* Chair, Chief Executive, Senior Independent Director or Chief Financial Officer.
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Membership and meeting attendance
The Committee comprises of independent Non-Executive Directors, in line with the UK
Corporate Governance Code. As at 31 July 2025, the members were:
Director Date appointed to the Committee
Number of meetings
attended during the year
Ian McHoul (Chair) 1 February 2018 appointed Committee Chair
on12December 2018 6/6
Jill Caseberry 1 October 2017 6/6
Sarah Whitney 1 September 2022 6/6
Cecily Davis 1 May 2024 5/6*
* Absence due to unforeseen travel delays.
The Chair of the Board, the Executive Directors, Finance Director and Company Secretary,
and Group Risk Director attend meetings by invitation. Furthermore, the Group Financial
Controller and Group IT Director attended parts of certain meetings. The Committee is
supported by the Deputy Group Company Secretary who acts as Secretary to the Committee.
Statement from the Chair
oftheAudit Committee
I am pleased to present the Audit Committee
Report for the year ended 31 July 2025.
This report provides an overview of how
the Committee operates, the Committee’s
activities during the year and its role in
ensuring the integrity of the Group’s financial
statements and effectiveness of audit, risk
management and internal controls.
We have worked closely with the finance,
risk and internal audit teams, along with
Ernst & Young LLP (‘EY’), our external auditor,
throughout the year.
There were six meetings of the Committee
during the year and the attendance by
Committee members can be seen to the left.
Committee purpose
andresponsibilities
The Committee supports the Board in
achieving the objectives of the corporate
governance framework, with its principal
activities focused on:
• the integrity of financial reporting;
• the quality of narrative reporting;
• the quality and effectiveness of internal
controls and risk management framework;
• procedures relating to the prevention
and detection of fraud and bribery, and
other compliance;
• risk and internal audit; and
• external audit.
A comprehensive version of the Committee’s
Terms of Reference is available on the
Group’s website at: www.bellwayplc.co.uk/
investor-centre/governance/committees.
A review of the Terms of Reference during
the period determined that they remain
appropriate and in line with best practice,
reflecting the Committee’s responsibilities in
line with the Code and other regulations.
Key focus areas for FY25
As detailed in last year’s report, I set out our
focus areas for this year and I’m pleased to
provide an update on these.
• BEIS consultation – updates on the UK
Corporate Governance Code project
were received in four meetings during the
year as work has progressed with formally
documenting controls for IT, entity level
and material financial and commercial
processes. This project will continue into
FY26 as we refine our identified controls
into material controls and execute a
testing programme.
• IT security – two updates were
received from the Group IT Director on
cybersecurity during the year, particularly
following high-profile cyber attacks on
several other UK-based companies,
including an assessment of Bellway’s IT
security environment.
• Sustainability reporting – the TCFD
disclosures in the 2025 Annual Report
and Accounts have been reviewed by
management and an update presented
to the Committee. These included, for the
first time, climate-related scenario analysis,
further improving our sustainability
disclosures. In addition, the Board
undertook sustainability training delivered
by a third party during the year.
Audit, Risk and Internal Control
Audit Committee Report
“ The Committee supports
the Board in achieving
the objectives of the
corporate governance
framework.”
Ian McHoul
Chair of the
Audit Committee
Sarah Whitney Jill Caseberry Cecily Davis Gill Barr
(Appointed
15 September 2025)
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Audit, Risk and Internal Control continued
Audit Committee Report continued
• Legacy building safety provision – both
component parts of this provision, namely
the (i) SRT and associated review provision;
and (ii) structural defects provision were
discussed at the March, July and October
meetings before the Interim results and
Annual Report and Accounts were
recommended to the Board for approval.
As part of this review, the Committee
dedicated a significant amount of
time challenging the assumptions and
methodology used in calculating the
legacy building safety provision, along with
the disclosures in the financial statements.
• EY audit partner rotation – the new EY
engagement partner has been identified
as Simon O’Neill who will lead the audit for
year ending 31 July 2026. The Committee
has worked alongside EY in the current
year to ensure processes are in place
to enable a smooth transition. This has
included Simon shadowing the current
audit partner, attending key meetings
and gaining an understanding of the
audit approach.
• In addition, the Committee supported
the onboarding of Shane Doherty, the
newly appointed Chief Financial Officer, to
ensure a smooth transition as he replaced
Keith Adey, Group Finance Director.
• Furthermore, the Group’s Anti-Money
Laundering policies and procedures were
updated in the year, training was provided
to all Group and divisional Anti-Money
Laundering officers and a new software
was introduced to assist staff in adhering
tothe new policies and procedures.
Anticipated key areas of
focusfortheyearahead
• UK Corporate Governance Code
project – we will monitor progress made
by management against the strategy
for testing material controls, which will
enable the Board to make a declaration of
effectiveness of the material controls as at
31 July 2027.
• Principal risk reporting – internal audit are
launching a project to review the Group’s
principal risk reporting for the Annual
Report and Accounts 2026 to ensure
alignment with current best practices
and evolving stakeholder expectations.
We will review the updated reporting to
ensure it adopts a more forward-looking,
integrated approach to risk management
and reflects the anticipated changes
introduced by the upcoming UK corporate
governance reform.
• Sustainability reporting – we will review the
Group’s TCFD disclosures in the Annual
Report and Accounts 2025 and ensure any
additional requirements are included in
the following year for compliance with IFRS
S1 and IFRS S2.
• New Chair of the Audit Committee - I will
be stepping down as a Non-Executive
Director over the next 15 months so the
Committee will work to onboard a new
Chair of the Audit Committee to ensure a
smooth transition.
• EY audit partner rotation – the Committee
will work with the new EY engagement
partner to ensure an effective audit
process for the year ending 31 July 2026.
Committee governance
andcompetence
The Committee comprises five independent
Non-Executive Directors. Throughout the
period, the Committee members had
significant and diverse experience, and
I believe that between us we have an
appropriate and relevant combination of
experience and knowledge.
The Board considers that I have recent and
relevant financial experience as required by
the Code.
Further information on the experience and
knowledge of the Committee members is
included in the Directors’ biographies on
pages 88 to 90.
As part of the effectiveness review, the
Nomination Committee has also confirmed
that it is confident that the collective and
broad experience of the members enables
us to act effectively as an Audit Committee.
Representatives of EY attended all but one
meeting during the year and they, along with
the Group Risk Director, also met with the
Committee independently of management.
Any matters raised during discussions with
the external auditors and the Committee
were discussed appropriately with
executive management. I also had further
discussions, independently of each other,
with the Chief Financial Officer (previously
the Group Finance Director), Group Risk
Director and external auditor and reported
relevant information to other members of
the Committee.
Detailed papers are prepared and circulated
in advance of Committee meetings by both
management and the external auditor,
thereby allowing informed discussions,
challenge, and decision making to
take place.
Committee evaluation
andeffectiveness
During the year, the Committee assessed
both its own performance and that
of its individual members. This was
conducted internally and no major areas of
improvement were identified.
Following a review of these results, Iconsider
the Committee to be effective and it provides
a robust and independent oversight over all
of its principal activities The Committee has
an appropriate and complementary set of
skills and experience that enables it to deliver
the aforementioned activities.
Committee activities during the year
and post year-end
The activities undertaken at the October
2025 meeting concluded the Committee’s
activities in relation to the Group’s financial
reporting for the year ended 31 July 2025.
The main activities performed by the
Committee at these meetings are described
on pages 110 to 113.
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Financial and narrative reporting Meetings during the financial year
Post
year-end
meeting
Activity/review
September
2024
October
2024
January
2025
March
2025
May
2025
July
2025
October
2025
Reviewed the final draft of the Annual Report and Accounts, together with the final audit
report produced by EY. The Committee recommended the Annual Report and Accounts
to the Board for approval.
Reviewed the final draft of the Interim results. The Committee recommended this to the
Board for approval.
Received a paper on significant judgemental areas prepared by management, including
notable one-off items, both those separately disclosed on the face of the income
statement or otherwise, that affected profit during the period.
Considered and challenged a paper produced by management setting out the
accounting approach used for the SRT and associated review provision and the
structural defects provision and related net legacy building safety expense.
Considered and challenged management about the use of APMs and whether
theywere appropriate or whether GAAP measures would be more relevant.
Approved a change to the calculation of the APMs; RoCE and underlying RoCE.
Approved the inclusion of three additional APMs (see note 26 of the Group
Financial Statements).
Reviewed, discussed, and challenged a paper produced by management setting out
the rationale for preparing the Annual Report and Accounts and the Interim results on a
going concern basis.
Reviewed and approved the appropriateness of disclosures in relation to the CMA
Market Investigation.
Concluded that the Annual Report and Accounts presented a fair, balanced and
understandable assessment of the Group’s position and prospects.
Reviewed and approved the draft viability statement to appear in the Annual Report
and Accounts.
Approved the transition from IFRS to FRS 101 for the Parent Company and subsidiary
financial statements.
Reviewed and approved the process around margin recognition.
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Internal control and risk management framework Meetings during the financial year
Post
year-end
meeting
Activity/review
September
2024
October
2024
January
2025
March
2025
May
2025
July
2025
October
2025
Reviewed compliance with the Group policies in the period.
Reviewed a paper setting out the effectiveness of the internal control and risk
management framework during the year.
Received an update on the changes to the UK Corporate Governance Code project.
Reviewed and approved the Slavery and Human Trafficking Statement.
Reviewed and approved the Group’s Corporate Criminal Offence Policy and
risk assessment.
Reviewed and approved an updated Group Approvals Matrix and Delegation
of Authorities.
Prevention and detection of fraud and bribery Meetings during the financial year
Post
year-end
meeting
Activity/review
September
2024
October
2024
January
2025
March
2025
May
2025
July
2025
October
2025
Reviewed a paper produced by management setting out the main controls for
preventing and detecting fraud.
Reviewed the Group’s policies and procedures in relation to Whistleblowing,
Anti-Bribery and Corruption, Anti-Slavery and Data Protection.
Reviewed the Group’s policies and procedures in relation to Anti-Money Laundering.
Reviewed the Group’s Anti-Slavery and Human Rights Policy.
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Risk and internal audit Meetings during the financial year
Post
year-end
meeting
Activity/review
September
2024
October
2024
January
2025
March
2025
May
2025
July
2025
October
2025
Reviewed a risk management and internal audit update.
Considered whether the interaction between the Group risk and audit function
(internalaudit) and external auditor during the period had been appropriate.
Reviewed and considered the effectiveness of the Group risk and audit function.
Held a one-to-one meeting with the Group Risk Director.
Reviewed and approved the Risk Management Policy.
Reviewed the Internal Audit Charter and 2025 Internal Audit Plan.
Received an update from the Group IT Director on cybersecurity.
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Audit, Risk and Internal Control continued
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External audit Meetings during the financial year
Post
year-end
meeting
Activity/review
September
2024
October
2024
January
2025
March
2025
May
2025
July
2025
October
2025
Assessed the performance of the external auditor, including consideration of the FRC’s
Annual Review of Audit Quality results.
Approved EY’s audit plan, including the proposed Group, subsidiary, and divisional
materiality for the FY25 audit.
Reviewed the EY engagement letter and approved the audit fee for FY25.
Approved the Independent Auditor Policy.
Held a private meeting with EY.
Approved the Recruitment of Auditor Staff Policy.
Governance Meetings during the financial year
Post
year-end
meeting
Activity/review
September
2024
October
2024
January
2025
March
2025
May
2025
July
2025
October
2025
Considered the findings of the performance evaluation of the Committee.
Reviewed the Terms of Reference of the Committee, number of meetings, and skills and
experience of the Committee.
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Integrity of financial reporting
Significant financial reporting matters
The table below sets out the matters considered and the action performed by the Committee during the year in relation to the significant financial reporting matters of the Group.
Revenue recognition
Key financial matters
Matter considered Information provided by management Challenge by the external auditor Committee assessment and conclusion
Revenue of £2,782.8 million has been
recognised in the year. The majority of
housing revenue is recognised on a point
in time basis either (i) when the completed
dwelling is transferred to the customer; or
(ii) when the home is build complete and all
material contractual obligations have been
satisfied. For a small number of contracts,
revenue is recognised over time from the
point that the land is irrevocably transferred to
the customer.
Management outlined the existing systems
and controls surrounding revenue recognition.
The Committee discussed these controls,
challenging management where appropriate.
The external auditor explained to the
Committee that they had:
• reviewed the appropriateness of the Group’s
revenue recognition accounting policy;
• used data analytics to identify any
anomalies, which were investigated;
• reviewed internal audit work in relation to
sales cut-off;
• agreed a sample of legal completions to
source documentation; and
• reviewed manual journals selected using
risk criteria.
The Committee understood the Group’s
revenue recognition policy.
The Committee also reviewed a summary
prepared by EY explaining the findings
from their work assessing the design of the
Group’s systems and controls pertaining to
revenue recognition.
Following enquiries with management
and the external auditor, the Committee
concluded that there are appropriate
systems and internal controls in place to
ensure revenue is recognised appropriately,
and that the Group’s revenue recognition
policy has been properly applied in these
financial statements.
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Cost of sales (before net legacy building safety expense) recognition
Key financial matters
Matter considered Information provided by management Challenge by the external auditor Committee assessment and conclusion
Cost of sales (before net legacy building
safety expense) of £2,326.0 million has been
recognised on housing and other revenue.
Cost of sales for completed housing sales is
recognised based on the latest whole site/
phase margin, which is derived as part of the
site/phase valuation process. These valuations
are updated frequently throughout the life
of the site/phase and include both actual
and forecast selling prices, land costs and
construction costs. The forecast costs and
revenues are estimates and are inherently
uncertain due to potential changes in
market conditions.
Management outlined the existing systems
and controls surrounding gross profit
recognition and the valuation process.
The Committee discussed these controls,
challenging management where appropriate.
The external auditor explained to the
Committee that they had:
• reviewed the appropriateness of the Group’s
margin recognition accounting policy;
• attended valuation meetings; and
• performed Group-wide analytical reviews;
and challenged assumptions in relation to
forecast selling prices and costs.
The Committee understood the Group’s
margin recognition accounting policy.
The Committee also reviewed a summary
prepared by EY explaining the findings
from their work assessing the design of the
Group’s systems and controls pertaining to
the valuation process.
Following enquiries with management
and the external auditor, the Committee
concluded that there are appropriate systems
and internal controls in place to assess and
quantify both actual and forecast selling
prices and costs, and that the Group’s
margin recognition policy is appropriate
and has been properly applied in the
financial statements.
Going concern
Key financial matters
Matter considered Information provided by management Challenge by the external auditor Committee assessment and conclusion
The financial statements have been prepared
on a going concern basis. If the financial
statements were not prepared on this basis,
significant adjustments and presentational
changes would be required to the
balance sheet.
Management produced a paper setting out
detailed forecasts and adverse scenarios
compared to a base case forecast.
These were then compared against the
Group’s banking facilities to show the
expected headroom and bank covenant
compliance. This showed that the Group
could continue to meet its liabilities as they
fall due during the review period.
The external auditor explained to the
Committee they had:
• reviewed and challenged the Group’s
assessment of going concern and
obtained an understanding of
significant assumptions;
• challenged the Group’s downside and
reverse stress testing scenarios;
• reviewed the effect of the various scenarios
on debt headroom and covenants;
• recalculated debt covenants; and
• considered the accuracy of
previous forecasts.
Following a review of this paper, and
challenge of both management and the
external auditor, the Committee concluded
that the going concern basis of preparation
continues to be appropriate in the context
of the Group’s expected funding and
liquidity position.
Further details in relation to the Group’s going
concern and viability assessment can be
found on pages 78 and 79.
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Carrying amount of land and work-in-progress
Key financial matters
Matter considered Information provided by management Challenge by the external auditor Committee assessment and conclusion
Land and work-in-progress are the most
significant assets on the Group’s balance
sheet, and at 31 July 2025, had a book value
of £4,667.9 million. The carrying value of land
and work-in-progress is affected by both
the revenue recognition and gross profit
recognition policies of the Group. In addition,
all inventory is held at the lower of cost and
net realisable value, which is determined by
the whole site/phase margin as set out in the
‘cost of sales recognition’ section. The risk
for any site/phase, currently trading or not,
is that the whole site/phase margin may be
negative resulting in a net realisable value that
is below cost. Divisional management review
all sites/phases to ensure any with a negative
forecasted whole site/phase margin have an
appropriate provision, and this has been
re-assessed at regular intervals during
the year.
Management set out details of the land and
work in progress impairment review process
and the outcome of this.
Management provided a summary of
this work, which was considered by
the Committee.
The external auditor explained to the
Committee they had:
• reviewed land with either internal or external
impairment indicators and discussed these
with management; and
• focused on the Group’s pipeline and
strategic land interests and challenged
management on their assessment of the
recoverable amount.
This included the procedures identified in
relation to profit recognition and a review of
the latest site/phase valuation for all sites/
phases active during the year and those that
are yet to commence production.
The Committee reviewed and understood
the Group’s methodology in reviewing the
carrying value of the Group’s land and work
in progress and the surrounding controls.
Following enquiries with management
and the external auditor, the Committee
concluded that there are appropriate systems
and internal controls in place to assess
the carrying value of the Group’s land and
work-in-progress, and that the carrying value
of these assets in the financial statements
is appropriate.
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Legacy building safety improvement provision
Key financial matters
Matter considered Information provided by management Challenge by the external auditor Committee assessment and conclusion
Legacy building safety improvement
provision totalling £516.4 million was
recognised in the balance sheet as at
31 July 2025.
There are two components of the provision
as set out below.
SRT and associated review
The Committee reviewed a paper setting
out the IAS 37 requirements for recognising
a provision.
The paper set out the approach taken
in identifying apartment blocks dating
back to April 1992 that could fall within the
scope of the SRT, cost estimates applied,
inflation and discounting assumptions
along with ensuring the associated
disclosures are clear and understandable.
The Committee challenged management’s
cost and inflation assumptions, and after
considering a sensitivity paper concluded
that management’s proposed assumptions
are appropriate.
Structural defects
The Committee reviewed a paper setting out
the background of the issue, how the risk has
been quantified, inflation and discounting
assumptions, along with ensuring the
associated disclosures are clear and
understandable. The Committee challenged
management’s cost and inflation assumptions
and concluded that management’s proposed
assumptions are appropriate.
SRT and associated review
The external auditor explained to the
Committee they had:
• reviewed the completeness of the
Group’s model capturing the potential
developments that fall under the scope of
the SRT;
• reviewed the detailed cost estimates;
• challenged assumptions relating to cost
inflation, timing of spend and the discount
rate; and
• reviewed the disclosures in relation to the
SRT and associated review provision.
Structural defects
The external auditor explained to the
Committee they had:
• reviewed the detailed cost estimates;
• challenged assumptions relating to cost
inflation, timing of spend and the discount
rate; and
• reviewed the disclosures in relation to the
structural defects provision.
Following a review of these papers and
challenge of management and the external
auditor, the Committee concluded that the
legacy building safety improvement provision
consisting of (i) the SRT and associated
review; and (ii) the structural defects, held
in the balance sheet and the associated
disclosures, are appropriate.
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Net legacy building safety expense and other exceptional items disclosure
Key financial matters
Matter considered Information provided by management Challenge by the external auditor Committee assessment and conclusion
A pre-tax net adjusting items expense of
£67.2 million has been recognised in the year.
This has two component parts (i) net legacy
building safety expense of £51.8 million; and
(ii) CMA market investigation expense of
£15.4 million. Separate disclosure is required
on the face of the income statement when,
in the opinion of the Board, a transaction
is material by size or nature and of such
significance that it is necessary to give a
proper understanding of the results.
Management produced a paper setting
out theaccounting and presentational
requirements of IFRSs relating to the
separatedisclosure of material items
of income or expense that could affect
decisions made by the primary users of the
Annual Report and Accounts.
This paper used the above framework, which
set out the treatment of whether the net
legacy building safety expense and CMA
market investigation expense should be
disclosed separately. The paper ensured,
where relevant, the principles agreed in the
previous year had been consistently applied.
The external auditor explained to the
Committee they had:
• performed procedures to assess the
quantum of the adjusting items and
assessed the appropriateness of their
classification in accordance with the
Group’s exceptional items policy; and
• reviewed the disclosures in relation to the
legacy building safety improvement and
other exceptional items expense.
The Committee provided careful
consideration to the judgments made in the
presentation and disclosure of the net legacy
building safety expense and CMA market
investigation expense, ensuring the Annual
Report and Accounts as a whole provides a
balanced view, including the presentation of
GAAP measures and APMs.
Following enquiries with management
and the external auditor, the Committee
concluded that the net legacy building safety
expense and CMA market investigation
expense are appropriately presented and
disclosed in the financial statements.
The Committee did not specifically ask EY to focus on any particular areas during the audit as they considered the key financial matters and audit scope to be appropriate, and had no specific
concerns in relation to other areas of the Group.
Other financial reporting matters
ESG and climate risk considerations
ESG and climate risks are considered by the Board due to their importance, although the associated disclosure requirements, processes and controls are separately reviewed by the Committee.
The Committee is aware of the increasing significance of ESG reporting matters, with the Group having established a roadmap for climate risk disclosures relating to its Annual Report and
Accounts. This, along with updates from EY throughout the year, has enabled the Committee to review and assess the disclosures included in the 2025 Annual Report and Accounts.
The Committee concluded that climate change and the associated risks are appropriately included and disclosed in the financial statements.
Although it is not considered a key audit matter, EY utilise some of their audit effort considering the impact of potential climate-related risks on the Group’s Annual Report and Accounts, both
quantitively in the financial statements and narratively elsewhere in the wider report, including in relation to going concern and the long-term viability statement. A specific climate-related risk
considered during the audit was in relation to the effect on the valuation of inventory arising from the requirements of the Future Homes Standard, and whether the necessary future costs were
included in site margin, itself being a key audit matter. No issues were identified as part of this work.
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Long-term viability statement
In accordance with provision 31 of the Code and the FRC guidance on Risk Management, Internal Control and Related Financial and Business Reporting, the Committee challenged
management on the assumptions, methodology and timespan that the viability statement covers.
A paper by management was considered by the Committee which set out the resilience of the Group to the emerging and principal risks and uncertainties to various adverse sensitivities using
different scenarios. These scenarios included a reduction in both the total number of legal completions and private average selling price, with both sales and administrative overheads, land
spend, and construction spend reducing accordingly. The results were then compared to the Group’s financing facilities to ensure compliance with debt covenants and sufficient headroom
exists, and to determine whether the Group could continue to meet its liabilities as they fall due.
The paper concluded that the viability statement and going concern basis of preparation are appropriate. This was then recommended to the Board for approval.
Quality of narrative reporting
2025 Annual Report and Accounts: fair, balanced and understandable
The Group Risk Director provided a paper to the Committee, to assist them in concluding whether the 2025 Annual Report and Accounts is fair, balanced, and understandable.
This independent review of the Annual Report and Accounts ensured the various components satisfied the requirements when read as a whole. This review also considered whether feedback
provided by shareholders in respect of the 2024 Annual Report and Accounts has been reflected.
In addition, the Committee performed a comprehensive review of the Annual Report and Accounts, considering items such as:
Fair Balanced Understandable
• The Annual Report and Accounts provide a
comprehensive review of the Group’s strategy and
activities during the year, which is consistent with the
business model.
• The narrative section is both consistent throughout and
also with the financial results and performance.
• Market conditions are clearly described, and the emerging
and principal risks and uncertainties are both accurate
and complete.
• All material transactions and issues faced by the Group
are included within the financial statements and disclosed
where required.
• The Group has sufficient distributable reserves when
compared to the proposed dividend.
• The Annual Report and Accounts provide a balanced view
of the performance and position of the entity, with both
significant positive and negative points disclosed.
• The key accounting judgments considered by the
Committee are appropriately disclosed and are consistent
with those considered by EY.
• The Annual Report and Accounts provides a balance
between statutory and adjusted performance measures.
• The Annual Report and Accounts are clear
and understandable and have consistent
messaging throughout.
• There are clear links between the strategy and KPIs.
• The KPIs and APMs have remained largely consistent and
there has been no change in the methodology other than
the aforementioned update to the calculation of RoCE
and underlying RoCE (see note 26 to the Group Financial
Statements). Three new APMs have been added in the year
underlying pre-tax RoE, pre-tax RoE and adjusted operating
cashflow as these are key indicators of the operating
efficiency of the Group and are key metrics used in the
Group’s strategy.
• The Annual Report and Accounts provides a clear and
consistent theme and tone with the Group’s other external
reporting requirements.
The Committee concluded that the 2025 Annual Report and Accounts:
• when taken as a whole, is fair, balanced and understandable; and
• provides the necessary information for shareholders to assess the Group’s position, performance, business model and strategy.
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Quality and effectiveness of internal controls and risk management framework
The Committee is responsible for reviewing and assessing the Group’s internal controls and risk management framework and providing guidance on these to the Board. The Board is
responsible for reviewing the effectiveness of the system of internal controls.
Throughout the year, the risk register for the Group has been reviewed and updated by management on a quarterly basis. This review includes ensuring the completeness of risks, assessing
their likelihood, their impact, and the effectiveness of the control environment to mitigate the risks.
Risk is considered by the Board with a full review of the risk register taking place at least annually. The internal control and risk management process only reduces the risk of material
misstatement or loss and does not eliminate this risk completely.
The emerging and principal risks facing the Group, which are described in the Strategic Report on pages 80 to 82, are regularly reviewed and cover all aspects of Bellway’s operations including
land acquisition, planning, construction, health and safety, sales, HR, IT, legal and regulatory compliance, and climate change.
The continuing role of the Board is, on a systematic and ongoing basis, to review the key emerging and principal risks inherent in the business, the operation of the systems and controls
necessary to manage such risks and their effectiveness, and to satisfy itself that all reasonable steps are being taken to mitigate these risks.
Key areas of control
Area Control description
Key risk identification The Board has agreed a list of key risks, which affect the Group, that are reviewed throughout the year and has considered the extent to which
the measures taken by the Group mitigate those risks.
Land acquisition The acquisition of land and land interests is initiated by divisional management and reviewed by the appropriate Regional Chair prior to
submission to the Group for approval. All land acquisitions must achieve minimum financial acquisition criteria and are subject to approval by the
Executive Directors, and in certain circumstances, approval by the Board.
Annual budget and monthly forecasting A comprehensive monitoring and reporting system is in place including annual budgets, monthly forecasting, and management reporting,
incorporating variance analysis and commentary. This is produced by divisional management and reviewed by the Regional Chairs and
functional heads at Group level. Summaries are also provided to the Executive Directors and the Board.
Monthly divisional board meetings Monthly divisional board meetings are held to review divisional performance, which are attended by the Regional Chairs. The Executive Directors
attend divisional board meetings on a rolling basis, and this is supplemented with Non-Executive Director visits to divisions.
Site valuations Site/phase valuations are produced periodically throughout the life of a site/phase, with a summary of the actual and forecast costs and revenues
produced at a divisional level prior to review by the divisional management team and Group.
Executive Committee The Executive Committee comprises Executive Directors, Regional Chairs and other senior Group management. This Committee focuses on key
strategic and operational matters affecting the Group. The minutes from these meetings are provided to the Board for review.
Health and safety visits Regular visits to sites by in-house health and safety teams and external consultants to monitor health and safety standards and performance.
Central treasury function A central treasury function operates at Group level ensuring the appropriate financing is obtained for the Group as a whole.
Centralised approach A number of the Group’s key functions are dealt with centrally. These include taxation, pensions, insurance, IT, legal, HR, regulatory compliance
and company secretarial functions. This centralisation ensures a consistent approach and the appropriate range of skills to manage these
specialised areas.
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Audit Committee Report continued
Throughout the year, the Committee received reports from the Group Risk and Audit team on the following areas of focus.
Review Focus and outcomes
Divisional compliance
17 reviews
These reviews assess whether the design and operation of finance, land acquisition and commercial processes in trading divisions is compliant
with the requirements of key Group policies. Findings and recommendations have resulted in policy improvement, updated procedural
guidance, and focused training for divisional management.
Legal completions (half-year and year-end)
2 reviews
Testing of legal completions is undertaken on a bi-annual basis to check that transactions have been recorded and recognised in the correct
period, with appropriate supporting documentation. In the current year, this work provided positive assurance that the processes operate
effectively and prevent the occurrence of cut-off issues.
Journals (half-year and year-end)
2 reviews
Testing of journals is undertaken on a bi-annual basis to check the validity and accuracy of a sample of transactions and confirm that appropriate
journal reviews are being undertaken by the trading divisions. The current year’s review confirmed that controls remain effective, with no major
findings identified.
Follow up of actions from previous audit
reports (half-year and year-end)
Testing of progress made with respect to previously raised actions in audit reports was performed at the half-year and year-end, demonstrating
timely and appropriate responses from management.
Cyber penetration testing A third party performed external, internal and wireless infrastructure penetration testing. The testing aims to identify security weaknesses that
may be exploited by an attacker or malicious user that has authenticated access to the infrastructure. The report identified some areas where the
Group’s already robust IT control environment could be further improved. An enhancement action plan was presented alongside the report.
Health and safety A third party performed a review of the current health and safety management system and its alignment to the requirements of ISO
45001:2018. The report concluded that the Group demonstrates a strong foundation in health and safety management, with only one minor
recommendation raised.
Fire procedures This review assessed communication and embedding of the Group's fire policy and procedures across divisions. The report provided positive
assurance that the Group is adhering to the policy and procedures and raised minor recommendations to further enhance processes
and compliance.
IT security A third party performed an assessment of the Group's cybersecurity maturity against the NIST Cybersecurity Framework. This concluded
that Bellway demonstrates a level of maturity in line with the industry benchmark and suggested some improvements to further enhance
cyber defences.
NHQC compliance This review assessed the Group's response to the New Homes Quality Code. While requirements were found to have been appropriately
considered, a number of improvement points were suggested to further develop existing processes and promote staff awareness.
Modern slavery – subcontractors
14 site visits
This work included an audit of trades at 14 sites. The work provided positive assurance that the Group is fulfilling its obligations in relation to
modern slavery and raised minor recommendations, which have further enhanced third-party onboarding and induction processes.
‘Bellway Home Space’ The effectiveness of governance processes surrounding the set-up of ‘Bellway Home Space’ was considered. The report concluded that project
management is robust, with appropriate mechanisms in place to drive implementation and measure success.
Delegations of Authority An assessment of current delegations of authority in relation to the current size and operation of the Group was undertaken. A number of
recommendations were raised to streamline approval processes and drive further accountability.
Building safety Self-Remediation Terms
andJoint Plan
This work assessed the Group's response to the Building Safety Self-Remediation Terms and the Joint Plan to accelerate developer-led
remediation and improve resident experience, concluding that appropriate processes are in place to deliver against the commitments made.
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Where any control recommendations
are made by the external auditors, these
are considered, and where relevant are
implemented to further strengthen the
control environment.
Procedures relating to the
prevention and detection of fraud
and bribery, and other compliance
Whistleblowing
The Group’s Whistleblowing Policy is well
publicised at all locations and allows all
employees and members of the supply
chain to raise concerns in confidence
to either the Finance Director and
Company Secretary, Group HR Director,
Group Deputy Company Secretary or,
alternatively, an independent third party.
The Group encourages employees and
members of the supply chain to raise any
concerns in an open and honest way.
These concerns could be in relation to
possible wrongdoing in financial reporting,
breaches of Group policies and procedures,
or other matters such as harassment,
bullying, money laundering, modern slavery,
or discrimination.
All whistleblowing reports are reviewed
and confidentially investigated by senior,
independent personnel and the findings
arereported to the Board.
During the year, the Committee approved
minor changes to the Whistleblowing Policy
and Procedure.
Bribery Act
The Group’s Anti-Bribery and Corruption
Policy and procedures are circulated
throughout the Group and are included on
the Group’s intranet.
During the year, the Committee approved
the Anti-Bribery and Corruption Policy.
Prevention and detection of fraud
Testing of processes that help the Group
prevent and detect fraud is undertaken as
part of a rolling programme throughout the
year by the Group Risk and Audit function
and is focused in the following areas:
bank reconciliations; employee expenses;
payments; journal transactions; sales
completions; site valuations; and supplier
bank details.
Risk and internal audit
The Group has a risk and audit function
which, in part, performs internal audit
reviews. The Group Risk Director has a direct
reporting line into both the Chief Financial
Officer and myself. During the year, the
Group Risk and Audit function undertook
a number of internal audit reviews, utilising
specialists from within relevant functions
where appropriate. The Group Risk Director
provided the Committee with a summary of
the findings, together with recommendations
to further enhance the control environment.
A register is maintained centrally, which
monitors progress against any system and
control enhancements to ensure they are
implemented appropriately and in a timely
and controlled manner.
External audit
Audit performance and effectiveness
The external auditor of the Group is EY.
EY continues to provide robust challenge to
management and provides its independent
view to the Committee on specific financial
reporting judgments and the control
environment across the Group.
EY’s performance is regularly reviewed by
both management, and the Committee, and
this is done formally on an annual basis.
The Committee considered a paper
produced by management which used the
FRC practice aid ‘Audit Quality – Practice aid
for Audit Committees’ as a basis.
The review consisted of:
• considering the robustness and
appropriateness of EY’s approach to
auditing the significant risk areas facing
the Group;
• considering whether EY’s materiality
proposal for the previous financial
year, which was the most up-to-date
information held at the date of review,
was set at an appropriate level for the
component parts of the Group;
• discussions with management
who were involved in the financial
reporting processes;
Street scene at the Chilsey Grange
development, Chertsey.
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Street scene of Highlands Grange,
Swanley.
Audit, Risk and Internal Control continued
Audit Committee Report continued
• an understanding of the findings of the
Annual Review of Audit Quality 2024
results that were published by the FRC on
30 July 2024, following their inspection
of audit firms including EY. This included
understanding whether any of the findings
would have affected the Bellway audit;
• an understanding of the Audit Quality
Review (‘AQR’) and internal EY quality
review findings, specifically in relation to
the engagement partner Mark Morritt;
• considering EY’s independence,
objectivity, and professional scepticism;
• reviewing the performance of EY against
their audit strategy for FY24, the most
recent completed audit cycle, and their
interaction with the Committee during the
process; and
• considering where EY have added value
and demonstrated proactivity.
Following this review, the Committee
recommended to the Board, which is in turn
recommending to the shareholders, that EY
be re-appointed as auditor of the Group.
Auditor rotation
The Committee acknowledges the
provisions contained in the Code in respect
of audit tendering. In conformance with
these requirements, Bellway will be required
to tender the external audit no later than for
the 2030 financial year-end.
Auditor independence and non-audit fees
The Independent Auditor Policy, which seeks
to preserve the independence of the external
auditor by defining those non-audit services,
which the external auditor may and may not
provide, was reviewed during the year.
Any engagement with the external auditor
needs to be approved, in advance, by
the Chair of the Audit Committee, and
retrospectively by the Audit Committee.
During the prior year, EY were engaged
alongside KPMG LLP as reporting
accountants to perform certain
non-audit-related services in relation to
the Crest Nicholson transaction, which was
aborted in August 2024. Certain workstreams
were allocated to EY as they are typically
performed by the external auditor
and to generate efficiencies, with the
other workstreams allocated, to KPMG.
Before seeking formal Committee approval
of the workstream allocation. EY obtained
upfront approval from the Financial
Reporting Council to exceed the non-audit
services fee cap when looking over a
two-year period.
The Committee recognises and supports the
independence of auditors, and it considered
and approved the proposal to use EY for
these non-audit services, along with the fee
estimates for both EY and KPMG. This is the
only non-audit service EY have provided
since they were appointed as auditor, albeit
the expense straddled both FY24 and FY25,
with independence maintained as the
Committee expects the non-audit service
spend with the external auditor will revert
back to the historical norm. For an analysis
of fees paid to EY, see note 4 to the Group
Financial Statements.
The ratio of non-audit fees for the year to the
external audit fee was 0.16:1.
Following the conclusion of the audit for the
year ended 31 July 2025, Mark Morritt will
have completed five years out of the normal
maximum of five years as EY engagement
partner. A new engagement partner has
been identified; Simon O’Neill who will lead
the audit for the year ending 31 July 2026.
The Committee has worked alongside EY to
ensure processes are in place to enable a
smooth transition.
The Committee considers EY to be
independent and EY, in accordance with
professional ethical standards, provided
the Committee with written confirmation
of its independence throughout the year.
The Committee monitors all fees paid to the
external auditor at each Committee meeting.
The Group has a policy which includes
certain restrictions on the recruitment of
employees from the external auditor.
The Committee confirms there are no
independence issues in relation to the
external auditor and that these policies have
been adhered to throughout the year.
Ian McHoul
Chair of the Audit Committee
13 October 2025
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123
Remuneration Report
“ The Committee’s focus this
year has been to ensure
the Remuneration Policy
remained aligned with the
Company’s business strategy
and shareholder interests.”
Jill Caseberry
Chair of the
Remuneration Committee
Key focus areas during FY25
• Review the Remuneration Policy ahead of
the 2025 AGM.
• Review and determine the remuneration
packages for the Executive Directors
(including the new Chief Financial Officer),
and the Executive Committee members.
• Review the long-term incentive awards
vesting levels for the 2024/25 year for the
Executive Directors and senior management.
• Approve the 2023/24 financial year bonus
payments for the Executive Directors and
senior management.
• Approve the 2023/24 Remuneration Report.
• Set the bonus targets for the 2025/26 year.
• Make awards under the long-term
incentive plan (‘LTIP’).
• Engage with employees on Executive
remuneration through the Employee
Listening Groups.
Annual statement
Dear Shareholder
I am pleased to present the Report of the
Remuneration Committee (the ‘Committee’).
This Report is divided into three sections:
my statement, our annual report on
remuneration for the 2024/25 financial year,
and the Directors’ Remuneration Policy (the
‘Policy’ or the ‘Remuneration Policy’) being
put to shareholders at the 2025 Annual
General Meeting.
The Committee’s focus this year has been to
ensure the Remuneration Policy remained
aligned with Company’s business strategy
and shareholder interests.
Performance in 2024/25
The Group has delivered a solid
performance in FY25 with double-digit
growth in volume output and profits.
Notwithstanding the near-term market
headwinds, we have a high-quality land
bank, strong balance sheet and the
operational capacity to deliver long-term
growth. Combined with our refreshed and
disciplined approach to capital allocation, we
are confident that we can drive increased
volume output, cash generation and
shareholder returns in FY26 and beyond.
2024/25 Remuneration outcome
During the financial year, the Committee
continued to operate a remuneration
structure based on the three core elements
of: basic salary; annual cash bonus, subject
to the deferral policy; and a share-based
long-term incentive plan, which it considers
closely aligns management interests with
those of stakeholders.
The 2024/25 annual bonus was subject to
underlying operating profit adjusted for the
share of results of joint ventures, adjusted
capital employed, land delivery and ‘Better
with Bellway’ measures. The Committee is
conscious that the housebuilding sector is
highly cyclical, and in recognition sets bonus
targets by reference to a combination of
market consensus forecasts, the stretching
goals we set in the annual business plan and
internal forecasts for the year.
Growth is forecast to continue for 2025/26,
and bonus targets have been set for the year
to reflect this.
Based on performance across the year,
the Committee has awarded the Executive
Directors a bonus payment of 146.32% of
basic salary.
The Committee is comfortable that the
formulaic outcome of the bonus reflects
wider business performance, and as a result,
no discretion has been applied. In line with
the Policy in place for 2024/25, 25% of the
bonus will be deferred into shares and held
for three years. As a result, 36.6% of salary will
be deferred.
The 2022/23 LTIP awards are eligible to
vest based on performance over the
three financial years to 31 July 2025.
Performance was based on underlying EPS,
relative TSR versus a bespoke peer group
of housebuilders and relative TSR versus
the FTSE 350 (excluding financial services
and investment trusts), underlying return on
adjusted capital employed and ESG targets.
Sarah WhitneyJohn Tutte
Ian McHoul Cecily Davis
Gill Barr
(Appointed 15 September 2025)
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Remuneration Report continued
Based on performance over the period,
56.4% of the award will vest. The Committee
believes that this outcome is appropriate as
it is reflective of the business performance
delivered, and no discretion has
been applied.
The Committee is comfortable that actions
taken on pay during the year across the
Company were appropriate and balanced
the interests of all stakeholders, and that the
Policy operated as intended.
Directors’ Remuneration Policy
The Policy was approved at last year’s
Annual General Meeting, making changes
to the long-term incentive plan, bonus
plan and shareholding guidelines.
Most shareholders were supportive of
these changes, with the two remuneration
resolutions receiving 95% and 99% support
respectively, a breakdown of votes can be
seen on page 139.
Following the appointment of the Chief
Financial Officer in December 2024, a review
of the way we operate as a business was
undertaken, and the Board concluded that
the business should refocus its key financial
drivers. Specifically, there will be a much
greater focus on the efficiency of the Group’s
balance sheet. As set out in the strategic
report, we intend to reduce the capital
employed in the business, generate higher
cashflow and focus on delivering a higher
return on equity, all aimed at improving
investor returns.
In addition, leveraging our strong position in
WIP and land invested will deliver growth in
output and returns in the years ahead.
management. The Committee feels that this
change is key to delivering the changes to
the implementation of our business strategy
in the years ahead.
The performance metrics will be clear
and simple, and be closely linked to the
KPIs that demonstrate delivery against our
new objectives.
Annual grants will revert to the 200% of
salary level that operated in 2023 for the
current Executive Directors, but all other
changes made last year will remain in force.
The performance metrics will be:
• Underlying pre tax return on equity (50%
weighting) with a range of 10% to 14%
for FY28.
• Underlying profit after taxation (25%
weighting) with a range of £700m to
£840m for a three year period.
• TSR (25% weighting) with a range of
Median to Upper Quartile against the
Housebuilding sector.
As well as the efficiency measure of
underlying pre tax return on equity, we feel
that a profit growth measure is important.
Rather than use EPS and then adjust the
targets for share buybacks over the period,
we feel that it is simpler to set underlying
profit after taxation targets.
The higher end of the target ranges delivers
over 25% volume growth and significant
growth in operating profit, cash flow and
returns to shareholders. Significant growth in
underlying pre tax RoE will be required from
8.2% in FY25.
The focus on growth will improve asset turn
and cash generation. In contrast, we have
been more focused traditionally on the
income statement driving cash generation
and rewarding on income statement based
incentive measures as a result.
We are now increasing focus on balance
sheet efficiency and RoE, which will
ensure senior management are focused
on maximising operating cash flow over
sustained periods. The focus on sustained
profitable growth with RoE growth and
operating cash flow generation will
lead to significant value creation for our
shareholders, underpinned by a well
understood Capital Allocation Policy, which
will clearly articulate what we plan to return
to our shareholders and what we plan to
reinvest in the business.
This is all designed to ensure that the growth
strategy remains robust and sustainable.
To achieve this, we need to focus the
attention of each of our 20 trading divisions
on reducing working capital as well as
maximising the efficient use of our landbank.
At the same time, we want to increase
our operating margin and grow volume.
Delivering these changes will require a
step change in contribution from everyone
and a real change in focus for the senior
management team.
Following a review by the Committee on
how the Remuneration Policy and associated
incentives can best support this strategic
shift, we intend to seek shareholder approval
to revert to the use of performance shares.
This change will take place for the three
Executive Directors, management within the
20 trading divisions, and for Group based
These targets achieve a balance between
stretching management to deliver more for
shareholders and providing an opportunity
for partial vesting if the housing market
recovery is delayed. The Committee
will retain the normal flexibility to make
adjustments in the event of mergers and
acquisitions, exceptional circumstances
and windfall gains to ensure that the
formulaic outcomes are reflective of
overall performance.
No other amendments are being proposed
to the policy.
Other considerations
duringtheyear
Shareholder engagement
Ahead of the 2025 AGM, we have engaged
with our largest investors as well as
Institutional Shareholder Services (‘ISS’), the
Investment Association (‘IA’) and Glass Lewis,
to understand their views on the proposed
new Policy and its proposed implementation
in 2025/26. We are grateful for the
feedback received from investors through
our engagement. Whilst investors were
generally very supportive of the proposed
changes to the remuneration policy and its
proposed implementation in 2025/26, some
challenged us on why we were changing
back to our previous approach after only
one year. We took on board suggestions
to make it clearer how we will assess the
performance achieved against the LTIP
targets when considering if discretion should
be exercised (see page 137).
Most investors were in favour of the
performance metrics we have chosen.
However, not all investors favoured TSR as a
performance metric.
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Remuneration Report continued
Wider workforce engagement
We engage with our employees through the
annual Employee Engagement Survey, and
through national and regional employee
listening groups. We have four regional
employee listening groups that meet four
times per year, and all groups are chaired
by employees. During FY25, we launched
the National Employee Listening Group
which will meet bi-annually and is Chaired
by Cecily Davis, the Non-Executive Director
for Workforce Engagement. We engage
with the employee listening groups on
Executive remuneration and explain how
this aligns with the wider Company Pay
Policy. Feedback from employee listening
groups is shared with the main board, and
our Non-Executives regularly attend these
sessions to actively listen to the feedback
from employees directly.
Board changes
As disclosed in last year’s annual report, Keith
Adey stepped down from his role as Group
Finance Director on 1 December 2024.
He remained on the Board and continued
to play an active role in the business as
an Executive Director until 21 March 2025.
Shane Doherty was subsequently appointed
Chief Financial Officer on 2 December 2024.
The terms of his appointment were detailed
in last year’s annual report. Simon Scougall
was also promoted to the role of Chief
Commercial Officer as at 1 August 2024, and
the changes to his remuneration package
were outlined in last year’s report.
As announced on 12 August 2025, Gill Barr
joined Bellway on 15 September 2025 as an
independent Non-Executive Director. Gill is
also a member of the Audit, Nomination and
Remuneration Committees and will succeed
me as Chair of the Remuneration Committee
in April 2026 before I retire from the Board
later in the year. Gill’s fees are in line with
the Policy.
How we will implement the
Remuneration Policy in 2025/26
The Committee considered how
remuneration should be implemented in
2025/26. Part of this process was reviewing
current practice against both market and
best practice, our Group reward principles
and pay ratios. The key decisions taken are
set out below.
The Committee has awarded Jason
Honeyman, Shane Doherty and Simon
Scougall an increase of 3%, which is in
line with the average for the workforce for
2025/26 of 3%. The bonus opportunity for
Executive Directors will be in line with the
existing Remuneration Policy at 150% of
basic salary. During the year, the Committee
reviewed the performance measures
used for the annual bonus to ensure they
continue to align with the Group strategy.
The Committee concluded that they remain
broadly appropriate but has replaced
adjusted capital employed (6.7% weighting)
with adjusted operating cashflow (13.3%
weighting) to reflect the changes to how
we are implementing our business strategy.
The weighting on underlying operating profit
reduces from 60% to 53.4%.,The remaining
measures remain land delivery (20.0%),
and ‘Better with Bellway’ measures (13.3%).
The Committee retains the discretion to
adjust the formulaic outcome of the bonus to
reflect wider business performance including
satisfactory health and safety performance,
with 25% of any bonus earned must be
deferred into shares for three years.
In line with the proposals set out on page
143, the Company intends to make an award
of Performance Shares under the LTIP of up
to 200% of salary to the Executive Directors.
Awards will vest to the Executive Directors
after three years, subject to satisfaction of the
performance conditions (set out on page
135) with any shares vesting subject to a two-
year holding period.
Concluding remarks
I hope it is clear from the way we are
proposing to apply the Policy in 2025/26
that we continue to take account of the
feedback of our shareholders and we look
forward to receiving your support for the
Directors’ Remuneration report and Policy at
the upcoming AGM. Our proposed refreshed
Remuneration Policy underpins the
Board’s strategy of improving shareholder
returns through our new capital allocation
framework. I will be available to answer
any questions before, and at, the AGM.
This will be my last AGM as Chair of the
Remuneration Committee and I will be
handing over to Gill Barr in April 2026. I am
grateful for the engagement and support
that I have received during my tenure.
Jill Caseberry
Chair of the Remuneration Committee
13 October 2025
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Remuneration Report continued
Remuneration at a glance
How remuneration links to our strategy
(See pages 21 to 24 for details of our performance).
Strategic objective Link to remuneration Metric Performance against metric
Earnings growth and driving down costs Annual bonus and vesting LTIP Underlying operating profit and underlying EPS Achieved and not achieved
Focus on capital employed Annual bonus and vesting LTIP Adjusted capital employed and RoCE Partially achieved and not achieved
Land delivery Annual bonus Outlet openings and DPP in BRICs Partially achieved
ESG Annual bonus and vesting LTIP Retain five-star
5
homebuilder status, results of Employee
Engagement Survey, carbon reduction and waste reduction
Achieved and achieved
Value creation through capital and
dividend growth
Vesting LTIP Relative TSR against two comparator groups Partially achieved
The Committee set ambitious targets, which have been challenging to achieve in a tough
economic environment, which has impacted all elements of the business, this is reflected in
the outcomes highlighted above.
Bonus outcomes – see page 128
The 2024/25 bonus was based on financial and strategic targets.
Strategic objective
Weighting
(% of maximum)
Achievement
(% of maximum)
Underlying operating profit
(a)
60.0% 100.0%
Adjusted capital employed 6.7% 64.0%
Land delivery 20.0% 99.7%
‘Better with Bellway’ measures 13.3% 100.0%
Total 100.0% 97.5%
Notes:
a. Underlying operating profit for the bonus includes the share of result of joint ventures.
LTIP outcomes – see page 130
The PSP awards granted in 2022/23 were based on the performance conditions set
out below.
Strategic objective
Weighting
(% of maximum)
Achievement
(% of maximum)
EPS Underlying EPS in 2024/25 20.0% 0.0%
Relative TSR vs housebuilders 20.0% 100.0%
vs FTSE 350 (excl. Financial services and
investment trust) 20.0% 81.8%
RoCE
Underlying return on adjusted capital
employed
20.0% 0.0%
ESG
Reduction in scope 1 and 2 emissions
10.0% 100.0%
Reduction in waste per completed unit
10.0% 100.0%
Total 100.0% 56.4%
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Remuneration Report continued
Annual Report on Remuneration
Committee membership and activity
The Committee met eight times during the year and details of the Committee members and
their attendance are set out in the table below.
Director Date appointed to the Committee
Number of meetings
attended during the year
Achievement
(% of maximum)
Jill Caseberry
(Chair)
1 October 2017 (appointed as Committee
Chair on 13December2017) 8/8 100%
John Tutte 1 March 2022 8/8 100%
Ian McHoul 1 February 2018 7/8* 87.5%
Sarah Whitney
1 September 2022
8/8 100%
Cecily Davis
1 May 2024
8/8 100%
* Absence due to illness.
The operation of the Committee is conducted by reference to its Terms of Reference,
which have been prepared to comply with relevant statutory, regulatory and corporate
governance requirements and best practice and are available at: www.bellwayplc.co.uk/
investor-centre/governance/committees.
None of the Committee members have a personal financial interest, other than as
shareholders, in the matters to be decided. There are no conflicts of interest arising from
cross-directorships and no day-to-day involvement in running the business.
The Committee appointed Korn Ferry as independent external advisers, following a
competitive tender process, on 1 January 2019. Korn Ferry does not provide any other services
to the Company other than to the Remuneration Committee and the Board Committee
on Non-Executive Directors’ Remuneration. They are members of the Remuneration
Consultants Group and abide by its Code of Conduct. The Committee is satisfied that
Korn Ferry are independent. The total fee paid to Korn Ferry for advice to the Committees
during the year was £134,283 (2024 – £137,930), which was charged on a time and material
basis. The Committee also benefited from advice received from the Chief Financial Officer,
and Finance Director and Company Secretary on issues other than those relating to their
own remuneration.
The remuneration of the Non-Executive Directors (apart from the Chair) is determined by
the Board Committee on Non-Executive Directors’ Remuneration, which comprises the
Executive Directors.
Implementation of Remuneration Policy in 2024/25
The auditor is required to report on the information contained in the following part of this
report, as noted on the relevant sections.
Salary for the year ended 31 July 2025
For 2024/25, Jason Honeyman received a salary of £799,814, and Simon Scougall received a
salary of £444,000. Shane Doherty and Keith Adey received annual salaries of £480,000 and
£488,070 respectively, which were pro-rated for the period of employment.
Annual bonus for the year ended 31 July 2025
The annual bonus is payable in October 2025 for performance during the year ended 31 July
2025. The performance targets for the 2024/25 bonus comprised underlying operating profit,
adjusted capital employed and strategic targets.
The actual bonus payment against objectives was determined on the following basis:
Objective
Weighting
(% of salary)
Threshold
(25% pays out)
Maximum value
(100% pays out) Actual
Payment
(% of
maximum)
Payment
(% of salary)
Underlying
operating profit
(a)
90% £240.0m £300.0m £302.0m 100.0% 90.00%
Adjusted capital
employed
(b)
10% <£2,250.0m <£2,000.0m £2,119.6m 64.0% 6.41%
Land delivery 30% See below 99.7% 29.91%
‘Better with Bellway’
20% See below
100.0% 20.00%
Total
150%
97.5% 146.32%
Notes:
a. Underlying operating profit for the bonus includes the share of result of joint ventures.
b. Adjusted capital employed is capital employed after having adjusted for current and deferred tax assets or liabilities, retirement benefit
assets, the net legacy building safety provision, land, land payables and trade payables. It is calculated as an average over a 12-month
period and the calculation is consistent with prior year.
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Remuneration Report continued
The basis for payment of the actual bonus against the strategic measures is set out below:
Strategic pillar
Weighting
(% of salary) Objectives Performance
Achievement
(% of max)
Land bank 30% This is in two parts:
• Sales outlet openings to ensure that we have the ability to meet our
sales ambitions and have secured sufficient detailed planning consents.
A threshold payment of 7.5% of salary is triggered for 40 outlet openings
up to a maximum of 15% of salary for 50 openings.
• Availability of plots with DPP (available for completion in the following
financial year) to ensure our sales ambitions are not frustrated by land
shortages in future years.
Achieved - 56 outlets were opened in 2024/25,
exceeding the maximum target.
Partially achieved – the land bank targets are
commercially sensitive and will be disclosed one
year in arrears
(a)
.
99.7%
Sustainability –
five-star
5
homebuilder
7% Retaining five-star
5
homebuilder status (as measured by the HBF) and
achieve a score of at least 90%.
Achieved - We retained our five-star
5
homebuilder
status. The Group’s score in 2025 was 95.4%.
100%
Sustainability
– Employee
Engagement
6% This is in two parts:
• A threshold payment of 1.5% of salary is triggered for a score of 75%
with an additional bonus opportunity on a straight-line basis for further
improvement in score, up to a maximum of 3% of salary for a score of at
least 80%. Based on the average score to four questions on the survey.
• A threshold payment of 1.5% of salary is triggered for a score of 63%
with an additional bonus opportunity on a straight-line basis for further
improvement in score, up to a maximum of 3% of salary for a score of at
least 70%. Based on a standalone question.
Achieved - The score was 85% and 82%
respectively and so the maximum target was
exceeded for both targets.
100%
Sustainability –
Carbon Reduction
7%
Progress in relation to the timber frame business in line with the
strategic business objectives including meaningful progress against the
business plan.
Achieved - An updated business plan for timber
frame was presented to the Board at the July
strategy meeting, and the Board was satisfied
with the strategy and progress against it and
provided approval.
100%
Notes:
a. The 2023/24 base target was set at 8,000 plots with a maximum target of 9,250 plots. The actual performance achieved was 9,430 plots.
Health and safety performance is taken into account by the Committee as part of its overall assessment of the bonus payment, and the Committee has discretion to reduce the overall
bonus payment if it considers that health and safety standards have been unsatisfactory. The Committee is satisfied with the health and safety standards during the year under review, and is
comfortable that the formulaic outcome under the bonus is in line with wider business performance. Therefore, the Committee has not applied discretion.
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Remuneration Report continued
The bonus outcome for the Executive Directors is set out below.
Executive Directors Outcome
Jason Honeyman £1,170,304
Simon Scougall £649,670
Shane Doherty
(a)
£465,665
Keith Adey
(a)
£455,884
Note:
a. The bonuses for Shane Doherty and Keith Adey have been pro-rated for the period of employment.
In line with the policy, 25% of the bonus will be deferred into shares and held for three years.
Long-term incentives vesting in respect of performance period ended 31 July 2025
LTIP awards granted 11 November 2022 to Jason Honeyman, Keith Adey and Simon Scougall were based on performance to 31 July 2025. The performance targets for these awards and actual
performance against those targets are set out below.
Performance measure Weighting (% of maximum) Threshold (25% of maximum) Maximum (100% of maximum) Actual Vesting (% of maximum)
Underlying EPS in 2024/25
1
20% 377.9p 427.8p 173.8p 0.0%
Relative TSR vs peer housebuilders
2
20% Median Median +7.5% p.a. Above Median+7.5% p.a. 100.0%
Relative TSR vs FTSE350
3
20% Median Upper quartile Above Median 81.8%
Underlying return on adjusted
capitalemployed
4
20% 14.0% 19.0% 7.1% 0.0%
Reduction in scope 1and 2 emissions 10% 4,436 tonnes reduction 6,429 tonnes reduction 12,422 tonnes reduction 100.0%
Reduction in waste per completed unit 10% 1.56 tonnes reduction 2.01 tonnes reduction 3.21 tonnes reduction 100.0%
Total 100% 56.4%
Notes:
1. Calculated using underlying profit before taxation and the current tax rates.
2. The initial peer group included: Barratt Developments plc, The Berkeley Group plc, Crest Nicholson Holdings plc, Persimmon plc, Redrow plc, Taylor Wimpey plc and Vistry Group plc. Redrow delisted following its merger in August 2024 with Barratt Developments and has now been
excluded from the peer group.
3. Excludes financial services companies and investment trusts.
4. Calculated by adding back land creditors and legacy building safety provisions to capital employed.
Based on performance over the period, 56.4% of the award will vest. The Committee is comfortable that the formulaic outcome of the LTIP reflects wider business performance and so no
discretion has been applied.
The awards will vest on 11 November 2025. The vesting details for the Executive Directors are set out below.
Executive Directors Vesting date
Number of
sharesgranted
Number of shares
tovest
d
Dividend equivalent
shares
Number of shares
tolapse
d
Increase in value as a result of share price
movement between grant and vesting
a
£000
Dividend equivalent on
shares to vest £000 Estimated value
b
£000
Jason Honeyman
11 November 2025
64,901 41,940 9,461 32,422 £281.5 £144.4 £1,134.9
Simon Scougall 15,221 9,836 2,219 7,604 £66.0 £33.9 £266.2
Keith Adey
(c)
39,604 22,512 5,078 22,866 £151.1 £77.5 £535.8
Notes:
a. The share price used to calculate the value of the awards on grant was £19.37.
b. The estimated value is calculated applying a share price based on an average over the three-month period ended 31 July 2025 of £27.06.
c. Keith Adey’s LTIP award and dividend equivalent shares have been time pro-rated to reflect the period of his employment.
d. This includes the dividend equivalent shares.
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Remuneration Report continued
Single figure of total remuneration (audited)
Salary and fees
£
Taxable
benefits
(e)
£
Pension
(f)
£
Annual
bonus
£
Sub-total
£
Long-term
incentives
£
Other
items
(g)
£
Total
£
Total fixed
remuneration
£
Total variable
remuneration
£
Non-Executive Chair
John Tutte 2025 281,212 – – – 281,212 – – 281,212 281,212 –
2024 269,100 – – – 269,100 – – 269,100 269,100 –
Executive Directors
Jason Honeyman
2025 799,814 46,832 79,981 1,170,304 2,096,931 1,134,905 – 3,231,836 926,627 2,305,209
2024 765,372 46,320 76,537 826,602 1,714,831 – – 1,714,831 888,229 826,602
Keith Adey
(a)
2025 313,759 24,692 31,376 455,884 825,711 535,818 – 1,361,529 369,827 991,702
2024 467,053 35,707 46,705 504,417 1,053,882 – – 1,053,882 549,465 504,417
Simon Scougall
(b)
2025 444,000 39,256 76,942 649,670 1,209,868 266,165 – 1,476,033 560,198 915,835
Shane Doherty
(c)
2025 320,000 72,133 14,000 465,665 871,798 – – 871,798 406,133 465,665
Non-Executive Directors
Sarah Whitney
2025 80,307 – – – 80,307 – – 80,307 80,307 –
2024 76,849 – – – 76,849 – – 76,849 76,849 –
Jill Caseberry
2025 82,200 – – – 82,200 – – 82,200 82,200 –
2024 78,660 – – – 78,660 – – 78,660 78,660 –
Ian McHoul
2025 82,200 – – – 82,200 – – 82,200 82,200 –
2024 78,660 – – – 78,660 – – 78,660 78,660 –
Cecily Davis
(d)
2025 67,600 – – – 67,600 – – 67,600 67,600 –
2024 16,172 – – – 16,172 – – 16,172 16,172 –
Total
2025 2,471,092 182,913 202,299 2,741,523 5,597,827 1,936,888 – 7,534,715 2,856,304 4,678,411
2024 1,751,866 82,027 123,242 1,331,019 3,288,154 – – 3,288,154 1,957,135 1,331,019
Notes:
a. Keith Adey stepped down from his role as Group Finance Director on 1 December 2024. He remained on the Board and continued to play an active role in the business as an Executive Director until 21 March 2025. The values shown in the table above reflect the period where he was
a Director.
b. Simon Scougall was appointed to the Board in the newly created Executive role of Chief Commercial Officer from 1 August 2024.
c. Shane Doherty was appointed Chief Financial Officer on 2 December 2024.
d. Cecily Davis was appointed to the Board on 1 May 2024.
e. Taxable benefits include car allowance/benefit and health insurance and £9,758 for Jason Honeyman and £46,000 for Shane Doherty, which relate to their hotel and travel costs.
f. Pension includes payments in lieu of pension based on 10% of salary, except for Shane Doherty who receives 5% of salary reflecting his shorter service. None of the Directors are members of the Group’s defined benefit scheme.
g. Other items refer to the discount on the awards, during the year stated, under the Group’s all-employee savings-related share option scheme.
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Remuneration Report continued
Directors’ share-based rewards and options (audited)
Details of all Directors’ interests in the Company share-based reward schemes are shown.
Jason Honeyman
Scheme
Awards/options held at
1 August 2024
Granted/awarded
during the year
Exercised
during the year
Lapsed during
theyear
Awards/options held at
31July 2025
Exercise price/market
price at date of award (p) Date of grant/award
Exercisable/capable of
vesting from
PSP
(a)
33,216 – – 33,216 – 3,211.0 26.10.2021 26.10.2024
PSP
(b)
64,901 – – – 64,901 1,937.0 11.11.2022 11.11.2025
2013 SRSOS
(f)
1,935 – – – 1,935 1,550.0 07.12.2022 01.02.2028
PSP
(c)
75,036 – – –
75,036 2,040.0 24.10.2023 24.10.2026
RSP
(d)
– 32,064 – –
32,064 2,494.0 16.12.2024 16.12.2027
Total
175,088 32,064 – 33,216
173,936
Keith Adey
Scheme
Awards/options held at
1 August 2024
Granted/awarded
during the year
Exercised
during the year
Lapsed during the
year
Awards/options held at
31July 2025
Exercise price/market
price at date of award (p) Date of grant/award
Exercisable/capable of
vesting from
PSP
(a)
19,304 – – 19,304 – 3,211.0 26.10.2021 26.10.2024
PSP
(b)
39,604 – – 4,768 34,836 1,937.0 11.11.2022 11.11.2025
2013 SRSOS
(f)
1,161 – – – 1,161 1,550.0 07.12.2022 01.02.2026
PSP
(c)
45,789 – – 20,765
25,024 2,040.0 24.10.2023 24.10.2026
Total
105,858 – – 44,837
61,021
Simon Scougall
Scheme
Awards/options held at
1 August 2024
Granted/awarded
during the year
Exercised
during the year
Lapsed during the
year
Awards/options held at
31July 2025
Exercise price/market
price at date of award (p) Date of grant/award
Exercisable/capable of
vesting from
PSP
(a)
8,097 – – 8,097 - 3,211.0 26.10.2021 26.10.2024
PSP
(b)
15,221 – – – 15,221 1,937.0 11.11.2022 11.11.2025
2013 SRSOS
(f)
1,935 – – – 1,935 1,550.0 07.12.2022 01.02.2028
PSP
(c)
18,210 – – –
18,210 2,040.0 24.10.2023 24.10.2026
RSP
(d)
– 17,800 – –
17,800 2,494.0 16.12.2024 16.12.2027
Total
35,366 17,800 – –
53,166
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Shane Doherty
Scheme
Awards/options held at
1 August 2024
Granted/awarded
during the year
Exercised
during the year
Lapsed during the
year
Awards/options held at
31July 2025
Exercise price/market
price at date of award (p) Date of grant/award
Exercisable/capable of
vesting from
RSP
(d)
– 19,243 – –
19,243 2,494.0 16.12.2024 16.12.2027
Total
– 19,243 – –
19,243
Notes:
a. The performance period finished on 31 July 2024 and these awards lapsed.
b. The performance period is 1 August 2022–31 July 2025. Details of the vesting of these awards, which will take place after this Report is published are set out in full under the heading ‘Long-term incentives vesting in respect of performance period ended 31 July 2025’ above.
The performance condition is subject to underlying EPS performance (20%), Relative TSR vs a bespoke peer group of housebuilders (20%), Relative TSR vs FTSE 350 excluding financial services companies and investment trust (20%), Underlying Return on Adjusted Capital Employed
(20%), Reduction in scope 1 and 2 emissions (10%) and Reduction in waste per completed unit (10%). These awards are subject to clawback provisions.
c. The performance period is 1 August 2023–31 July 2026. The awards are subject to the following conditions: Relative TSR vs a bespoke peer group of housebuilders (25%), Relative TSR vs FTSE 350 excluding financial services companies and investment trust (25%), margin protection
metrics (30%) and sustainability (20%). These awards are subject to clawback provisions.
d. On 16 December 2024, restricted share awards were granted under the LTIP to Jason and Simon equal to 100% of their respective salaries on grant. The face value of these awards on grant were £799,676 and £443,932 respectively based on a share price of 2,494p (calculated using the
average share price over five dealing days prior to the Award date). Shortly following his appointment as a Director, on 16 December 2024 Shane was granted a restricted share award equal to 100% of his salary on 16 December 2024. The face value of the award on grant was £479,920
based on a share price of 2,494p (calculated using the average share price over five dealing days prior to the Award date). The awards are subject to a performance underpin. Awards will only be eligible to vest subject to the Committee being satisfied that the Company’s overall
performance is in line with the Company’s long-term strategic plan (the ‘performance underpin’). In assessing the underpin, the Committee will consider the Group’s overall performance, including financial and non-financial performance over the course of the vesting period and any
material factors identified. To ensure that pay aligns with performance, the Committee may reduce vesting levels (including to zero) if they are not satisfied that the underpin has been met. These awards are subject to clawback provisions.
e. All of the above awards set out in notes a–d were granted for nil consideration and have a nil exercise price.
f. Further details of the 2013 SRSOS are shown in the summary of outstanding share options in note 23 to the Group Financial Statements.
g. The market price of the ordinary shares at 31 July 2025 was 2,490p and the closing range during the year was 2,166p to 3,356p.
Payments for loss of Office and to past Directors (audited)
As disclosed in last year’s Annual Report, Keith Adey stepped down from his role as Group Finance Director on 1 December 2024. He remained on the Board and continued to contribute to the
business as an Executive Director, until 21 March 2025. During this period, he continued to receive his full base salary, pension, and benefits.
He was eligible to receive a bonus in respect of his service up to 21 March 2025, details of which are provided on page 130. He was not granted an LTIP award during the year.
In accordance with the Remuneration Policy, Keith was classified as a good leaver under the Bellway incentive plans. As a result, the following treatment applies:
• Unvested LTIP awards (summarised on page 132) will remain subject to performance assessment at the end of the respective performance periods. Any vesting will be pro-rated to reflect his
period of service, and the resulting awards will remain subject to a two-year post-vesting holding period.
• Unvested SRSOS award (summarised on page 132) will remain until final payments have been allocated.
• Deferred bonus shares will be released on the original schedule, with no acceleration of vesting.
In addition, Keith is also subject to the Directors’ shareholding requirements for two years post departure. The Committee did not exercise any discretion in relation to the payments to Keith.
No further payments were made to past Directors. All payments are in line with the Remuneration Policy.
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Remuneration Report continued
Statement of Directors’ shareholdings and share interests (audited)
The Directors’ interests (including family interests) in the ordinary share capital of the Company are set out below.
Scheme
Beneficially owned at
31 July 2025
(c)(e)
% basic salary held by
Executive Directors in
shares
(a)(b)
Shareholding
target of 300%
of basic salarymet?
Beneficially owned at
31 July 2024
(c)
Outstanding and
unvested PSP awards(d)
– with performance
conditions
Outstanding and
unvested share options
– without performance
conditions
Vested
unexercised
options
Share options
exercised
in the year
Jason Honeyman 39,460 131% In progress 38,186 139,937 33,999 – –
Keith Adey 53,692 293% N/A 80,218 59,860 1,161 – –
Simon Scougall
7,979 48% In progress 7,464
33,431 19,735 – –
Shane Doherty
– – In progress –
– 19,243 – –
John Tutte
20,000 N/A N/A 20,000
N/A N/A N/A N/A
Sarah Whitney
1,131 N/A N/A 1,131
N/A N/A N/A N/A
Cecily Davis
– N/A N/A –
N/A N/A N/A N/A
Jill Caseberry
470 N/A N/A 470
N/A N/A N/A N/A
Ian McHoul
2,000 N/A N/A 2,000
N/A N/A N/A N/A
Notes:
a. For 2024/25, Executive Directors were required to accumulate a minimum shareholding equivalent to 200% of basic salary. Within a period of three months of appointment an Executive Director must acquire a minimum of 1,000 ordinary shares in the Company and must retain at least
50% of any shares vesting under the PSP, after allowance for paying tax, until the requisite number of shares has been accumulated. As agreed with the Company, Shane Doherty will use part of his FY25 bonus to acquire the required amount of shares.
b. The percentage of shareholding is based on salaries as at 31 July 2025 using the average share price for the year.
c. Includes shares owned by partner.
d. All awards are structured in the form of nil-cost options.
e. Keith Adey’s shareholdings are as at 21 March 2025 instead of 31 July 2025.
f. Each of the Executive Directors’ holdings will increase as a result of the part of their bonuses that will be invested in Bellway shares through the deferral of the annual bonus set out on page 128.
There has been no change in any of the above interests between 31 July 2025 and the date of this report.
The following section of this Report is not required to be audited.
Implementation of Remuneration Policy in 2025/26
This section sets out how the Company will implement the Remuneration Policy for the 2025/26 financial year. Full details of how each element will operate are set out in the Remuneration
Policy table.
The Committee will take into account the remuneration and related policies for the rest of the workforce generally and is engaging with the workforce through the Employee Listening Groups
when setting the 2025/26 targets for the Executive Directors.
Basic salaries
The Committee has awarded Jason Honeyman, Shane Doherty and Simon Scougall salary increases of 3%, which are in line with the average for the workforce for 2024/25 of 3%. Therefore,
from 1 August 2025, Jason’s salary was increased to £823,808 per annum, Shane’s salary was increased to £494,400 per annum and Simon’s salary was increased to £457,320 per annum.
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Annual bonus
The bonus opportunity will be in line with the existing Remuneration Policy maximum of 150% of basic salary.
The 2025/26 bonus will be subject to underlying operating profit (53.4%), adjusted operating cash flow (13.3%), land delivery (20.0%) and ‘Better with Bellway’ measures (13.3%).
For the financial measures, the payout at threshold will be limited to 25% of maximum. The actual annual bonus performance targets are considered to be commercially sensitive at this time,
and the Committee will disclose these retrospectively in next year’s annual report on remuneration, provided they are no longer commercially sensitive.
The bonus remains subject to a health and safety underpin. The Committee will have the discretion to adjust the formulaic outcome of the bonus to reflect wider business performance
including satisfactory health and safety performance. A quarter of any bonus earned must be deferred into shares for three years.
Long-term incentives
In line with the rationale set out in the Statement from the Committee Chair, the Company anticipates making a grant of Performance Shares under the LTIP following the AGM with a face value
equivalent to up to 200% of salary to the Executive Directors. Awards will vest to the Executive Directors after three years, subject to the achievement of performance conditions with any shares
vesting subject to a two year holding period.
Regardless of the vesting outcome, the Committee may adjust the level of vesting (including to nil) to such extent as it considers appropriate to ensure the level of vesting is a true reflection of
the overall performance of the Company over the performance period.
Metric (weighting) Performance condition Threshold target Stretch target
Underlying pre tax return on equity (50%) In FY28. 10.0% (25% vests) 13.0% (85% vests); 14.0% (100% vests)
Underlying profit after taxation (25%)
Aggregate level over the three year performance period. £700m (25% vests) £810m (85% vests); £840m (100% vests)
Relative total shareholder return (25%)
Measured against the companies within theHousebuildingsector. Median (25% vests) Upper Quartile (100% vests)
No vesting occurs for performance below the threshold target and straight-line vesting takes place between the above targets. The Committee will consider the quality of the Group’s
performance that has delivered the underlying profit after taxation and underlying pre-tax return on equity and the extent to which it is supported by the non-financial performance (e.g.
ensuring the Group has sufficient land in place and with work-in-progress at suitable stages of development).
Non-Executive Director fees
The Company’s approach to Non-Executive Directors’ remuneration is set by the Board, with account taken of the time and responsibility involved in each role, including, where applicable, the
chairing of Board Committees.
With effect from 1 August 2025, an increase of 3% to the Non-Executive Director base fees was approved by the Non-Executive Committee on Remuneration in line with the increase for the
wider workforce. The fees for additional NED responsibilities were also increased to bring them into line with mid-market levels, and an increase of 16% to the Board Chair fee was approved
by the Committee. The increase in the Board Chair’s fee and Senior Independent Director and Committee chairing fees reflect the increased time commitment of the roles and market
benchmarking performed by Korn Ferry.
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Remuneration Report continued
Director
Fee from
1 August 2024
£
%
increase
Fee from
1 August 2025
£
Non-Executive Chair fee 281,210 16 325,000
Non-Executive Director fee 67,599 3 69,626
Senior Independent Non-Executive Director
12,708 18 15,000
Audit and Remuneration Committee Chair fees
14,602 20 17,500
Non-Executive Director of Workplace Engagement fee
(a)
– – 8,000
Notes:
a. The Non-Executive Director of Workplace Engagement was paid at the same level during FY25 from when the role commenced.
The Company’s Articles of Association specify an annual limit on Non-Executive Director fees of £500,000. This excludes the fees for the Chair and additional fees payable to the Senior
Independent Director and to Committee Chairs. Shareholder approval is required to amend this limit, and this will be sought at the 2025 AGM to increase the annual limit to £750,000.
Performance graph and table
The graph below shows the TSR performance over the past ten years of the Company, the FTSE 250 Index and the bespoke Housebuilders’ Index (as defined in note a on page 133). The FTSE
250 Index has been selected as the most appropriate ‘broad equity market index’ as the Company has been a constituent of the FTSE 250 Index over this period. The bespoke Housebuilders’
Index has been selected as these companies have been used for the Company’s long-term incentive plans.
This graph shows the value, as at 31 July 2025, of £100 invested in Bellway on 31 July 2015 compared with the value of £100 invested in the FTSE 250 Index and £100 invested equally in each of
the other housebuilders, who form part of the Housebuilders Index. The other points plotted are the values at intervening financial year-ends.
Source: Datastream (Refinitiv)
Bellway
Housebuilders’ Index
FTSE 250 Index
Total shareholder return (£, rebased)
200
120
140
160
180
100
80
60
40
20
0
Total shareholder return
31 July
2016
31 July
2017
31 July
2018
31 July
2019
31 July
2020
31 July
2021
31 July
2022
31 July
2023
31 July
2024
31 July
2025
90
116
126
120
105
155
99
170
129
129
174
114
119
102
145
119
108
150
99
133
151
143
146
31 July
2015
129
136
152
127
113
80
158
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Remuneration Report continued
Chief Executive total remuneration
The table below sets out the total remuneration for the Chief Executive over the same ten-year period as for the chart overleaf, together with the percentage of annual bonus paid and the
vesting of long-term incentives as a percentage of the maximum (relating to the performance periods ending in that year).
Scheme 2016 2017 2018
(a)
2019
(b)
2020 2021 2022 2023 2024 2025
Total remuneration (£000) 2,785 3,468 1,737 1,220 1,110 1,998 1,738 1,089 1,715 3,232
Annual bonus paid (as % of maximum) 95.8% 93.8% 0.0% 76.7% 0.0% 99.5% 98.6% 20.9% 90% 97.5%
PSP vesting (as a % of maximum)
100.0% 100.0% 99.8% 30.6%
47.7% 28.7% 0% 0% 0% 56.4%
Notes:
a. Ted Ayres was absent during the 2017/18 financial year due to ill health and so the figures shown are lower than would normally be expected if he had been at work during the year.
b. Jason Honeyman was appointed as Chief Executive on 1 August 2018.
Percentage change in remuneration of Directors compared to workforce
The table below shows the annual percentage change in base salary, benefits and bonus between 2020/21 and 2024/25 in respect of the Directors of the Company and the average for all
other employees.
2024–2025 2023–2024 2022–2023 2021–2022 2020–2021
%
Change
in salary
/ fees
(a) (e) (h)
%
Change in
benefits
%
Change
in bonus
%
Change
in salary
/fees
(a)
%
Change in
benefits
%
Change in
bonus
%
Change
in salary
/ fees
%
Change in
benefits
%
Change
inbonus
%
Change
in salary
/ fees
%
Change
in benefits
%
Change
inbonus
%
Change
in salary
/ fees
%
Change
in benefits
%
Change
inbonus
All other employees
(b)
+4.2 +4.1 +17.9 +6.7 +3.1 -9.4 +6.3 +1.6 +4.5 +6.0 +8.4 +83.2 +1.6 +8.3 -79.9
J Honeyman
(Chief Executive)
(c)
+4.5 +1.1 +41.6 +3.5 -10.2 +346.0 +4.0 -11.9 -78.0 +3.2 -11.2 +2.6 +3.4 +9.8 +100
K Adey
(Group Finance Director)
(d)
n/a n/a n/a +3.5 +1.6 +346.0 +6.5 -13.1 -77.4 +5.6 +3.3 +5 +3.4 +0.3 +100
J Tutte (Chair)
(f)
+4.5 n/a n/a +3.5 n/a n/a +140 n/a n/a +100 n/a n/a n/a n/a n/a
S Whitney (INED)
(g)
+4.5 n/a n/a +10.3 n/a n/a +100 n/a n/a n/a n/a n/a n/a n/a n/a
J Caseberry (INED) +4.5 n/a n/a +3.5 n/a n/a +5.9 n/a n/a +3.2 n/a n/a +3.4 n/a n/a
I McHoul (INED) +4.5 n/a n/a +3.5 n/a n/a +5.9 n/a n/a +3.2 n/a n/a +3.4 n/a n/a
Notes:
a. The comparative figures used for the Board are the actual salary and fees paid as per the single figure of remuneration table on page 131.
b. All other employee figures are calculated on a cash basis, with the exception of the annual bonus.
c. Explanations for large increases in prior years are provided in the previous Annual Reports.
d. Keith Adey stepped down from his role on 1 December 2024 and from the Board on 21 March 2025. A complete year-on-year comparison cannot be provided as he was not in role for the whole year and therefore, no comparison for 2024 – 2025 has been made.
e. Simon Scougall and Shane Doherty were appointed to the Board on 1 August 2024 and 2 December 2024 respectively and so a year-on-year comparison cannot be provided. As a result, both Simon and Shane have been excluded from the table.
f. John Tutte was appointed as Non-Executive Chair during the 2021/22 financial year, having joined Bellway on the 1 March 2022.
g. Sarah Whitney was appointed to the Board 1 September 2022 and appointed as Senior Independent Director in December 2022.
h. Cecily Davis was appointed to the Board on 1 May 2024 and so a year-on-year comparison cannot be provided. As a result, Cecily has been excluded from the table.
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Remuneration Report continued
CEO pay ratio
We are publishing our CEO pay ratio figures for the financial years 2018/19, to 2024/25. Over time, ten-year ratios will eventually be disclosed.
Upper quartile Median Lower quartile
Financial year Method Pay ratio
Total pay and
benefits
£
Salary
component
£ Pay ratio
Total pay and
benefits
£
Salary
component
£ Pay ratio
Total pay and
benefits
£
Salary
component
£
2018/19 A 19:1 62,168 50,200 28:1 42,845 22,647 40:1 29,858 23,305
2019/20 A 18:1 60,675 24,400 27:1 40,415 22,000 43:1 25,580 25,200
2020/21
A 31:1 65,866 52,279
45:1 44,865 40,556 68:1 29,886 24,750
2021/22
A 25:1 70,036 62,311
36:1 48,662 29,438 54:1 32,148 24,562
2022/23
A 15:1 74,421 55,000
22:1 49,903 40,215 34:1 32,422 26,462
2023/24
A 23:1 75,809 59,076
34:1 51,128 44,504 49:1 35,040 27,565
2024/25
(a)
A 41:1 78,948 64,913
61:1 53,362 46,784 88:1 36,737 30,261
Notes:
a. Median value is based on total pay, although salary component is higher within the lower quartile for 2024/25.
The pay ratios have been calculated as at 31 July 2025 using Option A of the Regulations, that is, the full-time equivalent pay and benefits for all of our employees to identify those employees
on the quartiles. Option A has been selected as it is the most statistically accurate method of calculation. Employee benefits include company car, car allowance, private medical, employer
pension contributions and share option gains. All payments are included on a cash basis, with the exception of the annual bonus. The annual bonus earned during the 2025/26 financial year,
which is expected to be paid in October 2025, has been approved.
The CEO pay ratio has increased this year due to a proposed payout under the LTIP scheme. A similar impact can be seen in FY21. The pay ratios reflect how remuneration arrangements differ
as accountability increases for more senior roles within the Group. In particular the ratios reflect the weighting towards variable pay for the CEO, which provides a strong link between pay and
performance and alignment with shareholder interests.
We are satisfied that the median pay ratio reported this year is consistent with our wider pay, reward and progression policies for employees. The median reference employee has the
opportunity for annual pay increases, annual performance payments and career progression and development opportunities save for their opportunity to participate in an LTIP scheme.
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Remuneration Report continued
Importance of remuneration relative to dividends and Section 106 and CIL payments
The table below shows the relative expenditure of the Group in respect of employee remuneration, dividends and Section 106 and CIL payments, together with the percentage change in each,
for the financial years ended 31 July 2024 and 31 July 2025. The Directors have chosen dividends and Section 106 and CIL payments as comparators to employee costs as they consider that
these demonstrate the relative importance of the remuneration of its employees to the returns the Group generates to shareholders and the contribution it makes to developing communities
through Section 106 and CIL payments.
2025
£m
2024
£m
% change
Employee costs
(a)
182.6 168.7 8.2%
Dividends
(b)
83.0 64.1 29.5%
Section 106 and CIL payments
(c)
84.0 36.3 231.4%
Notes:
a. Employee costs are calculated as wages and salaries, bonus and taxable benefits (including the Directors).
b. The dividend figures shown are the interim and final dividends paid or payable for the relevant financial year less forfeited dividends (see note 20 to the Group Financial Statements).
c. The Section 106 and CIL payments figures are calculated from invoices received for these payments.
Dilution limits/shares held in trust to satisfy awards
The Bellway Employee Share Trust (1992) (the ‘Trust’) holds market-purchased shares to satisfy awards made under some of the Company’s executive and employee share schemes. As at
31 July 2025, the Trust held 370,097 shares. It is the Company’s current intention to use market-purchased shares to satisfy awards made under the LTIP. Awards made under the deferred bonus
plans (to which the Executive Directors are not eligible) must be satisfied using market-purchased shares. The SRSOS uses new issued shares. The Company’s share plans comply with the
Investment Association guidance on dilution limits when they were established and the position as at 31 July 2025 was:
Limit of 5% in any ten years under all executive share plans 0.05% of issued share capital utilised
Limit of 10% in any ten years under all share plans 1.00% of issued share capital utilised
Statement of voting at AGMs
The votes cast by proxy at AGMs in relation to resolutions regarding Directors’ remuneration are set out in the table below:
Directors’ Remuneration Policy
(bindingvoteatAGMon 12 December 2024)
Remuneration Report
(advisoryvoteatAGMon12December 2024)
Financial year Number of votes % of votes cast Number of votes % of votes cast
For 87,537,093 94.62 91,360,391 98.77
Against 4,976,549 5.38 1,141,354 1.23
Total votes cast (excluding votes withheld)
92,513,642 100 92,501,745 100
At the AGM on 27 November 2025, the Company’s shareholders will have an advisory vote on the Remuneration Report and a binding vote on the Directors’ Remuneration Policy.
On behalf of the Board
Jill Caseberry
Chair of the Remuneration Committee
13 October 2025
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Remuneration Report continued
Directors’ Remuneration Policy
This part of the remuneration report, the Directors’ Remuneration Policy (‘Remuneration Policy’), has been prepared in accordance with The Large and Medium-sized Companies and Groups
(Accounts and Reports) (Amendment) Regulations 2013.
The overall Remuneration Policy has been developed in compliance with the principles of the 2024 UK Corporate Governance Code, UK institutional investor guidance and the UK
Listing Rules.
The Remuneration Policy set out on the following pages is submitted to shareholders for approval at the AGM on 27 November 2025. It is the Company’s current intention that this Policy will
apply for three years.
Objectives of Remuneration Policy
The aim of the Committee is to ensure that the Company has competitive remuneration packages in place that will promote the long-term success of the Company and motivate Executive
Directors in the overall interests of shareholders, the Group, its employees and its customers.
The Committee has a policy of paying a level of remuneration comparable with that of a peer group of similar UK housebuilding businesses, subject to experience and performance.
The Committee uses this comparative approach to benchmarking with caution, recognising the relatively few direct housebuilding comparatives, their differing size and the risk of an upward
ratchet effect with any peer-based analysis. The structure of the package has been designed to ensure that the performance-related elements of remuneration constitute a significant
proportion of an executive’s potential total remuneration package but are only receivable if the stretch performance targets are achieved.
The structure of the performance conditions for annual bonus has been designed to provide a strong link to the Group’s performance, namely a focus on maximising profit in a sustainable
fashion and producing superior shareholder returns, thereby generating a strong alignment of interest between senior executives and shareholders. The two-year post-vesting holding period,
which applies to the long-term incentive plan (which also applies to good leavers) reinforces that alignment.
Decision-making process
The Committee is responsible for the determination of the Remuneration Policy and how it is implemented. In addressing this responsibility, the Committee works with management and
external advisers to develop proposals and recommendations. The Committee considers the source of information presented to it, analyses the detail and ensures that independent judgment
is exercised when making decisions. Information is independently verified where there are conflicts of interest and no individual is present when their remuneration is being discussed.
The Remuneration Committee works alongside other Board Committees as needed; for example, the Audit Committee confirms incentive plan performance results.
When setting the Remuneration Policy, the Committee considered the Company’s strategic objectives over both the short and the long term, the external environment and market best
practice. In addition, the Committee also considered the alignment across the business as well as stakeholder views.
Consideration of employment conditions elsewhere in the Group
The Employee Listening Groups provide an opportunity to engage with the workforce on Executive remuneration and for employees to raise issues that are reported to the Board. During the
year, an engagement process took place. Based on employee feedback, the Executive Remuneration Policy and its implementation were not raised as material issues in the discussions during
the year and, therefore, no amendments to the Remuneration Policy were required as a result of this engagement.
In determining the elements of remuneration for the Executive Directors, the Committee takes into consideration the pay and conditions of employees throughout the Group as a whole,
paying particular attention to the levels of basic pay increase awarded to the workforce generally. All eligible employees, including the Executive Directors, can join the Group’s savings-related
share option scheme, have life assurance benefits and have access to pension arrangements. A significant proportion of employees benefit from health insurance, a company car or car
allowance and are eligible to participate in a discretionary bonus scheme. At senior levels, remuneration is increasingly long term and with an increased emphasis on performance-related pay
and share-based remuneration.
The Committee is updated of any significant policy changes for the workforce generally and management below Board level in particular.
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Remuneration Report continued
Consideration of shareholder views
In considering the operation of the Remuneration Policy, the Committee will take into account the published remuneration guidelines and specific views of shareholders and proxy voting
agencies. The Committee will consult with the Company’s larger shareholders, where considered appropriate, regarding changes to the operation of the Remuneration Policy, and when the
Remuneration Policy is being reviewed and brought to shareholders for approval.
As set out in the letter from the Remuneration Committee Chair, an extensive consultation process was undertaken in relation to the updated Remuneration Policy to be presented for approval
by shareholders at the 2025 AGM. Based on the feedback received from our engagement, investors were almost all supportive of the changes proposed to the Remuneration Policy. Therefore,
there were no amendments to the proposed Policy based on the consultation.
Proposed change to the Remuneration Policy
In line with the Remuneration Policy approved at the 2024 AGM, the only material change to the Remuneration Policy is to revert back to the use of performance shares. In addition, a small
change is being made to simplify the shareholding requirements to remove the need to hold 1,000 shares as it is unnecessary in the context of the requirement to build a holding worth 300%
of salary.
Remuneration Policy table
This section of the Report describes the key components of each element of the remuneration arrangements for Executive and Non-Executive Directors.
Component and link to strategy Operation Maximum opportunity Framework to assess performance
Salary
To be market competitive
and, therefore, assist
in recruiting, retaining
and motivating
high-quality executives.
Reflects individual role
and experience.
Salaries are normally reviewed in July each year and changes normally
take effect from 1 August. They are typically determined by reference to
market levels of a peer group of similar UK housebuilding businesses,
taking account of salaries at other companies of a similar size, and by
taking account of the role, performance, and experience of the individual,
Company performance, salary increases throughout the rest of the
business and economic conditions.
Where salaries of new Executive Directors are positioned below market
levels, the Committee’s policy is to progress these over time, with increases
potentially higher than for the general workforce, as experience is gained,
subject to performance.
No prescribed maximum.
Increases are normally in
line with the average for the
workforce generally.
Increases may be
below or above this, e.g.
due to promotion, change in
responsibility or experience,
role change or a significant
change, in the size, value and/
or complexity of the Company.
Salaries are set out
in the Annual Report
on Remuneration.
In addition to the reviews by the Chair, as part of
the annual Board evaluation, the performance of
the Executives and the Company is kept under
continuous review by the Board.
Pension
To provide a structure
and value that is
market competitive.
Pension contributions into the Company’s Group Self Invested Personal
Pension Plan and/or a salary supplement in lieu of pension contributions.
The rate for current Directors
will be no higher than that of
the majority of the workforce
(currently 10% of salary).
Not applicable.
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Component and link to strategy Operation Maximum opportunity Framework to assess performance
Benefits
To provide a range
and value that is
market competitive.
Typically comprises car or car allowance, life assurance and health
insurance. Other benefits may be provided where appropriate.
Any expenses incurred in carrying out duties will be fully reimbursed by the
Company, including any personal taxation associated with such expenses.
Not applicable. Not applicable.
Annual bonus
To reward achievement
with a combination of
financial and
non-financial
operational-based
performance targets
in accordance with
Group KPIs.
Annual bonuses are normally payable in October following the year-end
on 31 July, subject to the achievement of performance targets that were set
at the start of the financial year.
The Company operates a recovery mechanism, which allows the
Company to clawback some, or all, of the payments made under
the variable components of an individual’s remuneration, in the
following circumstances:
(i) material misstatement of results;
(ii) error in assessing a performance condition;
(iii) gross misconduct by the individual;
(iv) in the case of corporate failure; or
(v) in the case of material reputational damage.
A maximum of 75% of the bonus will be paid in cash. Deferral of the
remainder into shares will be achieved by applying the net amount of the
bonus to purchase shares that must normally be held for three years.
150% of basic salary maximum. The bonus may be based on a combination of
financial and strategic objectives, with financial
performance accounting for a majority of the
overall bonus opportunity.
The Committee determines the choice of
measure(s) and their weighting for each year to
ensure alignment with the Board’s priorities and
Company strategy over the short to medium term.
The level of pay-out at threshold for financial
metrics will not be more than 25% of maximum
and varies for non-financial metrics.
Full vesting will take place for equalling or
exceeding maximum, subject to the health and
safety underpin.
The Committee has discretion to adjust the
payment outcome to ensure it reflects the
individual’s contribution and/or the overall
performance of the Company over the
performance period.
Details of the performance measures used are set
out in the Annual Report on Remuneration.
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Remuneration Report continued
Component and link to strategy Operation Maximum opportunity Framework to assess performance
Share ownership guideline for Executive Directors
To align Executive
Directors’ interests with
those of shareholders.
Executive Directors are required to accumulate a minimum shareholding
equivalent to 300% of basic salary.
Executive Directors are also required to retain shares for two years following
their departure from the Board, at the lower of 200% of their salary and their
shareholding at the time of departure.
An Executive Director must retain at least 50% of any shares vesting
under the incentive arrangements, after allowance for paying tax, until the
requisite number of shares has been accumulated.
If personal circumstances make this difficult, the Committee would
exercise discretion.
Not applicable. Not applicable.
Long-term incentives
To encourage
long-term value
creation, aid retention,
encourage shareholding
and promote
alignment of interests
with shareholders.
The Company grants Performance Share Awards as its primary long-
term incentive.
Annual awards of nil-cost options or conditional awards may be
made under the LTIP to the Executive Directors, at the discretion of
the Committee.
Awards normally vest three years after grant, subject to the achievement of
stretching performance targets.
Dividend equivalents (normally awarded in shares) may be payable and
will only accrue during the vesting and holding period on awards that
ultimately vest.
The Company operates recovery and withholding mechanisms, which
allow the Company, in exceptional circumstances, to clawback some,
or all, of the payments made, or recover unvested awards, in the
following circumstances:
(i) material misstatement of results;
(ii) error in assessing a performance condition;
(iii) misconduct by the individual;
(iv) in the case of corporate failure; or
(v) in the case of material reputational damage.
A minimum holding period of two years applies to awards post vesting.
200% of basic salary in respect
of a financial year.
Awards will be subject to a combination of
long-term measures, which are aligned to the
shareholder experience and may include financial
metrics, shareholder value metrics and ESG or
strategic measures. At least half of the award
will be subject to financial and/or shareholder
return measures.
The Committee will have discretion to set different
measures and weightings for awards in future
years to best support the strategy of the business
at that time.
No more than 25% of a part of an award will
vest at threshold with full vesting taking place for
equalling or exceeding maximum targets set.
The Committee has discretion to adjust the
vesting outcome in exceptional circumstances
to ensure it is a true reflection of the overall
performance of the Company over the period.
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Remuneration Report continued
Component and link to strategy Operation Maximum opportunity Framework to assess performance
All-employee share schemes
To encourage employees
to build a stake in the
future of the Company.
The Executive Directors can participate in any HMRC-approved all-
employee plans operated by the Company.
Subject to prevailing
HMRC limits.
Not applicable.
Chair and Non-Executive Directors
To set appropriate
fees in light of the
time commitment,
responsibilities, wider
market and best practice.
Chair’s fee is determined by the Remuneration Committee.
The remuneration of the Non-Executive Directors (‘NED’) is determined by
the Board Committee on Non-Executive Directors’ Remuneration, which
comprises the Executive Directors.
Fee levels are normally reviewed annually, taking into account the time
commitment and responsibilities of the roles including membership
or chairmanship of Board Committees and the level of fees for similar
positions in comparable companies.
Non-Executive Directors are not normally entitled to any taxable benefits
or pension. They do not participate in any bonus or long-term incentive
plans, and they are not entitled to compensation on termination of their
arrangements, other than normal notice provisions of three months given
by either party.
Travel, accommodation and other related expenses incurred in carrying
out the role will be paid by the Company including any personal taxation
associated with such expenses.
The aggregate of NED fees
as set out in the Articles
of Association.
The performance of the Non-Executive Directors
is assessed by the Chair. The senior independent
Non-Executive Director reviews the performance
of the Chair in conjunction with the Directors.
For the avoidance of doubt, under this Directors’ Remuneration Policy, authority is given to the Company to honour any commitments entered into with current or former Directors that is
consistent with the approved Remuneration Policy in force at the time the commitment was made (or, if made before the current Remuneration Policy was approved, as have been disclosed
previously to shareholders), or was made at the time when the relevant individual was not a Director of the Company. Details of any payments made to former directors will be set out in
the Annual Report on Remuneration as they arise. All historical share awards and bonus arrangements that were granted under any current or previous incentive schemes operated by the
Company and remain outstanding remain eligible to vest/payout based on their original terms.
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Remuneration Report continued
Clawback/malus
The time period over which clawback/malus will apply to bonuses is at any time before the third anniversary of payment of bonus or vesting of an LTIP award, as relevant.
Incentive plan discretions
The Remuneration Committee can exercise discretion in a number of areas when operating the Company’s incentive schemes, in line with the relevant rules of the schemes. These include
(but are not limited to):
• the choice of participants;
• the size of awards in any year (subject to the limits set out in the Remuneration Policy table);
• the extent of payments or vesting in light of the achievement of the relevant performance conditions;
• the determination of good or bad leavers and the treatment of outstanding awards (subject to the provisions of the scheme rules and the Remuneration Policy provisions); and
• the treatment of outstanding awards in the event of a change of control.
In addition, if events occur that cause the Remuneration Committee to conclude that any performance condition is no longer appropriate, that condition may be substituted, varied or waived
as is considered reasonable in the circumstances in order to produce a fairer measure of performance that is not materially less difficult to satisfy.
Choice of performance measures for 2025/26 and approaches to target setting
The performance measures used in the annual bonus are aligned with the Company’s KPIs and the business strategy.
For the annual bonus, underlying operating profit is an appropriate barometer of short-term performance as management will neither benefit from, or be penalised by, one-off or short-term
impacts on the Group’s profit, it also acts as an incentive for the sustainable development of the business. Customer care and land bank are important drivers of future growth and employee
metrics and maintaining a strong health and safety record is very important to our employee base and the Group.
The Long Term Incentive Plan performance metrics relate to creating long-term sustainable returns and typically include measures of long-term financial performance (e.g. profit after taxation
and return measures) and shareholder returns (e.g. TSR). The Committee may also include ESG metrics or strategic targets. The performance conditions for the awards to be made in FY26 are
set out on page 135.
Targets for incentive plans are set to be stretching but achievable, taking into account internal and external reference points, including internal forecasts and market consensus.
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Remuneration Report continued
Approach to recruitment remuneration
In arriving at a total package, and in considering the quantum for each element of the package, the Committee will take into account the skills and experience of the candidate and the market
rate for a candidate of that experience, as well as the importance of securing the preferred candidate.
Element General policy Detail
Salary At a level required to attract the most appropriate candidate. Discretion to pay lower basic salary with incremental increases, potentially higher
than for the general workforce, as new appointee becomes established in the role.
Pension and benefits In accordance with Company policies. Additional benefits in relation to recruitment may be provided where considered
appropriate, for example, relocation expenses or allowances, legal fees and other
recruitment-related costs may be payable.
Any new Director’s pension contributions will be in line with the Policy for other
Directors. The current employer pension contribution rate is between 5% and 10%
of salary depending on years of service.
Bonus In accordance with existing schemes. The maximum annual bonus opportunity is 150% of salary (in line with the policy).
Depending on the timing of recruitment, bespoke targets could be introduced
for an individual within the maximum individual limits of the annual bonus plan
applicable at the time.
Pro-rating would be applied as appropriate for intra-year joiners.
Long-term incentives In accordance with Company policies and maximum limits in the
long-term incentive plan rules.
The maximum LTIP grant is 200% of salary (in line with the policy). Therefore, the
total variable remuneration is 350% of salary.
An award may be made in the year of joining or, alternatively, the award can be
delayed until the following year.
Targets would normally be the same as for other Directors and grant levels
consistent within the permitted individual maximum under the rules of the plan and
this policy.
Buyout of forfeited
remuneration
The Committee may make an award in cash or shares to replace deferred
or incentive pay forfeited by an Executive leaving a previous employer
(and, if required, by relying on the flexibility provided in the UK Listing
Rules to grant such replacement awards).
Awards would, where possible, be consistent with the awards forfeited in terms of
the vehicle, structure, vesting periods, expected value and performance conditions.
Internal appointment to
the Board
In accordance with Company policies. When existing employees are promoted to the Board, the above policy will apply,
from the point where they are appointed to the Board and not retrospectively.
In addition, any existing awards will be honoured and form part of ongoing
remuneration arrangements.
Non-Executive Directors In accordance with Company policies. Fees will be in line with the Remuneration Policy and the fees provided for the other
Non-Executive Directors.
Bellway p.l.c. Annual Report and Accounts 2025
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Remuneration Report continued
Service contracts and Loss of Office Payment Policy
The details of the Executive Directors’ service contracts are as follows:
Executive Director
First appointed
as a Director
Current contract
commencement date
Notice period
from employer
Notice period
from Executive
Jason Honeyman 1 September 2017 1 August 2018 12 months 12 months
Keith Adey
2
1 February 2012 1 February 2012 12 months 6 months
Simon Scougall 1 August 2024 1 August 2024 12 months 12 months
Shane Doherty
1
2 December 2024 1 December 2024 12 months 12 months
Notes:
1. Shane Doherty was appointed Chief Financial Officer on 2 December 2024.
2. Keith Adey stepped down from his role as Group Finance Director on 1 December 2024. He remained on the Board and continued to play an active role in the business as an Executive Director until 21 March 2025.
Contracts are available for inspection at the Company’s registered office.
Our policy is that notice periods for Executive Directors should be no longer than 12 months.
The Executive Directors may accept external appointments provided that such appointments do not, in any way, prejudice their ability to perform their duties as Executive Directors of the
Company. The extent to which any Executive Director is allowed to retain any fees payable in respect of such appointments, or whether such fees are remitted to the Company, will be
assessed on a case-by-case basis. None of the Executive Directors currently hold any outside appointments.
Our policy is that notice periods for Non-Executive Directors should be no longer than three months, save in the case of the Chair, whose notice period may extend to six months.
Currently, all Non-Executive Directors (including the Chair) have letters of appointment with the Company for no more than three years, subject to annual re-appointment at the AGM, with a
three-month notice period by either side. The appointment letters for the Chair and Non-Executive Directors provide that no compensation is payable on termination, other than fees accrued
and expenses.
Non-Executive Director
First appointed
as a Director
Current letter
of appointment
commencement date
Current letter of
appointment end date
John Tutte 1 March 2022 1 April 2025 30 March 2028
Cecily Davis 1 May 2024 1 May 2024 30 April 2027
Sarah Whitney 1 September 2022 1 September 2025 31 August 2028
Jill Caseberry 1 October 2017 1 October 2023 30 September 2026
Ian McHoul
1 February 2018 1 February 2024 31 January 2027
Gill Barr
15 September 2025 15 September 2025 14 September 2028
The overriding principle for payments on loss of Office will be to honour contractual remuneration entitlements. The Committee would determine, on an equitable basis, the appropriate
treatment of performance-linked elements of the package, taking account of the circumstances, in accordance with the rules of each respective plan. Failure will not be rewarded.
The Company may pay statutory claims. Reasonable costs of legal expenses incurred by the Director may be reimbursed by the Company by making direct payment to the professional adviser.
Bellway p.l.c. Annual Report and Accounts 2025
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147
Element Bad leaver
(a)
Departure on agreed terms
(b)
Good leaver
(c)
Salary, pension and
benefits (after cessation
of employment)
Nil. Up to 12 months’ basic salary, benefits and pension.
Payments may be phased and subject to offsetting
against alternative income from elsewhere during the
notice period.
The Company may pay in lieu of notice an amount
equivalent to 12 months’ salary, pension and benefits.
Apart from death, the Company may pay up to 12 months’ basic salary,
benefits and pension, less any period of notice worked.
Payments may be phased and subject to offsetting against alternative
income from elsewhere during the notice period.
The Company may pay in lieu of notice an amount equivalent to
12 months’ salary, pension and benefits.
The Executive Director will normally have a duty to seek alternative
employment, and any outstanding payments will be subject to offset
against earnings from any new role.
Annual bonus No bonus payable. For the proportion of the financial year worked, bonus
may be payable pro-rata, subject to performance,
at the discretion of the Committee. There will be no
bonus payment in respect of any period of notice
not worked.
For the proportion of the financial year worked, bonus may be payable
pro-rata, subject to performance, at the discretion of the Committee.
There will be no bonus payment in respect of any period of notice
not worked.
Performance Share
awards and legacy
Restricted Share awards
All awards, including those
that have vested but are
unexercised will lapse
immediately upon cessation
of employment.
Awards will lapse upon cessation of employment,
unless the Committee decides otherwise, in which
case awards may vest.
Where employment ends before the vesting date,
awards may vest at the normal time (other than
by exception) to the extent that the performance
conditions/performance underpin have been satisfied.
The level of vested award will be reduced, pro-rata,
based upon the period of time after the start of the
financial year of grant and ending on the date of
cessation of employment, relative to the
three-year performance period/vesting period unless
the Committee, acting fairly and reasonably, decides
that such a scaling back is inappropriate in any
particular case.
Awards may be exercised within 12 months of the vesting date.
Where employment ends before the vesting date, awards may be
exercised at the normal vesting time (other than by exception) and only
to the extent that the performance conditions/performance underpin
have been satisfied.
The level of vested award will be reduced, pro-rata, based upon the
period of time after the start of the financial year of grant and ending
on the date of cessation of employment, relative to the three-year
performance period/vesting period unless the Committee, acting fairly
and reasonably, decides that such a scaling back is inappropriate in
any particular case.
Other payments Nil. Depending upon circumstances, the Committee may
consider payments in respect of an unfair dismissal
award, outplacement support and assistance with
legal fees.
The Company may pay for outplacement support and assistance with
legal fees.
Notes:
a. For example, normal resignation from the Company or termination for cause (e.g. disciplinary issues).
b. This may cover a range of circumstances such as business reorganisation, changes in reporting structure, change in requirements for the role, termination as a result of a failure to be re-elected at an AGM, etc.
c. Leaver for compassionate reasons such as death, injury, disability or retirement, with the agreement of the employer.
Remuneration Report continued
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
148
Change of control
On a change of control, Executive Directors’ incentive awards will be treated in accordance with the rules of the relevant plans. In summary:
• bonus payments will consider the extent to which the performance measures have been satisfied between the start of the performance period and the date of the change of control, and the
value will normally be pro-rated to reflect the same period; and
• long-term incentive awards will generally vest on the date of a change of control, taking into account the extent to which any performance condition or underpin has been satisfied at that
point. Time pro-rating will normally apply unless the Committee determines otherwise.
Illustrations of the application of current Remuneration Policy
The Remuneration Policy results in a significant portion of remuneration received by Executive Directors being dependent on the Group’s performance. The chart below illustrates how the total
pay opportunities for the Executive Directors vary under three performance scenarios: minimum, target and maximum. For the purpose of this illustration, we have used the amended policy set
out in the previous tables. The chart is indicative, as share price movement and dividend accrual have been excluded unless otherwise noted.
Notes:
a. Assumptions:
The above charts have been calculated using (a) salaries based on actual for 2025/26; (b) benefits based on actual for 2024/25; and (c) pension policy as applicable for the year, i.e. 5% or 10% of salary.
Minimum: fixed pay only consisting of salary, benefits and pension/pay in lieu of pension. No payouts under the annual bonus or LTIP.
Target: fixed pay plus 50% of maximum under the annual bonus (i.e. 75% of salary) and 25% under the LTIP (i.e. 50% of salary).
Maximum: fixed pay plus 100% of maximum annual bonus (i.e. 150% of salary) and LTIP award (i.e. 200% of salary).
Maximum with share price increase: the maximum scenario with the impact of a 50% increase in share price on the LTIP illustrated.
Remuneration Report continued
£591k
£2,322k
£953k
£4,660k
£3,836k
£953k
25%
32%
20%
27%
43%
53%
£1,983k
£3,836k
£4,660k
£4,000k
£5,000k
£3,000k
£2,000k
£1,000k
£
Minimum Target
Maximum
with share
price growth
Maximum
Chief Executive
■
Fixed Pay ■ Annual Bonus ■ Long-term share awards
£542k
100% 49%
31%
25%
32%
21%
26%
20%
43%
53%
£1,114k
£2,143k
£2,143k
£2,600k
Minimum Target
Maximum
with share
price growth
Maximum
Chief Commercial Officer
£591k
100% 49%
31%
20%
25%
32%
43%
21%
26%
53%
£1,209k
£2,322k
£2,816k
Minimum Target
Maximum
with share
price growth
Maximum
Chief Financial Officer
100% 48%
31%
21%
£591k
£2,322k
£953k
£4,660k
£3,836k
£953k
25%
32%
20%
27%
43%
53%
£1,983k
£3,836k
£4,660k
£4,000k
£5,000k
£3,000k
£2,000k
£1,000k
£
Minimum Target
Maximum
with share
price growth
Maximum
Chief Executive
■
Fixed Pay ■ Annual Bonus ■ Long-term share awards
£542k
100% 49%
31%
25%
32%
21%
26%
20%
43%
53%
£1,114k
£2,143k
£2,143k
£2,600k
Minimum Target
Maximum
with share
price growth
Maximum
Chief Commercial Officer
£591k
100% 49%
31%
20%
25%
32%
43%
21%
26%
53%
£1,209k
£2,322k
£2,816k
Minimum Target
Maximum
with share
price growth
Maximum
Chief Financial Officer
100% 48%
31%
21%
£591k
£2,322k
£953k
£4,660k
£3,836k
£953k
25%
32%
20%
27%
43%
53%
£1,983k
£3,836k
£4,660k
£4,000k
£5,000k
£3,000k
£2,000k
£1,000k
£
Minimum Target
Maximum
with share
price growth
Maximum
Chief Executive
■
Fixed Pay ■ Annual Bonus ■ Long-term share awards
£542k
100% 49%
31%
25%
32%
21%
26%
20%
43%
53%
£1,114k
£2,143k
£2,143k
£2,600k
Minimum Target
Maximum
with share
price growth
Maximum
Chief Commercial Officer
£591k
100% 49%
31%
20%
25%
32%
43%
21%
26%
53%
£1,209k
£2,322k
£2,816k
Minimum Target
Maximum
with share
price growth
Maximum
Chief Financial Officer
100% 48%
31%
21%
£591k
£2,322k
£953k
£4,660k
£3,836k
£953k
25%
32%
20%
27%
43%
53%
£1,983k
£3,836k
£4,660k
£4,000k
£5,000k
£3,000k
£2,000k
£1,000k
£
Minimum Target
Maximum
with share
price growth
Maximum
Chief Executive
■ Fixed Pay ■ Annual Bonus ■ Long-term share awards
£542k
100% 49%
31%
25%
32%
21%
26%
20%
43%
53%
£1,114k
£2,143k
£2,143k
£2,600k
Minimum Target
Maximum
with share
price growth
Maximum
Chief Commercial Officer
£591k
100% 49%
31%
20%
25%
32%
43%
21%
26%
53%
£1,209k
£2,322k
£2,816k
Minimum Target
Maximum
with share
price growth
Maximum
Chief Financial Officer
100% 48%
31%
21%
Bellway p.l.c. Annual Report and Accounts 2025
About Us Strategic Report Governance Accounts Other Information
149
Sustainability Committee Report
Key focus areas for FY25
• Continued to oversee the progress of the
‘Better with Bellway’ strategy.
• Carefully reviewed the ‘Better with Bellway’
targets and approved the new external
‘Better with Bellway’ KPIs and targets
for 2026.
• Carried out training for the Non-Executive
Directors on ESG reporting requirements.
• Met with key management who are
responsible for the delivery of the ‘Better
with Bellway’ strategy.
Key responsibilities
The key responsibilities of the Committee are
as follows.
• Debate, review and scrutinise the ‘Better
with Bellway’ strategy and implementation
plan and make recommendations to the
Board for approval.
• Monitor, challenge and review the
objectives, KPIs and targets set in relation
to the implementation of the ‘Better with
Bellway’ strategy.
• Oversee the activities of and receive
report from the ‘Better with Bellway’
Steering Group.
• Identify, debate, review and scrutinise the
business response to environment and
social risks with specific focus on climate
risks and opportunities.
Statement from the Chair of the
Sustainability Committee
I am pleased to present the Sustainability
Committee Report for the year, which details
the focus areas, responsibilities and main
activities undertaken during the year.
The Sustainability Committee (the
‘Committee’) plays a vital role in guiding
Bellway’s commitment to operating
responsibility and sustainably.
The Committee is responsible for overseeing
‘Better with Bellway’ and ensuring that
sustainability is embedded across all
operations including land acquisition,
construction, sales, community engagement
and climate resilience.
By aligning our practices with long-term
value creation and stakeholder expectations,
the Committee supports Bellway’s ambition
to build high-quality homes, and create a
more sustainable future.
• Work and liaise as necessary with
other Board committees, ensuring the
interaction on sustainability matters
between committees and with the Board is
reviewed regularly.
• The Committee meets at least three
times a year and operates under its own
Terms of Reference. These have been
agreed by the Board and are available at:
www.bellwayplc.co.uk/investor-centre/
governance/committees.
“ The Committee supports
Bellway’s ambition
to build high-quality
homes, and a more
sustainable future.”
John Tutte
Chair of the
Sustainability Committee
Membership and meeting attendance
Director Date appointed to the Committee
Number of meetings
attended during the year*
John Tutte (Chair) 18 May 2023 3/3
Simon Scougall 11 March 2025 1/1
Shane Doherty 11 March 2025 1/1
Sarah Whitney 18 May 2023 2/2
Jill Caseberry 18 May 2023 2/2
Ian McHoul 18 May 2023 2/2
Cecily Davis 1 May 2024 2/2
* The membership of the Committee changed in March 2025, and the relevant members attended the meetings for the period they were
a member.
The Group Production Managing Director and Head of Sustainability (Group Office) also attend
each Committee meeting to provide updates on ‘Better with Bellway’.
Simon Scougall Shane Doherty
Bellway p.l.c. Annual Report and Accounts 2025
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150
Sustainability Committee Report continued
Committee activities during the year
• Organised ESG training for the Board
and certain members of the Executive
Committee, including reporting standards
and benchmarks, effective governance
and horizon scanning.
• Received regular updates from the Head
of Sustainability (Group Office) and Group
Production Managing Director on the
progress of ‘Better with Bellway’ KPIs
and initiatives.
• Reviewed and recommended to the Board
the composition of the Committee.
• Approved the updated and amended
‘Better with Bellway’ targets, including the
Group’s updated science-based targets
and net zero by 2045 goal.
Board-level ‘ESG’ training
In January 2025, a comprehensive ‘ESG’
training session was delivered to the Board
and certain members of the Executive
Committee by Sodali. The session covered
the main drivers for sustainability, and
included an overview of sustainability
benchmarks and standards, plus a
comparison of our competitors’ approaches
to managing ESG issues.
Materiality assessment also formed part
of the session and we are planning to
complete an updated assessment starting
in Autumn 2025. This project will assess
‘double’ materiality, looking at both risks to
our business, as well as our impact on the
environment and society. The results of
the project will help to shape ‘Better with
Bellway’ objectives for FY27 and beyond.
Composition of the Committee
During the year, a review of the composition
of the Committee was undertaken.
Following this review, the Board determined
that the composition should reflect the
operational nature of the Committee.
The new membership of the Committee now
includes Simon Scougall (Chief Commercial
Officer) and Shane Doherty (Chief Financial
Officer), and continues to be chaired by
John Tutte. As of March 2025, all Non-
Executive Directors are no longer members
of the Committee but are invited to attend.
The Committee will meet at least three times
a year. The Committee has oversight of the
‘Better with Bellway’ Steering Group and
receive updates from the steering group
during every meeting.
Committee evaluation
The Committee’s performance was reviewed
as part of the annual Board evaluation.
The results confirmed that the Committee
has performed effectively.
Opportunities were identified to continue the
progress with the Carbon Reduction strategy,
update the ‘Better with Bellway’ strategy
following the results of the double materiality
assessment and ensure the delivery of the
FY26 KPIs and targets.
Key focus areas for FY26
• Continue to monitor the progress of ‘Better
with Bellway’ strategy, KPIs and objectives.
• Monitor progress with the Climate
Transition Plan and net zero targets.
• Oversee the double materiality
assessment, and ensure the results are
reflected in an updated ‘Better with
Bellway’ strategy.
• Approve the ‘Better with Bellway’ targets
and KPIs for FY26 and FY27, ensuring they
support the delivery of the overall ‘Better
with Bellway’ strategy.
John Tutte
Chair of the Sustainability Committee
13 October 2025
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151
Directors’ Report
The Directors of Bellway p.l.c. present their
report in accordance with section 415 of the
Companies Act 2006.
Bellway p.l.c. is the holding company of
the Bellway group of companies and
is a UK publicly listed company whose
shares are traded on the London Stock
Exchange. The main trading company is
Bellway Homes Limited and this, and all
other subsidiaries and joint arrangements
of the Group, are listed in the Subsidiaries,
Associates and Joint Ventures section of
the accounts.
The following table sets out where
information can be found, which is required
to be reported on in the Directors’ Report but
has been included elsewhere in the Annual
Report and Accounts and is cross-referenced
here to avoid repetition.
Topic Page number
Directors 89 and 90
Appointment and replacement of Directors 101 and in the Articles
Directors’ interests 134
Future developments 28 of the Strategic Report
Group undertakings 214
Environmental issues 35 to 65 of the Strategic Report
Section 172 statement 66 to 68 of the Strategic Report
Greenhouse gas emissions 48 to 51 of the Strategic Report
Whistleblowing 122
Financial risk management 76 to 79 of the Strategic Report
Going concern 78 of the Strategic Report
“ The Directors have
proposed a final ordinary
dividend for the year
ended 31July 2025
of 49.0p per share.”
Phil Hope
Finance Director and
Company Secretary
Results and dividends
The profit for the year attributable to equity
holders of the parent company amounts to
£157.5 million (2024 – £130.5 million).
The Directors have proposed a final ordinary
dividend for the year ended 31 July 2025 of
49.0p per share (2024 – 38.0p). This has not
been included within creditors as it was not
approved by shareholders before the end of
the financial year. The Directors recommend
payment of the final dividend on Wednesday
14 January 2026 to shareholders on the
Register of Members at the close of business
on Friday 5 December 2025.
Dividends paid during the year comprise the
final dividend of 38.0p per share in respect
of the year ended 31 July 2024, together with
an interim dividend in respect of the year
ended 31 July 2025 of 21.0p per share.
Directors’ indemnities andDirectors’
and officers’ liability insurance
The Company carries appropriate insurance
cover in respect of possible legal action
being taken against its Directors, Officers and
senior employees. The Articles provide the
Directors and Officers with further protection
against liability to third parties, subject to the
conditions set out in the Companies Act
2006. Such qualifying third-party indemnity
provisions remain in force as at the date of
this report.
Major interests in shares
As at 31 July 2025 or as at 6 October 2025,
the latest practicable date prior to the
publication of this report, the Company is
aware from analyst reports and notifications
received from shareholders of the following
interests, amounting to 3% or more of the
voting rights in the issued ordinary share
capital ofthe Company:
As at 31 July 2025 As at 6 October 2025
Topic
Number of
shares with
voting rights
% total
votingrights
Number of
shares with
voting rights
% total
votingrights
BlackRock 8,581,805 7.21 7,915,473 6.65
J.P. Morgan Asset Management 7,247,176 6.09 5,638,829 4.74
Vanguard Group 6,614,484 5.56 6,599,266 5.55
Baillie Gifford 5,675,785 4.77 6,020,398 5.06
Dimensional Fund Advisors 5,591,299 4.70 5,665,175 4.76
Fidelity Management & Research 4,260,193 3.58 2,154,241 1.81
Man GLG 4,244,291 3.57 4,771,396 4.01
Schroder Investment Management 2,852,203 2.40 3,887,644 3.27
Bellway p.l.c. Annual Report and Accounts 2025
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152
Directors’ Report continued
Share capital
The Company’s total issued share
capital, as at 31 July 2025, consisted of
118,991,699 ordinary shares of 12.5p each.
Further details of the issued capital of the
Company can be found in note 18 to the
Group Financial Statements. The rights and
obligations attaching to the ordinary shares
in the Company are set out in the Articles.
Copies of the Articles can be obtained
from Companies House or by writing to the
Finance Director and Company Secretary at
the Company’s registered office.
Restrictions on the transfer of shares
The restrictions on the transfer of shares
are set out in the Articles. In compliance
with the Company’s Share Dealing Code,
Company approval is required for Directors,
certain employees and those persons
closely associated with them to deal in the
Company’s ordinary shares. No person
has special rights of control over the
Company’s share capital. There have been
no amendments to these procedures during
the year.
Rights in relation to the shares held
in the employee benefit trust
The voting rights on shares held in the
Bellway Employee Share Trust (1992) in
relation to the Company’s employee share
schemes are exercisable by the trustees.
Restrictions on voting rights
Details of the deadlines for exercising voting
rights are set out in the Articles. The Directors
are not aware of any agreements between
shareholders that may result in restrictions on
the transfer of securities or on voting rights.
Amendments to the Articles
The Company is proposing to amend its
Articles by passing a special resolution at
this year’s AGM. Please see details of the
amendments and resolution in the Notice.
Powers of the Board
The business and affairs of the Company
are managed by the Directors, who may
exercise all such powers of the Company as
are, not by law or by the Articles, required
to be exercised by the Company in general
meetings. Subject to the provisions of the
Articles, all powers of the Directors are
exercised at meetings of the Directors, which
have been validly convened and at which a
quorum is present.
Allotment of shares
During the year, 11,462 new ordinary shares
were issued to satisfy awards made under
the Company’s employee share schemes.
The Directors have authority to allot shares
within limits agreed by shareholders.
Details of the renewal of this authority,
including the resolutions, which seek to
renew this authority, are set out in the Notice.
UK Listing Rules
Details of long-term incentive schemes as
required by UK Listing Rule 9.3.3R are located
in the Directors’ Remuneration Report
on pages 124 to 149. There is no further
information required to be disclosed under
UK Listing Rule 6.6.1R.
Accountability and audit
The Going Concern Statement, Long-Term
Viability Statement and the Statement of
Directors’ Responsibilities in respect of the
Annual Report and Accounts are shown on
pages 78, 119 and 154 respectively.
The Audit Committee, whose role is detailed
on page 108 to 123, has meetings at least
twice a year with the Company’s auditor,
Ernst & Young LLP.
Auditor
In accordance with section 489 of the
Companies Act 2006, a resolution for the
re-appointment of Ernst & Young LLP as
auditor of the Company is to be proposed at
the forthcoming AGM.
AGM – special business
Six resolutions will be proposed as special
business at the AGM to be held on Thursday
27 November 2025. Explanatory notes on
these resolutions are set out in the Notice.
Post balance sheet events
The Company was given authority at the
AGM on 12 December 2024 to purchase
its own ordinary shares. The Board has
approved a return of £150 million surplus
capital to shareholders, through a share
buyback programme, with contract terms
agreed on Monday 13 October 2025.
The buyback programme will consist of
two tranches.
The first £75 million tranche is irrevocable,
and it was recognised as a liability on
13 October 2025. The second £75 million
tranche is not yet contracted; itcan therefore
be revoked and, as such, itisnot yet
recognised as a liability.
Information on those third parties
with which the Company has
contracts orarrangements essential
toitsbusiness.
The Company is party to a number of debt
agreements with major clearing banks.
The withdrawal of such facilities could have
a material effect on the financing of the
business. There are no other arrangements
that the Group considers to be critical to the
performance of the business.
Takeovers directive and change
ofcontrol
The Company is party to a number of
debt agreements that may be terminable
in the event of a change of control of the
Company. On a change of control, any
outstanding options and awards granted
under the Group’s share schemes would
become exercisable, subject to any
performance conditions being met.
Bellway p.l.c. Annual Report and Accounts 2025
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153
Directors’ Report continued
Statement of Directors’
responsibilities in respect
ofthefinancial statements
The Directors are responsible for preparing
the Annual Report and the Financial
Statements in accordance with applicable
United Kingdom law and regulations.
Company law requires the Directors to
prepare Financial Statements for each
financial year. Under that law, the Directors
have elected to prepare the Group Financial
Statements in accordance with international
accounting standards in conformity with the
requirements of the Companies Act 2006
and the Company Financial Statements in
accordance with United Kingdom Generally
Accepted Accounting Practice (United
Kingdom Accounting Standards, comprising
FRS 101 ‘Reduced Disclosure Framework’ and
applicable law).
Under company law, the Directors must not
approve the Financial Statements unless
they are satisfied that they give a true and fair
view of the state of affairs of the Group and
the Company and of the profit or loss of the
Group and the Company for that period.
Under the Financial Conduct Authority’s
Disclosure Guidance and Transparency
Rules, Group Financial Statements are
required to be prepared in accordance with
international financial reporting standards
(‘IFRS’) as adopted by the UK.
In preparing these Financial Statements the
Directors are required to:
• select suitable accounting policies in
accordance with IAS 8 Accounting Policies,
Changes in Accounting Estimates and
Errors and then apply them consistently;
• make judgements and accounting
estimates that are reasonable and prudent;
• present information, including accounting
policies, in a manner that provides
relevant, reliable, comparable and
understandable information;
• provide additional disclosures, when
compliance with the specific requirements
in IFRS is insufficient, to enable users
to understand the impact of particular
transactions, other events and conditions
on the Group and Company financial
position and financial performance;
• in respect of the Group Financial
Statements, state whether international
accounting standards in conformity with
the requirements of the Companies
Act 2006 and IFRSs as adopted by the
UK have been followed, subject to
any material departures disclosed and
explained in the Financial Statements;
• in respect of the Company Financial
Statements, state whether United Kingdom
Accounting Standards, comprising
FRS 101 have been followed, subject to
any material departures disclosed and
explained in the Financial Statements; and
• prepare the Financial Statements on
the going concern basis, unless it is
appropriate to presume that the Company
and/or the Group will not continue
in business.
The Directors are responsible for keeping
adequate accounting records that
are sufficient to show and explain the
Company’s and Group’s transactions and
disclose with reasonable accuracy at any
time the financial position of the Company
and the Group and enable them to ensure
that the Company and the Group Financial
Statements comply with the Companies
Act 2006. They are also responsible for
safeguarding the assets of the Group and
parent company and hence for taking
reasonable steps for the prevention and
detection of fraud and other irregularities.
Under applicable law and regulations,
the Directors are also responsible for
preparing a Strategic Report, Directors’
Report, Directors’ Remuneration Report
and Corporate Governance Statement that
comply with that law and those regulations.
The Directors are responsible for the
maintenance and integrity of the corporate
and financial information included on the
Company’s website.
The Board consider the Annual Report and
Accounts, taken as a whole, is fair, balanced,
and understandable, and provides the
information necessary for shareholders to
assess the Company’s position, performance,
business model and strategy.
Directors’ responsibility statement
(DTR 4.1)
The Directors confirm, to the best of
their knowledge:
• that the consolidated Financial Statements,
prepared in accordance with international
accounting standards in conformity with
the requirements of the Companies Act
2006 and IFRSs as adopted by the UK, give
a true and fair view of the assets, liabilities,
financial position and profit of the parent
company and undertakings included in
the consolidation taken as a whole;
• that the Annual Report, including the
Strategic Report, includes a fair review of
the development and performance of the
business and the position of the Company
and undertakings included in the
consolidation taken as a whole, together
with a description of the principal risks and
uncertainties that they face; and
• that they consider the Annual Report,
taken as a whole, is fair, balanced and
understandable and provides the
information necessary for shareholders
to assess the Company’s position,
performance, business model and strategy.
By order of the Board
Phil Hope
Finance Director and Company Secretary
13 October 2025
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Independent Auditor’s Report to the Members of Bellway p.l.c.
Opinion
In our opinion:
• Bellway p.l.c.’s Group financial statements and Parent Company financial statements (the
“financial statements”) give a true and fair view of the state of the Group’s and of the Parent
Company’s affairs as at 31 July 2025 and of the Group’s profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with UK
adopted international accounting standards;
• the parent company financial statements have been properly prepared in accordance with
United Kingdom Generally Accepted Accounting Practice; and
• the financial statements have been prepared in accordance with the requirements of the
Companies Act 2006.
We have audited the financial statements of Bellway p.l.c. (the ‘Parent Company’) and its
subsidiaries (the ‘Group’) for the year ended 31 July 2025 which comprise:
Group Parent Company
Group Income Statement for the
yearthenended
Company Balance Sheet as at 31 July 2025
Group Statement of Comprehensive
Incomefor the year then ended
Company Statement of Changes in Equity for
the year then ended
Group Statement of Changes in Equity
asat31 July 2025
Related notes 1 to 8 to the financial statements,
including material accounting policy
information
Group Balance Sheet as at 31 July 2025
Group Cash Flow Statement for the year
then ended
Related notes 1 to 27 to the financial
statements, including material accounting
policy information
The financial reporting framework that has been applied in the preparation of the Group
financial statements is applicable law and UK adopted international accounting standards.
The financial reporting framework that has been applied in the preparation of the Parent
Company financial statements is applicable law and United Kingdom Accounting Standards,
including FRS 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted
Accounting Practice).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs
(UK)) and applicable law. Our responsibilities under those standards are further described
in the Auditor’s responsibilities for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our opinion.
Independence
We are independent of the Group and Parent in accordance with the ethical requirements
that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical
Standard as applied to listed public interest entities, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
The non-audit services prohibited by the FRC’s Ethical Standard were not provided to the
Group or the Parent Company and we remain independent of the Group and the Parent
Company in conducting the audit.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going
concern basis of accounting in the preparation of the financial statements is appropriate.
Our evaluation of the directors’ assessment of the Group and Parent Company’s ability to
continue to adopt the going concern basis of accounting included:
• In conjunction with our walkthrough of the Group’s financial close process, obtaining an
understanding of management’s going concern assessment process and challenging
management to ensure key factors were considered in their assessment.
• Assessing the appropriateness of the duration of the going concern assessment period to
31 July 2027 and considering the existence of any significant events or conditions beyond
this period based on our procedures on the Group’s business plan, cash flow forecasts and
from knowledge arising from other areas of the audit.
• Obtaining management’s going concern assessment, including the cash forecast, for the
going concern period through to 31 July 2027 and testing these for arithmetical accuracy.
We obtained an understanding of each of management’s modelled scenarios, including
the base case, severe downside cases and reverse stress test case. The reverse stress test
case had been prepared by management to demonstrate the point at which the Group
would extinguish cash reserves.
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• Assessing the historical accuracy of forecasting and challenging the appropriateness of key
assumptions in management’s forecasts, including the impact of housing completions and
average selling price on revenue generation. We also assessed these against information
from the Office of National Statistics, with consideration to trends in respect of house price
inflation, noting no contradictory indicators. We considered the appropriateness of the
methods used to calculate the cash flow forecasts and determined through inspection and
testing of the methodology and calculations that the methods utilised were appropriately
sophisticated to be able to make an appropriate assessment of going concern.
• Verifying the inputs into the cash flow forecasts, the debt facility terms, and reconciling the
liquidity position as at 31 July 2025. We further reviewed the Group’s borrowing facilities to
both verify their availability to the Group aligned with their underlying contractual terms and
to validate the financial covenants in relation to the available facilities.
• Assessing the plausibility of the downside scenarios and reverse stress test prepared by
management. We did this by challenging the assumptions made and considering indicators
of contradictory evidence.
• Considering any mitigating factors included in the downside scenarios that are within
control of the Group. This includes assessment of the Group’s operating and non-operating
cash outflows relating to uncommitted land and work in progress spend, discretionary
bonus payments, share buybacks and dividend payments and evaluating the Group’s
ability to control these outflows as mitigating actions if required.
• Assessing management’s consideration of material climate change impacts in the going
concern period, including incorporation of the expected costs of applying the Future
Homes Standard during the going concern period.
• Reviewing the Group’s going concern disclosures included in the Annual Report
and Accounts in order to assess whether the disclosures appropriately described the
assessment management performed and the key judgements taken.
Key observation
• The directors’ assessment forecasts that the Group will maintain sufficient liquidity
throughout the going concern assessment period in the base case scenario.
Under management’s reverse stress test (which comprises a significant additional
investment in land of £450m over and above that assumed in the base case, followed
by a reduction in private home completions of approximately 50% from 31 January 2026
and average selling prices on private homes subsequently reducing by 15%), liquidity
headroom is eliminated in January 2027. Management has concluded the likelihood of this
combination of events to be remote.
Based on the work we have performed, we have not identified any material uncertainties
relating to events or conditions that, individually or collectively, may cast significant doubt
on the Group and Parent Company’s ability to continue as a going concern for a period to
31 July 2027.
In relation to the Group and Parent Company’s reporting on how they have applied the UK
Corporate Governance Code, we have nothing material to add or draw attention to in relation
to the directors’ statement in the financial statements about whether the directors considered
it appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the directors with respect to going concern
are described in the relevant sections of this report. However, because not all future events
or conditions can be predicted, this statement is not a guarantee as to the Group’s ability to
continue as a going concern.
Overview of our audit approach
Audit scope • We performed an audit of the complete financial
information of Bellway p.l.c. and its components
• The components where we performed full scope audit
procedures accounted for 99% of profit before taxation,
99% of revenue and 99% of total assets.
Key audit matters • Risk of inappropriate revenue recognition;
• Risk of inappropriate cost of sales recognition and
valuation of work in-progress and land on sites
under development;
• Risk of inappropriate valuation of land on sites not yet
under development; and
• Risk of inappropriate measurement of the legacy
building safety improvement provision.
Materiality • Overall Group materiality of £14.5m which represents
5% of Group underlying profit before taxation.
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Independent Auditor’s Report to the Members of Bellway p.l.c. continued
An overview of the scope of the Parent Company and Group audits
Tailoring the scope
In the current year our audit scoping has been updated to reflect the new requirements
of ISA (UK) 600 (Revised). We have followed a risk-based approach when developing our
audit approach to obtain sufficient appropriate audit evidence on which to base our audit
opinion. We performed risk assessment procedures, to identify and assess risks of material
misstatement of the Group financial statements and identified significant accounts and
disclosures. When identifying components at which audit work needed to be performed to
respond to the identified risks of material misstatement of the Group financial statements,
we considered our understanding of the Group and its business environment, the potential
impact of climate change, the applicable financial framework, the Group’s system of internal
control at the entity level, the existence of centralised processes, applications and any relevant
internal audit results.
Bellway Homes Limited is the primary trading entity within the Bellway Group, holding all of
the Group’s live developments (excluding those that are managed within its joint ventures
and subsidiary). Bellway Homes Limited accounts for approximately 99% of the revenue, profit
and assets of the Group. As such, we identified two components (Bellway Homes Limited and
the Bellway p.l.c. parent company entity) as individually relevant to the Group due to relevant
events and conditions underlying the identified risks of material misstatement of the Group
financial statements being associated with the reporting components.
For those individually relevant components, we identified the significant accounts where audit
work needed to be performed at these components by applying professional judgement,
having considered the Group significant accounts on which centralised procedures will be
performed, the reasons for identifying the financial reporting component as an individually
relevant component and the size of the component’s account balance relative to the Group
significant financial statement account balance.
We then considered whether the remaining Group significant account balances not yet
subject to audit procedures, in aggregate, could give rise to a risk of material misstatement
of the Group financial statements. We selected no additional components of the Group
to include in our audit scope to address these risks, however, have performed analytical
procedures over these components. In addition, we have tested consolidation journals and
intercompany eliminations. The statutory audits of all components were also performed
concurrently with the Group audit.
Having identified the components for which work will be performed, we determined the
scope to assign to each component.
Of the two components selected, we designed and performed audit procedures on the entire
financial information for both components (“full scope components”).
Our scoping to address the risk of material misstatement for each key audit matter is set out in
the key audit matters section of our report.
Involvement with component teams
All audit work performed for the purposes of the audit was undertaken by the Group
audit team.
Climate change
Stakeholders are increasingly interested in how climate change will impact Bellway p.l.c.
The Group has determined that the most significant future impacts from climate change
on their operations will be from evolving legal and regulatory requirements (e.g. the Future
Homes Standard) and the availability of more efficient products and technologies to deliver
climate-resilient homes. These are explained on pages 52 to 59 in the required Task Force On
Climate Related Financial Disclosures and on page 80 in the principal risks and uncertainties.
They have also explained their climate commitments on pages 35 to 65. All of these
disclosures form part of the “Other information,” rather than the audited financial statements.
Our procedures on these unaudited disclosures therefore consisted solely of considering
whether they are materially inconsistent with the financial statements or our knowledge
obtained in the course of the audit or otherwise appear to be materially misstated, in line with
our responsibilities on “Other information”.
In planning and performing our audit we assessed the potential impacts of climate change on
the Group’s business and any consequential material impact on its financial statements.
The Group has explained in the Basis of Preparation note on page 173 how they have
reflected the impact of climate change in their financial statements and how they have
considered the impact of climate change, specifically providing an assessment of inventories
and how they could be affected by measures taken to address additional requirements
included in the Future Homes Standard. Management concluded in this assessment that no
issues were identified that would have a material impact on the carrying value of the Group’s
assets or liabilities or have any other material impact on the financial statements.
Our audit effort in considering the impact of climate change on the financial statements was
focused on evaluating management’s assessment of the impact of climate risk, physical and
transition, their climate commitments and the effects of material climate risks disclosed on
page 80. We also understood the Group’s strategy to address these risks that may affect the
financial statements and our audit.
As part of this evaluation, we performed our own risk assessment, supported by our climate
change specialists, to determine the risks of material misstatement in the financial statements
from climate change which needed to be considered in our audit. We identified the specific
impact of climate change risks relating to the valuation of land not under development and
land and work-in progress under development arising from the requirements of the Future
Homes Standard. For land not under development, we considered the impact of physical
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Independent Auditor’s Report to the Members of Bellway p.l.c. continued
climate risks, with consideration to land bank at flood risk locations, for a sample of items.
We considered the timing and nature of future cost assumptions underpinning the valuation
of land and work-in-progress under development. We did this by understanding how future
cost estimates were included within the site margin calculation in respect of the costs of
applying the Future Homes Standard, required to be applied to all units without foundations
constructed prior to its implementation.
We also evaluated the Directors’ considerations of climate change risks in their assessment
of going concern and viability and associated disclosures. Where considerations of climate
change were relevant to our assessment of going concern, these are described above.
We read the climate related information within the Annual Report, which included the Group’s
Task Force for Climate Related Financial Disclosures and considered consistency with the
financial statements and our audit knowledge.
As described above, we considered the impact of climate change on the financial statements
to impact certain key audit matters, principally cost of sales recognition and the valuation of
work-in-progress and land on sites under development. Details of our procedures and related
findings are included in our key audit matters below.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period and include the
most significant assessed risks of material misstatement (whether or not due to fraud) that we
identified. These matters included those which had the greatest effect on: the overall audit
strategy, the allocation of resources in the audit; and directing the efforts of the engagement
team. These matters were addressed in the context of our audit of the financial statements
as a whole, and in our opinion thereon, and we do not provide a separate opinion on
these matters.
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Risk Our response to the risk
Key observations communicated
to the Audit Committee
How we scoped our audit
torespondto the risk
Inappropriate
Revenue Recognition
Refer to the Audit Committee
Report (page 114); Accounting
policies (pages 173 to 174); and
Note 1 of the Group Financial
Statements (pages 175 and 176)
The Group has reported revenues
of £2,782.8m (2024: £2,380.2m).
We identified a specific risk
of fraud and error in respect
of inappropriate revenue
recognition arising from sales
transactions being recorded
ahead of performance obligations
being satisfied, generally being
legal or practical completion.
There is a risk that management
may recognise revenue in
advance of legal or practical
completion of plot sale through
inappropriate application of cut
off or manual postings recording
revenue in an earlier period
than appropriate.
There is no change in our risk
assessment from the prior year.
Walkthrough and controls
• We performed walkthroughs of each significant class of revenue transactions which consists of private sales and
housing association sales and assessed the design effectiveness of key transaction controls.
Timing of revenue recognition
• We applied a data analytics approach which allowed us to evaluate full populations of revenue transactions across
all trading divisions to focus on any anomalies and unusual trends in respect of timing. This work has also enabled
us to obtain assurance through a 3-way correlation between sales, accounts receivables (including payments on
account) and cash postings. We tested this correlation through a sample of revenue transactions from cash entries
to source documentation. We also searched for associated identification of transactions which were processed
outside of the expected transaction flow.
• We performed test of details in relation to unit sales at year end. We agreed a sample of transactions pre-year end
and post year end to legal or practical completion statements or evidence of cash receipts. We selected these
transactions randomly to incorporate unpredictability within our testing. We confirmed that revenue recognition is
appropriate based on the performance obligation being satisfied when legal or practical completion takes place.
• We reviewed the output of the work performed by internal audit in respect of revenue recognised on plot
completions 2 weeks prior and 2 weeks post the year end. We do not rely on the work performed by internal audit,
therefore in line with our identified audit risk, we tested items classified as higher risk and agreed these items to
completion statements to confirm the performance obligation was satisfied in advance of year end.
Management Override
• We performed inquiries of management at Group and divisions regarding awareness of instances of fraud.
We extended these inquiries beyond the finance team and inquired with Internal Audit, the Chief Commercial
Officer, Finance Director and Company Secretary, Regional Chairs and the Divisional Director teams.
• We performed specific procedures in relation to manual journals impacting revenue. We focused on entries with
specific characteristics, such as journals from outside normal revenue patterns and those with unusual descriptions.
Based on our audit
procedures, we did not
identify any evidence of
material misstatement in
revenue recognised in
the year.
We performed full scope
audit procedures over
this risk area in two
components, which
covered 99% of the
risk amount.
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Risk Our response to the risk
Key observations communicated
totheAuditCommittee
How we scoped our audit
torespondto the risk
Inappropriate cost of sales
margin recognition and valuation
of work-in-progress and land on
sites under development
Refer to the Audit Committee
Report (page 115); Accounting
policies (pages 173 to 174); and
Note 3 and 7 of the Group
Financial Statements (pages 179,
182 and 183).
The Group has reported:
• Cost of sales before net legacy
building safety expense of
£2,326.0m (2024: £1,999.1m)
• Land of £2,502.9m
(2024: £2,431.4m)
• Work-in-progress of £2,165.0m
(2024: £2,123.9m).
• Showhomes of £144.9m
(2024: £145.0m).
The economic environment
remains uncertain, with higher
interest and mortgage rates
impacting the affordability of new
homes, combined with increased
input costs and the ongoing
cost-of-living crisis, having
affected consumer confidence.
Consequently, this has impacted
customer demand for new homes
and presents a greater risk of
deterioration in margin. There is a
risk that costs of sales and margin
recognised in the financial
statements and resulting valuation
of work in progress (including
land in respect of sites under
development) may be misstated
if the site margin is incorrectly
determined, whether arising from
fraud or error.
There is no change in our risk
assessment from the prior year.
Walkthrough and controls
• We performed a walkthrough of management’s transaction controls in place covering the monitoring and updating
of certain site valuations to assess design effectiveness.
• We attended and observed the valuation meetings at 9 divisions held closest to year end. As part of this, we
observed the level of review applied by management in evaluating assumptions within site valuations.
• We confirmed that management action logs were reviewed at the valuation meetings attended. This included
ensuring the process which is undertaken to challenge the margin, forecast costs to complete and any other factors
that could impact on the margin was followed in accordance with the Group Commercial Policy.
Testing appropriateness of assumptions underpinning site margin
We utilised data analytics in order to identify higher risk sites based on certain risk indicators. We identified certain sites
for testing and performed the following procedures where appropriate:
• We assessed management’s inputs into projected future selling prices by developing an expectation of revenue
at a plot level, utilising historical sales experience and considering the impact of trends in house price inflation.
We assessed this using the average selling price on sold plots, based on house types and square footage.
Where necessary we further corroborated exceptions to advertised plot release prices and/or selling prices
recorded in the Bellway sales system.
• We assessed management’s inputs into projected costs on a site by site basis. We did this by performing a detailed
review of the cost estimate and sampling key elements to supporting documentation including subcontractor
orders, quotations, tender documentation and invoices. We also obtained supporting correspondence with
suppliers in respect of price increases and variations where relevant.
• We enquired of management regarding their assessment of the impact of climate change on the forecast costs
to complete. In order to assess the reasonableness of their assumptions, for a selection of the sites in our sample,
we specifically assessed whether the site would fall into the scope of the Future Homes Standard based on the
build timeline. For impacted sites, we considered whether the application of future homes cost assumptions were
appropriately reflected within the valuations.
• We performed specific procedures to assess whether there were material movements recorded in the final stages of
site completion.
• We tested a sample of developments where the last plot was sold during FY25 and compared the final site margin
to the previous quarterly valuation to assess whether the previous quarterly valuation was reasonable.
• We performed specific procedures to assess whether there have been any material movements in the site margins
post-year end. Where we identified sites with margin adjustments, the net impact of this was not material.
• We performed inquiries of Internal Audit, Regional Chairs and the Divisional Director teams to further understand
whether there are any other specific issues requiring evaluation.
Other procedures
We performed further procedures in respect of the cost of sales and work in progress balances, in addition to those set
out above. These included:
• We performed analytical procedures to assess the total cost of sales balance based on margin expectations
disaggregated by trading division and individual sites.
• We selected a sample of costs incurred in the year recorded as additions to work in progress and agreed them to
third party evidence, including invoices and subcontractor orders.
Based on our audit
procedures, we are satisfied
the cost of sales margin and
valuation of work-in-progress
and land on sites under
development is appropriate.
We performed full scope
audit procedures over
this risk area in two
components, which
covered 99% of the
risk amount.
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Risk Our response to the risk
Key observations communicated
to the Audit Committee
How we scoped our audit
torespondto the risk
Inappropriate valuation
of land on sites not yet
under development
Refer to the Audit Committee
Report (page 116); Accounting
policies (pages 173 and 174); and
Note 7 of the Group Financial
Statements (pages 182 and 183).
The Group has reported
total land of £2,502.9m
(2024: £2,431.4m), of which
£609.7m (2024: £570.0m) relates
to land interests that are either
not owned or unconditionally
contracted, or without detailed
planning permission.
Land held without detailed
planning permission is initially
recorded at cost and reviewed
for impairment with consideration
of the value in use of the land
and assessment of likelihood of
achieving planning consent.
There is a risk that land is valued
at an amount that is higher
than its recoverable amount,
particularly where there are
undeveloped sites where
planning permission is yet to be
granted or where development
on the land is considered no
longer feasible.
There is no change in our risk
assessment from the prior year.
Walkthrough and controls
• We understood management’s policies and performed a walkthrough the controls in place covering the valuation
of land on sites not yet under development.
Testing appropriateness of the valuation of land
• For a sample of items included within the land bank not under development, we challenged management’s
assumptions in respect of land viability, with consideration of current economic factors impacting forecast margin
calculations. Our sample included regional locations experiencing more severe economic impacts and/or reduction
in house prices at a greater rate.
• We performed test of details on the land bank and reviewed the status of planning permissions, agreeing
to supporting information. We reviewed local authority planning websites for evidence of status of planning
permissions and consultation outcomes.
• For our sampled items we considered the impact of physical climate risks, with consideration to land bank at flood
risk locations, for further indicators of impairment.
• We performed inquiries of Internal Audit, Regional Chairs and the Divisional Director teams to further understand
whether there are any potential impairment indicators.
We are satisfied that the
valuation of land on sites
not yet under development
is appropriate.
We performed full scope
audit procedures over
this risk area in two
components, which
covered 100% of the
risk amount.
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Risk Our response to the risk
Key observations communicated
to the Audit Committee
How we scoped our audit
torespondto the risk
Inappropriate recognition
of the legacy building safety
improvement provision
Refer to the Audit Committee
Report (page 117); Accounting
policies (pages 173 and
174); and Notes 2 and 10 of
the Consolidated Financial
Statements (pages 176, 178, 185
and 186).
The Group has reported:
• Net Self Remediation Terms
(‘SRT’) and associated
review provision of £482.8m
(2024: £463.5m)
• Structural defects provision of
£33.5m (2024: £45.6m)
• Net legacy building
safety expense of £51.8m
(2024: £37.0m).
There is estimation uncertainty
and subjectivity in determining
the most likely costs which will
be required in order to remediate
affected properties based on the
latest legal interpretation and
government guidance.
There is no change in our risk
assessment from the prior year.
Walkthrough and controls
• We performed a walkthrough of management’s transaction controls in place over monitoring and updating the
legacy building safety improvement provision to assess design effectiveness.
• We attended the valuation meeting closest to year end for the Building Safety division. As part of this, we observed
the level of review applied by management in evaluating the status of live and pending projects (known claims) and
challenging assumptions. This included estimates provided by third party consultants underpinning the amounts
recognised relating to live projects within management’s provision calculation.
Testing the basis of management’s provision calculation
• We obtained management’s provision schedules showing the brought forward provisions, amounts spent and
recovered, amounts further provided or released, additional amounts recognised and the final year end provisions,
and understood significant movements. We also performed procedures to verify arithmetical accuracy,
• We performed procedures on sites with known claims. We tested movements in the year, agreeing significant costs
and recoveries to supporting documentation and agreed assumptions to third party support where available.
• We tested a sample of items of cash spend incurred in the year in excess of our testing threshold to supporting
invoices, contractor certification or payment applications.
• We obtained an understanding of the methodology used within cost estimates, through discussion with the Group’s
Building Safety division. This was in order to understand and challenge the basis of estimates made and to discuss
the status of the most material provisions.
• In addition, we engaged EY actuarial specialists to review certain assumptions within management’s provision
calculation, consider development in the claim amounts and perform overall review procedures.
• We performed sensitivity analysis on the provision in order to establish whether these could give rise to
material variances.
• We further made inquiries of the Finance Director and Company Secretary and the Chief Commercial Officer.
We did not identify any further known or potential issues to be included in management’s provision calculation.
Disclosures within the financial statements
• We assessed the appropriateness of the disclosures included within the Financial Statements in relation to
provisions and contingent liabilities, including the disclosure of the assumptions and associated sensitivities in
relation to the key sources of estimation uncertainty.
Based on the procedures
performed, including
testing of key movements
and engaging EY actuarial
specialists in the audit of
assumptions underpinning
management’s provision
calculation, we are satisfied
that the resultant income
statement expense and year
end provision are fairly stated.
We performed full scope
audit procedures over
this risk area in two
components, which
covered 100% of the
risk amount.
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Independent Auditor’s Report to the Members of Bellway p.l.c. continued
Our application of materiality
We apply the concept of materiality in planning and performing the audit, in evaluating the
effect of identified misstatements on the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could
reasonably be expected to influence the economic decisions of the users of the financial
statements. Materiality provides a basis for determining the nature and extent of our
audit procedures.
We determined materiality for the Group to be £14.5 million (2024: £16.7 million), which is
5% (2024: 5%) of underlying profit before taxation (2024: normalised profit before taxation).
In 2024, we utilised the average of 2023 and 2024 profit before taxation, in light of the
significant fluctuation in profitability arising from market conditions impacting results at that
time. Given the relative market stabilisation this year, we do not consider this appropriate for
2025. We consider that underlying profit before taxation provides us with an appropriate basis
for materiality and is the most relevant for stakeholders, as it is a focus of both management
and investors and represents the operating performance for the business, excluding
adjusting items.
We determined materiality for the Parent Company to be £3.2 million (2024: £3.2 million),
which is 0.5% (2024: 0.5%) of total assets. As the Parent Company is a holding company with
no trading of its own, we deem total assets the most appropriate basis to determine materiality
as the profits or revenues are not key performance indicators for the entity.
Performance materiality
The application of materiality at the individual account or balance level. It is set at an amount
to reduce to an appropriately low level the probability that the aggregate of uncorrected and
undetected misstatements exceeds materiality.
On the basis of our risk assessments, together with our assessment of the Group’s overall
control environment, our judgement was that performance materiality was 75% (2024: 75%) of
our planning materiality, namely £10.9 million (2024: £12.5 million). We have set performance
materiality at this percentage due to the level of misstatements identified in prior years
being low.
Audit work at component locations for the purpose of obtaining audit coverage over
significant financial statement accounts is undertaken based on a percentage of total
performance materiality. The performance materiality set for each component is based on
the relative scale and risk of the component to the Group as a whole and our assessment
of the risk of misstatement at that component. In the current year, the range of performance
materiality allocated to components was £2.1 million to £9.8 million (2024: £3.8 million to
£11.9 million).
Reporting threshold
An amount below which identified misstatements are considered as being clearly trivial.
We agreed with the Audit Committee that we would report to them all uncorrected audit
differences in excess of £0.7 million (2024: £0.8 million), which is set at 5% of planning
materiality, as well as differences below that threshold that, in our view, warranted reporting on
qualitative grounds.
We evaluate any uncorrected misstatements against both the quantitative measures of
materiality discussed above and in light of other relevant qualitative considerations in forming
our opinion.
Other information
The other information comprises the information included in the annual report set out on
pages 1 to 154, including the Strategic Report, Governance Reports, the Directors’ Report set
out on pages 11 to 154, other than the financial statements and our auditor’s report thereon.
The directors are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to
the extent otherwise explicitly stated in this report, we do not express any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained
in the course of the audit or otherwise appears to be materially misstated. If we identify such
material inconsistencies or apparent material misstatements, we are required to determine
whether this gives rise to a material misstatement in the financial statements themselves. If,
based on the work we have performed, we conclude that there is a material misstatement of
the other information, we are required to report that fact.
We have nothing to report in this regard.
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Independent Auditor’s Report to the Members of Bellway p.l.c. continued
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, the part of the Directors’ Remuneration Report to be audited has been
properly prepared in accordance with the Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and the Directors’ Report for the financial year
for which the financial statements are prepared is consistent with the financial statements
and those reports have been prepared in accordance with applicable legal requirements;
• the information about internal control and risk management systems in relation to financial
reporting processes and about share capital structures, given in compliance with rules 7.2.5
and 7.2.6 in the Disclosure Rules and Transparency Rules sourcebook made by the Financial
Conduct Authority (the FCA Rules), is consistent with the financial statements and has been
prepared in accordance with applicable legal requirements; and
• information about the company’s corporate governance statement and practices and
about its administrative, management and supervisory bodies and their committees
complies with rules 7.2.2, 7.2.3 and 7.2.7 of the FCA Rules.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company
and its environment obtained in the course of the audit, we have not identified material
misstatements in:
• the Strategic Report or the Directors’ Report; or
• the information about internal control and risk management systems in relation to financial
reporting processes and about share capital structures, given in compliance with rules 7.2.5
and 7.2.6 of the FCA Rules
We have nothing to report in respect of the following matters in relation to which the
Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the Parent Company, or returns
adequate for our audit have not been received from branches not visited by us; or
• the Parent Company financial statements and the part of the Directors’ Remuneration
Report to be audited are not in agreement with the accounting records and returns; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• we have not received all the information and explanations we require for our audit; or
• a Corporate Governance Statement has not been prepared by the company
Corporate Governance Statement
We have reviewed the directors’ statement in relation to going concern, longer-term viability
and that part of the Corporate Governance Statement relating to the Group and Company’s
compliance with the provisions of the UK Corporate Governance Code specified for our
review by the UK Listing Rules.
Based on the work undertaken as part of our audit, we have concluded that each of the
following elements of the Corporate Governance Statement is materially consistent with the
financial statements or our knowledge obtained during the audit:
• Directors’ statement with regards to the appropriateness of adopting the going concern
basis of accounting and any material uncertainties identified set out on page 78;
• Directors’ explanation as to its assessment of the Company’s prospects, the period this
assessment covers and why the period is appropriate set out on page 78;
• Directors’ statement on whether it has a reasonable expectation that the Group will be able
to continue in operation and meets its liabilities set out on page 154;
• Directors’ statement on fair, balanced and understandable set out on page 154;
• Board’s confirmation that it has carried out a robust assessment of the emerging and
principal risks set out on pages 80 to 82;
• The section of the annual report that describes the review of effectiveness of risk
management and internal control systems set out on page 120; and
• The section describing the work of the Audit Committee set out on pages 108 to 123.
Responsibilities of directors
As explained more fully in the Statement of Directors’ responsibilities set out on page 154, the
directors are responsible for the preparation of the financial statements and for being satisfied
that they give a true and fair view, and for such internal control as the directors determine
is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group
and Parent Company’s ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless the
directors either intend to liquidate the Group or the Parent Company or to cease operations,
or have no realistic alternative but to do so.
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Independent Auditor’s Report to the Members of Bellway p.l.c. continued
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
Explanation as to what extent the audit was considered capable of detecting irregularities,
including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations.
We design procedures in line with our responsibilities, outlined above, to detect irregularities,
including fraud. The risk of not detecting a material misstatement due to fraud is higher than
the risk of not detecting one resulting from error, as fraud may involve deliberate concealment
by, for example, forgery or intentional misrepresentations, or through collusion. The extent to
which our procedures are capable of detecting irregularities, including fraud is detailed below.
However, the primary responsibility for the prevention and detection of fraud rests with both
those charged with governance of the company and management.
• We obtained an understanding of the legal and regulatory frameworks that are applicable
to the Group and determined that the most significant are those that relate to the reporting
framework (UK adopted international accounting standards, the Companies Act 2006 and
UK Corporate Governance Code), tax legislation, competition law, employment law, health
and safety legislation, environmental regulations and the Self-Remediation Terms with the
Department for Levelling Up, Housing and Communities in relation to historical fire safety
issues across the sector as well as equivalent commitments in Wales and Scotland.
• We understood how the Group is complying with those frameworks by making inquiries
with management, internal audit, those responsible for legal and compliance procedures,
the Chief Commercial Officer and, where necessary, the Group’s external legal counsel.
We corroborated our enquiries through our review of Board minutes and review of
Group compliance with policies and processes. We reviewed internal audit reports
and whistleblowing log reports for any indicators of non-compliance. We obtained
and reviewed legal correspondence to support our audit procedures and to assess
management positions reported in respect of legacy building safety improvements and the
market investigation by the Competition and Markets Authority.
• We assessed the susceptibility of the Group’s financial statements to material misstatement,
including how fraud might occur by meeting with management from various parts of
the business to understand where it was considered there was a susceptibility to fraud.
We also considered performance targets and their propensity to influence efforts made
by management to manage earnings. We considered the programmes and controls that
the Group has established to address risks identified, or that otherwise prevent, deter and
detect fraud; and how senior management monitors those programmes and controls.
Where the risk was considered to be higher, we performed audit procedures to address
each identified fraud risk. These procedures included testing manual journals and were
designed toprovide reasonable assurance that the financial statements were free from
fraud and error.
• Based on this understanding we designed our audit procedures to identify non-compliance
with such laws and regulations. Our procedures involved journal entry testing, with a focus
on manual consolidation journals, and journals indicating large or unusual transactions
based on our understanding of the business; enquiries of Group management and internal
audit; and focused testing, as referred to in the key audit matters section above. In addition,
we completed procedures to conclude on the compliance of the disclosures in the Annual
Report and Accounts with the requirements of the relevant accounting standards, UK
legislation and the UK Corporate Governance Code 2018.
A further description of our responsibilities for the audit of the financial statements is located
on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities.
This description forms part of our auditor’s report.
Other matters we are required to address
• Following the recommendation from the Audit Committee, we were appointed by the
company on 11 December 2020 to audit the financial statements for the year ending
31 July2021 and subsequent financial periods.
The period of total uninterrupted engagement including previous renewals and
reappointments is 5 years, covering the years ending 31 July 2021 to 31 July 2025.
• The audit opinion is consistent with the additional report to the Audit Committee.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter
3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we
might state to the company’s members those matters we are required to state to them in
an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the company and the company’s
members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of Ernst & Young LLP , Statutory Auditor
Newcastle upon Tyne
13 October 2025
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Accounts
Group Financial Statements
168
Accounting Policies
173
Notes to the Group Financial Statements
175
Company Financial Statements
207
Accounting Policies
209
Notes to the Company
Financial Statements
210
Subsidiaries, Associates and Joint Ventures
214
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About Us
Group Financial Statements 168
Group Income Statement 168
Group Statement of Comprehensive Income 169
Group Statement of Changes in Equity 170
Group Balance Sheet 171
Group Cash Flow Statement 172
Accounting Policies 173
Basis of preparation 173
Basis of consolidation 173
Going concern 173
Effect of new standards and
amendments effective for the first time
174
Standards and amendments in issue
but not yet effective
174
Notes to the Group
Financial Statements
175
Performance for the year
1. Revenue 175
2. Net legacy building safety expense
and other exceptional items
176
3. Cost of sales recognition 179
4. Operating profit 179
4a. Part-exchange properties 179
4b. Operating profit is stated after charging 179
4c. Auditor’s remuneration 179
5 Earnings per ordinary share 180
Taxation
6. Taxation 180
6a. Income tax recognised in the
income statement
180
6b. Factors affecting the income
tax charge for the year
181
6c. Tax recognised in equity and other
comprehensive expense
181
6d. Deferred Taxation 181
Working capital
7. Inventories 182
8. Trade and other receivables 183
9. Trade and other payables 184
10. Provisions and reimbursement assets 185
Investing activities
11. Property, plant and equipment 187
12. Financial assets and equity
accounted joint arrangements
188
13. Joint arrangements 188
14. Commitments 189
Financing
15. Net cash/(debt) 189
15a. Reconciliation of net cash flow
to net cash/(debt)
189
15b. Analysis of net cash/(debt) 189
16. Finance income and expenses 190
17. Financial instruments 190
Shareholder capital
18. Issued capital 193
19. Reserves 194
20. Dividends on equity shares 194
Directors and employees
21. Employee information 195
22. Retirement benefit asset 195
23. Share based payments 198
Contingencies, related parties
and subsidiaries
24. Contingent liabilities 201
25. Related party transactions 201
Other information
26. Alternative performance measures 201
27. Post balance sheet events 206
Company Financial Statements 207
Company Balance Sheet 207
Parent Company Income Statement 207
Company Statement of Changes in Equity 208
Accounting Policies 209
Basis of preparation 209
Other financial statement considerations 209
Critical accounting judgements and key
sources of estimation uncertainty
209
Going concern 210
Notes to the Company
Financial Statements
210
1. Employee information 210
2. Investments in subsidiaries 210
3. Trade and other receivables 211
4. Trade and other payables 211
5. Contingent liabilities and commitments 211
6. Issued capital 212
7. Reserves 212
8. Dividends on equity shares 213
Subsidiaries, associates
and joint ventures
214
Group undertakings 214
Resident management companies 215
Key to financial statement icons
Throughout the financial statements the below
icons are used and they represent the following:
Accounting policy – The accounting policies
set out within the financial statements have,
unless otherwise stated, been applied
consistently to all periods presented in these
consolidated financial statements.
Accounting estimate – The Directors consider
these areas to be the major sources of
estimation that have been made in these
financial statements.
Accounting judgement – The Directors
consider these to be the major judgements
that could have a significant effect on the
financial statements when applying the
Group’s accounting policies.
Accounts Contents
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About Us
Group Income Statement
for the year ended 31 July 2025
| 2025 | 2024 | ||
| Note | £m | £m | |
Revenue | 1 | ||
Cost of sales | 3 | ( | ( |
| Analysed as: | |||
| Underlying cost of sales | ( | ( | |
Adjusting item: net legacy building safety expense | 2 | ( | ( |
Gross profit | |||
Other operating income | 4 | ||
Other operating expenses | 4 | ( | ( |
Administrative expenses | ( | ( | |
| Analysed as: | |||
| Underlying administrative expenses | ( | ( | |
Adjusting item: other exceptional items | 2 | ( | ( |
Operating profit | 4 | ||
Finance income | 16 | ||
Finance expenses | 16 | ( | ( |
| Analysed as: | |||
| Underlying finance expenses | ( | ( | |
Adjusting item: net legacy building safety expense | 2 | ( | ( |
Share of result of joint ventures | 13 | ( | ( |
Profit before taxation | |||
Income tax expense | 6 | ( | ( |
Profit for the year * | |||
Earnings per ordinary share – Basic | 5 | ||
Earnings per ordinary share – Diluted | 5 |
* All attributable to equity holders of the parent.
Adjusting items
| 2025 | 2024 | ||
| Note | £m | £m | |
| Gross profit | |||
| Gross profit per the Group Income Statement | |||
Adjusting item: net legacy building safety expense | 2 | ||
Underlying gross profit | |||
| Operating profit | |||
| Operating profit per the Group Income Statement | |||
Adjusting item: net legacy building safety expense | 2 | ||
Adjusting item: other exceptional items | 2 | ||
Underlying operating profit | |||
| Profit before taxation | |||
| Profit before taxation per the Group Income Statement | |||
Adjusting item: net legacy building safety expense | 2 | ||
Adjusting item: other exceptional items | 2 | ||
Underlying profit before taxation | |||
| Profit for the year | |||
| Profit for the year per the Group Income Statement | |||
Adjusting item: net legacy building safety expense | 2 | ||
Adjusting item: other exceptional items | 2 | ||
Adjusting item: income tax on exceptional items | 2 | ( | ( |
Underlying profit for the year |
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About Us
Group Statement of Comprehensive Income
for the year ended 31 July 2025
| 2025 | 2024 | ||
| Note | £m | £m | |
Profit for the year | |||
| Other comprehensive expense | |||
| Items that will not be recycled to the income statement: | |||
| Remeasurement losses on defined benefit pension plans | 22 | ( | |
Income tax on other comprehensive expense | 6 | ||
Other comprehensive expense for the year, net of income tax | ( | ||
Total comprehensive income for the year* |
* All attributable to equity holders of the parent.
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About Us
Group Statement of Changes in Equity
at 31 July 2025
| Capital | |||||||
| Issued | Share | redemption | Other | Retained | Total | ||
| capital | premium | reserve | reserves | earnings | equity | ||
Group | Note | £m | £m | £m | £m | £m | £m |
Balance at 1 August 2023 | |||||||
| Total comprehensive income forthe year | |||||||
| Profit for the year | |||||||
Other comprehensive expense* | ( | ( | |||||
Total comprehensive income for the year | |||||||
| Transactions with shareholders recorded directly in equity: | |||||||
| Dividends on equity shares | 20 | ( | ( | ||||
Shares issued | 18 | ||||||
Credit in relation to share options and tax thereon | 6, 23 | ||||||
Share buyback programme and cancellation of shares | 18, 19 | ( | ( | ( | |||
Total contributions by and distributions to shareholders | ( | ( | ( | ||||
Balance at 31 July 2024 | |||||||
| Total comprehensive income forthe year | |||||||
| Profit for the year | |||||||
Other comprehensive expense* | |||||||
Total comprehensive income for the year | |||||||
| Transactions with shareholders recorded directly in equity: | |||||||
| Dividends on equity shares | 20 | ( | ( | ||||
Purchase of own shares | 18 | ( | ( | ||||
Shares issued | 18 | ||||||
Credit in relation to share options and tax thereon | 6, 23 | ||||||
Total contributions by and distributions to shareholders | ( | ( | |||||
Balance at |
* An additional breakdown is provided in the Group Statement of Comprehensive Income.
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About Us
Group Balance Sheet
at 31 July 2025
| 2025 | 2024 | ||
| Note | £m | £m | |
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 11 | ||
Financial assets | 12 | ||
Equity accounted joint arrangements | 12 | ||
Deferred tax assets | 6 | ||
Retirement benefit assets | 22 | ||
| Current assets | |||
| Inventories | 7 | ||
Trade and other receivables | 8 | ||
Corporation tax receivable | |||
Cash and cash equivalents | 15 | ||
Total assets | |||
| LIABILITIES | |||
| Non-current liabilities | |||
| Interest-bearing loans and borrowings | 15 | ||
Trade and other payables | 9 | ||
Deferred tax liabilities | 6 | ||
Provisions | 10 | ||
| Current liabilities | |||
| Corporation tax payable | |||
Trade and other payables | 9 | ||
Provisions | 10 | ||
Total liabilities | |||
Net assets |
| 2025 | 2024 | ||
| Note | £m | £m | |
| EQUITY | |||
| Issued capital | 18 | ||
Share premium | 19 | ||
Capital redemption reserve | 19 | ||
Other reserves | |||
Retained earnings | |||
Total equity |
Registered number 1372603
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About Us
Group Cash Flow Statement
for the year ended 31 July 2025
| 2025 | 2024 | ||
| Note | £m | £m | |
| Cash flows from operating activities | |||
| Profit for the year | |||
Depreciation charge | 11 | ||
Finance income | 16 | ( | ( |
Finance expenses | 16 | ||
Share-based payment expense | 23 | ||
Share of post tax result of joint ventures | 13 | ||
Income tax expense | 6 | ||
Increase in inventories | ( | ( | |
(Increase)/decrease in trade and other receivables | ( | ||
Increase/(decrease) in trade and other payables | ( | ||
Decrease in provisions | ( | ( | |
Cash from/(utilised in) operations | ( | ||
Interest paid | ( | ( | |
Income tax paid | ( | ( | |
Net cash inflow/(outflow) from operating activities | ( | ||
| Cash flows from investing activities | |||
| Acquisition of subsidiary, net of cash acquired | 13 | ( | |
Acquisition of property, plant and equipment | ( | ( | |
Increase in loans to joint ventures | ( | ( | |
Repayment of loans by joint ventures | |||
Dividends from joint ventures | 12 | ||
Interest received | |||
Net cash outflow from investing activities | ( | ( |
| 2025 | 2024 | ||
| Note | £m | £m | |
| Cash flows from financing activities | |||
| Payment of lease liabilities | 17 | ( | ( |
| Proceeds from the issue of share capital on exercise | |||
| ofshareoptions | |||
Purchase of own shares | ( | ||
Share buyback programme | 18 | ( | |
Dividends paid | 20 | ( | ( |
Net cash outflow from financing activities | ( | ( | |
Net increase/(decrease) in cash and cash equivalents | ( | ||
Cash and cash equivalents at beginning of year | |||
Cash and cash equivalents at end of year | 15 |
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About Us
Accounting Policies
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About Us
Accounting Policies continued
Basis of preparation continued
Going concern continued
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About Us
Notes to the Group Financial Statements
1. Revenue
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About Us
Notes to the Group Financial Statements continued
1. Revenue continued
Housing completions | Revenue | |||
| 2025 | 2024 | 2025 | 2024 | |
| Number | Number | £m | £m | |
Housing – private | 6,924 | 5,758 | 2,426.4 | 2,002.3 |
Housing – social | 1,825 | 1,896 | 341.9 | 354.4 |
Total housing | 8,749 | 7,654 | 2,768.3 | 2,356.7 |
Non-housing revenue | – | – | 14.5 | 23.5 |
Total | 8,749 | 7,654 | 2,782.8 | 2,380.2 |
| 2025 | |||||
| Total net | |||||
| legacy | |||||
| SRT and | building | Other | Total | ||
| associated | Structural | safety | exceptional | adjusting | |
| review | defects | expense | items | items | |
| £m | £m | £m | £m | £m | |
Provisions (note 10) | 50.9 | (13.3) | 37.6 | – | 37.6 |
Reimbursement assets (note 10) | (0.2) | – | (0.2) | – | (0.2) |
Net cost of sales | 50.7 | (13.3) | 37.4 | – | 37.4 |
Administrative expenses | – | – | – | 15.4 | 15.4 |
Finance expenses (notes 10, 16) | 12.6 | 1.8 | 14.4 | – | 14.4 |
| Total net legacy building | |||||
safety expense and other exceptional items | 63.3 | (11.5) | 51.8 | 15.4 | 67.2 |
| 2024 | |||||
| Total net | |||||
| legacy | |||||
| SRT and | building | Other | Total | ||
| associated | Structural | safety | exceptional | adjusting | |
| review | defects | expense | items | items | |
| £m | £m | £m | £m | £m | |
Provisions | 6.1 | 14.1 | 20.2 | – | 20.2 |
Reimbursement assets | (0.3) | – | (0.3) | – | (0.3) |
Net cost of sales | 5.8 | 14.1 | 19.9 | – | 19.9 |
Administrative expenses | – | – | – | 5.4 | 5.4 |
Finance expenses (note 16) | 15.9 | 1.2 | 17.1 | – | 17.1 |
| Total net legacy building | |||||
safety expense and other exceptional items | 21.7 | 15.3 | 37.0 | 5.4 | 42.4 |
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About Us
2. Net legacy building safety expense and other exceptional items continued
Notes to the Group Financial Statements continued
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2. Net legacy building safety expense and other exceptional items continued
Notes to the Group Financial Statements continued
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About Us
| 2025 | 2024 | |
| £m | £m | |
Employee costs (including Directors) (note 21) | 214.7 | 198.2 |
Depreciation of owned property, plant and equipment (note 11) | 2.2 | 2.3 |
Depreciation of right-of-use assets (note 11) | 3.3 | 2.8 |
Expenses related to short-term and low value leases | 12.6 | 14.9 |
| 2025 | 2024 | |
| £000 | £000 | |
| Fee payable for the audit of the Company and consolidated | ||
| financial statements | 93 | 89 |
| Amounts receivable by the auditor and its associates in respect of: | ||
| Fees payable for the audit of the Company’s subsidiaries | 517 | 455 |
Fees payable for the pension scheme audit | 25 | 21 |
Total audit fees | 635 | 565 |
Non-audit related fees | 99 | 470 |
Total fees related to the Company and its subsidiaries | 734 | 1,035 |
| 2025 | 2024 | |
| £000 | £000 | |
| Fees payable for the audit of the Group’s joint ventures pursuant | ||
| to legislation | 37 | 46 |
Total fees related to joint ventures | 37 | 46 |
Notes to the Group Financial Statements continued
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5. Earnings per ordinary share
Basic earnings per ordinary share is calculated by dividing profit for the year by the weighted
average number of ordinary shares in issue during the year (excluding the weighted average
number of ordinary shares held by the Company or Trust which are treated as cancelled).
Diluted earnings per ordinary share uses the same profit for the year figure as the basic
calculation. The weighted average number of shares has been adjusted to reflect the dilutive
effect of outstanding share options allocated under employee share schemes where the market
value exceeds the option price. Diluted earnings per ordinary share is calculated by dividing profit
for the year by the diluted weighted average number of ordinary shares.
Reconciliations of the profit for the year and weighted average number of shares used in the
calculations are outlined below:
| Weighted | Weighted | |||||
| average | average | |||||
| number of | number of | |||||
| Profit for | ordinary | Earnings | Profit for | ordinary | Earnings per | |
| the year | shares | per share | the year | shares | share | |
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| £m | Number | p | £m | Number | p | |
| For basic earnings | ||||||
| per ordinary share | 157.5 | 118,644,063 | 132.8 | 130.5 | 118,830,821 | 109.8 |
Dilutive effect of options and awards | 889,652 | (1.0) | 846,522 | (0.8) | ||
| For diluted earnings | ||||||
| per ordinary share | 157.5 | 119,533,715 | 131.8 | 130.5 | 119,677,343 | 109.0 |
Underlying basic and underlying diluted earnings per share exclude the effect of adjusting items
and any associated net tax amounts. Reconciliations of these are outlined below:
| Weighted | Weighted | |||||
| average | average | |||||
| Underlying | number of | Underlying | Underlying | number of | Underlying | |
| profit for | ordinary | earnings per | profit for | ordinary | earnings per | |
| the year | shares | share | the year | shares | share | |
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| £m | Number | p | £m | Number | p | |
| For basic underlying | ||||||
| earnings per | ||||||
| ordinary share | 209.7 | 118,644,063 | 176.7 | 160.6 | 118,830,821 | 135.2 |
Dilutive effect of options and awards | 889,652 | (1.3) | 846,522 | (1.0) | ||
| For diluted | ||||||
| underlying earnings | ||||||
| per ordinary share | 209.7 | 119,533,715 | 175.4 | 160.6 | 119,677,343 | 134.2 |
6. Ta xation
| 2025 | 2024 | |
| £m | £m | |
| Current tax expense/(income): | ||
| UK corporation tax | 62.1 | 49.1 |
Residential property developer tax | 9.1 | 6.9 |
Adjustments in respect of prior years | (2.8) | (0.3) |
68.4 | 55.7 | |
| Deferred tax (income)/expense: | ||
| Origination and reversal of temporary differences | (4.2) | (2.5) |
Adjustments in respect of prior years | 0.2 | – |
(4.0) | (2.5) | |
Total income tax expense in the income statement | 64.4 | 53.2 |
Notes to the Group Financial Statements continued
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6. Taxation continued
| 2025 | 2025 | 2024 | 2024 | |
| % | £m | % | £m | |
| Reconciliation of effective tax rate: | ||||
| Profit before taxation | 221.9 | 183.7 | ||
Tax calculated at UK income tax rate | 29.0 | 64.4 | 29.0 | 53.3 |
| Non-taxable income and enhanced | ||||
| deductions | 1.2 | 2.6 | 0.1 | 0.2 |
| Adjustments in respect of prior years | ||||
| – current tax | (1.3) | (2.8) | (0.1) | (0.3) |
– deferred tax | 0.1 | 0.2 | – | – |
| Effective tax rate and tax expense | ||||
| for the year | 29.0 | 64.4 | 29.0 | 53.2 |
Notes to the Group Financial Statements continued
| 2025 | 2024 | |
| £m | £m | |
Deferred tax recognised directly in equity and other comprehensive expense: | ||
| Credit relating to remeasurements on the defined benefit | ||
| pension scheme | – | 0.5 |
(Expense)/credit relating to equity-settled transactions | (0.6) | 0.8 |
| Retirement | ||||||
| Capital | benefit | Share-based | Unutilised | |||
| allowances | assets | payments | Inventory | tax losses | Total | |
| £m | £m | £m | £m | £m | £m | |
At 1 August 2023 | (1.4) | (0.7) | 0.3 | (4.1) | 1.4 | (4.5) |
| Income statement | (0.2) | – | 0.7 | 0.7 | 1.3 | 2.5 |
| (expense)/credit | ||||||
Credit to other comprehensive expense | – | 0.5 | – | – | – | 0.5 |
Credit to equity | – | – | 0.8 | – | – | 0.8 |
At 31 July 2024 | (1.6) | (0.2) | 1.8 | (3.4) | 2.7 | (0.7) |
| Income statement | 0.3 | (0.1) | 1.5 | 1.5 | 0.8 | 4.0 |
| credit/(expense) | ||||||
Expense to equity | – | – | (0.6) | – | – | (0.6) |
At 31 July 2025 | (1.3) | (0.3) | 2.7 | (1.9) | 3.5 | 2.7 |
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Inventories continued
Notes to the Group Financial Statements continued
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7. Inventories continued
| 2025 | 2024 | |
| Group | £m | £m |
Land | 2,502.9 | 2,431.4 |
Work-in-progress | 2,165.0 | 2,123.9 |
Showhomes | 144.9 | 145.0 |
Part-exchange properties | 25.3 | 14.5 |
4,838.1 | 4,714.8 |
Inventories of £2,264.0 million were expensed in the year (2024 – £1,942.9 million).
In the ordinary course of business, inventories have been written down by a net £1.2 million in the
year (2024 – £8.2 million).
Land with a carrying value of £241.6 million (2024 – £162.5 million) was used as security for land
payables (note 9).
Land includes £1,893.2 million (2024 – £1,861.4 million) which is owned or unconditionally
contracted by the Group and where there is an implementable detailed planning permission.
The anticipated costs relating to the adoption of the Future Homes Standard in 2027, are included
within the carrying value of inventories as at 31 July 2025 and 31 July 2024 where appropriate.
The Directors consider all inventories to be essentially current in nature although the Group’s
operational cycle is such that a proportion of inventories will not be realised within 12 months. It is
not possible to determine with accuracy when specific inventory will be realised as this is subject
to a number of factors including consumer demand and planning permission delays.
| 2025 | 2024 | |
| Current receivables | £m | £m |
Trade receivables | 26.3 | 27.0 |
Other receivables | 39.5 | 35.0 |
Prepayments and accrued income | 15.2 | 14.8 |
81.0 | 76.8 |
Notes to the Group Financial Statements continued
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| 2025 | 2024 | |
| Non-current liabilities | £m | £m |
Land payables | 73.3 | 82.6 |
Lease liabilities | 17.2 | 11.0 |
90.5 | 93.6 |
| 2025 | 2024 | |
| Current liabilities | £m | £m |
Trade payables | 306.2 | 285.0 |
Land payables | 264.3 | 142.7 |
Social security and other taxes | 6.8 | 5.6 |
Other payables | 1.5 | 5.3 |
Lease liabilities | 2.9 | 3.1 |
Accruals | 163.1 | 194.6 |
Payments on account | 156.6 | 156.6 |
901.4 | 792.9 |
Notes to the Group Financial Statements continued
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Notes to the Group Financial Statements continued
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10. Provisions and reimbursement assets continued
SRT and associated review | Structural defects | Total legacy building safety improvements | |||||||
| Reimbursement | Reimbursement | Reimbursement | |||||||
| Provision | assets | Total | Provision | assets | Total | Provision | assets | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | £m | |
At | (463.6) | 0.1 | (463.5) | (45.6) | – | (45.6) | (509.2) | 0.1 | (509.1) |
Adjusting item – cost of sales (note 2) | (50.9) | 0.2 | (50.7) | 13.3 | – | 13.3 | (37.6) | 0.2 | (37.4) |
| Analysed as: | |||||||||
| Additions | (81.6) | 0.2 | (81.4) | (6.0) | – | (6.0) | (87.6) | 0.2 | (87.4) |
Released | 30.9 | – | 30.9 | 19.5 | – | 19.5 | 50.4 | – | 50.4 |
Change in discount rate | (0.2) | – | (0.2) | (0.2) | – | (0.2) | (0.4) | – | (0.4) |
Utilised/(received) | 44.2 | (0.2) | 44.0 | 0.6 | – | 0.6 | 44.8 | (0.2) | 44.6 |
Unwinding of discount (notes 2, 16) | (12.6) | – | (12.6) | (1.8) | – | (1.8) | (14.4) | – | (14.4) |
At 31 July 2025 | (482.9) | 0.1 | (482.8) | (33.5) | – | (33.5) | (516.4) | 0.1 | (516.3) |
| Total legacy | |||
| SRT and | building | ||
| associated | Structural | safety | |
| review | defects | improvements | |
| £m | £m | £m | |
Current | (164.8) | (1.1) | (165.9) |
Non-current | (318.1) | (32.4) | (350.5) |
Total | (482.9) | (33.5) | (516.4) |
Notes to the Group Financial Statements continued
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Owned | Right-of-use assets | |||||
| Plant, | Asset | Plant, | ||||
| Land and | fixtures | under | Land and | fixtures | ||
| property | and fittings | construction | property | and fittings | Total | |
| Cost | £m | £m | £m | £m | £m | £m |
At 1 August 2023 | 18.2 | 16.1 | – | 20.6 | 4.1 | 59.0 |
Additions | 0.1 | 1.3 | – | 2.3 | – | 3.7 |
Disposals | – | (1.5) | – | (0.5) | (1.0) | (3.0) |
At 1 August 2024 | 18.3 | 15.9 | – | 22.4 | 3.1 | 59.7 |
Additions | – | 1.9 | 10.6 | 8.5 | – | 21.0 |
Disposals | – | (1.4) | – | (0.4) | (1.1) | (2.9) |
At 31 July 2025 | 18.3 | 16.4 | 10.6 | 30.5 | 2.0 | 77.8 |
| Depreciation | ||||||
| At 1 August 2023 | 3.7 | 11.8 | – | 9.8 | 2.0 | 27.3 |
Charge for year | 0.5 | 1.8 | – | 2.0 | 0.8 | 5.1 |
On disposals | – | (1.5) | – | (0.5) | (0.9) | (2.9) |
At 1 August 2024 | 4.2 | 12.1 | – | 11.3 | 1.9 | 29.5 |
Charge for year | 0.5 | 1.7 | – | 2.6 | 0.7 | 5.5 |
On disposals | – | (1.3) | – | (0.3) | (1.1) | (2.7) |
At 31 July 2025 | 4.7 | 12.5 | – | 13.6 | 1.5 | 32.3 |
| Net book value | ||||||
| At 31 July 2025 | 13.6 | 3.9 | 10.6 | 16.9 | 0.5 | 45.5 |
At 31 July 2024 | 14.1 | 3.8 | – | 11.1 | 1.2 | 30.2 |
Notes to the Group Financial Statements continued
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| 2025 | 2024 | |
| £m | £m | |
Financial assets – loan to joint ventures | 54.0 | 47.7 |
Interest in joint ventures – equity | 0.1 | 9.8 |
54.1 | 57.5 |
| 2025 | 2024 | |
| £m | £m | |
At the start of the year | 57.5 | 43.5 |
Net increase in loans to joint ventures | 8.5 | 18.3 |
Dividends received from equity accounted joint ventures | (3.1) | (2.0) |
Share of result | (1.5) | (2.3) |
Derecognition of interest in Fradley Residential LLP | (7.3) | – |
At the end of the year | 54.1 | 57.5 |
| 2025 | 2024 | |
| £m | £m | |
Current assets | 62.5 | 74.0 |
Current liabilities | (73.7) | (63.5) |
Non-current liabilities | – | (9.9) |
Share of net (liabilities)/assets of joint ventures | (11.2) | 0.6 |
Joint venture losses recognised against loan to joint ventures | 11.3 | 9.2 |
Interest in joint ventures – equity | 0.1 | 9.8 |
Revenue | 25.5 | 10.7 |
Costs | (21.5) | (8.2) |
Operating profit | 4.0 | 2.5 |
Interest | (5.5) | (4.8) |
Share of result of joint ventures | (1.5) | (2.3) |
Share of dividends paid to joint venture partners | (3.1) | (2.0) |
Notes to the Group Financial Statements continued
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13. Joint arrangements continued
| £m | |
Inventories | 21.4 |
Cash and cash equivalents | 1.5 |
Trade and other payables | (10.7) |
Total identifiable net assets acquired | 12.2 |
| 2025 | 2024 | |
| £m | £m | |
| Capital commitments | ||
| Contracted not provided | 3.5 | 0.4 |
Authorised not contracted | – | 0.1 |
| 2025 | 2024 | |
| £m | £m | |
Increase/(decrease) in net cash and cash equivalents | 52.3 | (242.5) |
Increase/(decrease) in net cash from cash flows | 52.3 | (242.5) |
Net cash/(debt) at 1 August | (10.5) | 232.0 |
Net cash/(debt) at 31 July | 41.8 | (10.5) |
| At 1 August | Cash | At 31 July | |
| 2024 | flows | 2025 | |
| £m | £m | £m | |
Cash and cash equivalents | 119.5 | 52.3 | 171.8 |
Fixed rate sterling USPP notes | (130.0) | – | (130.0) |
Net (debt)/cash | (10.5) | 52.3 | 41.8 |
Notes to the Group Financial Statements continued
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| 2025 | 2024 | |
| £m | £m | |
Interest receivable on short-term bank deposits | 3.8 | 3.8 |
Other interest receivable | 5.8 | 5.7 |
Finance income | 9.6 | 9.5 |
| 2025 | 2024 | |
| £m | £m | |
Interest payable on bank loans | 3.4 | 3.8 |
Interest payable on fixed rate sterling USPP notes | 3.4 | 3.4 |
Interest on deferred term land payables | 14.9 | 11.1 |
| Unwinding of the discount on the legacy building | ||
| safety improvements provision (notes 2, 10) | 14.4 | 17.1 |
Interest payable on leases | 0.8 | 0.4 |
Other interest payable | – | 0.5 |
Finance expenses | 36.9 | 36.3 |
17. Financial instruments
The maturity profile of the total contracted cash payments in respect of amounts due on land
creditors at the balance sheet date is as follows:
| Total | ||||||
| contracted | Within 1 | |||||
| Balance at | cash | year or | 1–2 | 2–5 | More than | |
| 31 July | payment | on demand | years | years | 5 years | |
| £m | £m | £m | £m | £m | £m | |
At 31 July 2025 | 337.6 | 347.4 | 268.7 | 70.8 | 7.9 | – |
At 31 July 2024 | 225.3 | 234.9 | 145.0 | 62.2 | 26.8 | 0.9 |
Notes to the Group Financial Statements continued
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17. Financial instruments continued
The maturity profile of the total contracted payments in respect of financial liabilities (excluding
amounts due on land creditors shown separately above) is as follows:
| Total | ||||||
| contracted | Within 1 | |||||
| Balance at | cash | year or | 1–2 | 2–5 | More than | |
| 31 July | payment | on demand | years | years | 5 years | |
| £m | £m | £m | £m | £m | £m | |
Trade and other payables (excluding | ||||||
| lease liabilities) | 470.8 | 470.8 | 470.8 | – | – | – |
| Fixed rate sterling | ||||||
| USPP notes | 130.0 | 142.9 | 3.4 | 3.4 | 85.3 | 50.8 |
Lease liabilities | 20.1 | 24.6 | 3.9 | 3.2 | 7.0 | 10.5 |
At 31 July 2025 | 620.9 | 638.3 | 478.1 | 6.6 | 92.3 | 61.3 |
Trade and other payables (excluding | ||||||
| lease liabilities) | 484.9 | 484.9 | 484.9 | – | – | – |
| Fixed rate sterling | ||||||
| USPP notes | 130.0 | 146.3 | 3.4 | 3.4 | 87.3 | 52.2 |
Lease liabilities | 14.1 | 15.2 | 3.6 | 3.2 | 4.9 | 3.5 |
At 31 July 2024 | 629.0 | 646.4 | 491.9 | 6.6 | 92.2 | 55.7 |
The imputed interest rate on land payables reflects market interest rates available to the Group on
floating rate bank loans at the time of acquiring the land.
At the year end, the Group had £400.0 million (2024 – £400.0 million) of undrawn bank
facilities available.
Cash and cash equivalents
This comprises cash held by the Group and short-term bank deposits with a maturity date of less
than one month.
The amount of cash and cash equivalents for the years ended 31 July 2025 and 31 July 2024 for
the Group are shown in note 15.
The average interest rate earned on the cash and cash equivalents balance as at 31 July 2025,
excluding joint ventures, was 4.21% (2024 – 4.61%).
Financial assets and liabilities by category
The carrying values and fair values of the financial assets and liabilities of the Group are as follows:
| 2025 | 2024 | |
| £m | £m | |
Loans and receivables | 119.8 | 109.7 |
Cash and cash equivalents | 171.8 | 119.5 |
Financial liabilities at amortised cost | (958.5) | (854.3) |
(666.9) | (625.1) |
Notes to the Group Financial Statements continued
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17. Financial instruments continued
Reconciliation of liabilities arising from financing activities
| Share | |||||||
| Net | buyback | ||||||
| At 1 August | cash flows | New leases | programme | Disposals | Interest | At 31 July | |
| £m | £m | £m | £m | £m | £m | £m | |
| Fixed rate sterling | |||||||
| USPP notes | 130.0 | (3.4) | – | – | – | 3.4 | 130.0 |
Lease liabilities | 14.1 | (3.3) | 8.5 | – | – | 0.8 | 20.1 |
At 31 July 2025 | 144.1 | (6.7) | 8.5 | – | – | 4.2 | 150.1 |
| Fixed rate sterling | |||||||
| USPP notes | 130.0 | (3.4) | – | – | – | 3.4 | 130.0 |
Lease liabilities | 15.0 | (3.6) | 2.3 | – | – | 0.4 | 14.1 |
| Share buyback | |||||||
| obligation | 34.5 | (34.9) | – | 0.4 | – | – | – |
At 31 July 2024 | 179.5 | (41.9) | 2.3 | 0.4 | – | 3.8 | 144.1 |
Cash flows relating to interest are included within interest paid in cash flows from operating
activities, within the cash flow statement.
Bank facilities
The Group had bank facilities of £400.0 million as at 31 July 2025 (2024 – £400.0 million) which, as
at the year end, were due to expire during the course of the following financial years:
| 2025 | 2024 | |
| £m | £m | |
By 31 July 2026 | – | 150.0 |
By 31 July 2027 | 150.0 | 50.0 |
By 31 July 2028 | 150.0 | 150.0 |
By 31 July 2029 | 50.0 | 50.0 |
By 31 July 2030 | 50.0 | – |
400.0 | 400.0 |
During the year, the Group extended the maturity of some of its bank facilities by a year.
The bank facilities contain financial covenants based on interest cover, gearing and net worth,
which are tested semi-annually.
Fixed rate sterling USPP notes
During 2021, the Group entered a contractual arrangement to issue fixed rate sterling USPP
notes for a total amount of £130.0 million, as part of its ordinary course of business financing
arrangements. This USPP debt has a weighted average fixed coupon of 2.7%, is fully drawn down
at year end and expires during the course of the following financial years:
| 2025 | 2024 | |
| £m | £m | |
By 31 July 2028 | 80.0 | 80.0 |
By 31 July 2031 | 50.0 | 50.0 |
130.0 | 130.0 |
The fixed rate sterling USPP notes contain financial covenants based on interest cover, gearing
and net worth, which are tested semi-annually.
Notes to the Group Financial Statements continued
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17. Financial instruments continued
| 2025 | 2024 | |
| £m | £m | |
Equity | 3,556.2 | 3,465.4 |
Net (cash)/debt (note 15) | (41.8) | 10.5 |
Capital employed | 3,514.4 | 3,475.9 |
Risks
Details of the risks relating to financial instruments are set out in the Risk Management section on
page 76 to 79.
| 2025 | 2025 | 2024 | 2024 | |
| Number | Number | |||
| 000 | £m | 000 | £m | |
| Allotted, called up and fully paid 12.5p | ||||
| ordinary shares | ||||
| At start of year | 118,980 | 14.8 | 120,559 | 15.0 |
Issued on exercise of options | 12 | – | 52 | – |
Buyback and cancellation of shares | – | – | (1,631) | (0.2) |
At end of year | 118,992 | 14.8 | 118,980 | 14.8 |
Notes to the Group Financial Statements continued
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| 2025 | 2024 | |
| Number | Number | |
At start of year | 326,114 | 327,202 |
Transferred to employees or Directors | (1,000) | (1,088) |
Shares purchased | 44,983 | – |
At end of year | 370,097 | 326,114 |
| 2025 | 2024 | |
| £m | £m | |
Cost of shares held in the Trust | 9.8 | 8.8 |
Market value of shares held in the Trust | 9.2 | 9.3 |
| 2025 | 2024 | |
| £m | £m | |
At start of year | 20.6 | 20.4 |
| Amounts transferred in respect of own shares purchased | ||
| and cancelled during the year | – | 0.2 |
At end of year | 20.6 | 20.6 |
20. Dividends on equity shares
| 2025 | 2024 | |
| £m | £m | |
| Amounts recognised as distributions to equity holders in the year: | ||
| Final dividend for the year ended 31 July 2024 | ||
| of 38.0p per share (2023 – 95.0p) | 45.1 | 112.7 |
| Interim dividend for the year ended 31 July 2025 | ||
| of 21.0p per share (2024 – 16.0p) | 24.9 | 19.0 |
70.0 | 131.7 | |
| Proposed final dividend for the year ended 31 July 2025 | ||
| of | 45.1 |
The 2025 proposed final dividend is subject to approval by shareholders at the Annual General
Meeting on 27 November 2025 and, in accordance with IAS 10 ‘Events after the Reporting Period’,
has not been included as a liability in these financial statements. At the record date for the final
dividend for the year ended 31 July 2024, shares were held by the Bellway Employee Share Trust
(1992) (the ‘Trust’) on which dividends had been waived (see note 19).
The level of distributable reserves are sufficient in comparison to the proposed dividend.
Notes to the Group Financial Statements continued
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21. Employee information
Employment costs, including Directors, comprised:
| 2025 | 2024 | |
| £m | £m | |
Wages and salaries | 182.6 | 168.7 |
Social security | 18.4 | 16.2 |
Pension costs (note 22) | 9.1 | 8.8 |
Share-based payments (note 23) | 4.6 | 4.5 |
214.7 | 198.2 |
The average number of persons employed, including Directors, during the year was:
| 2025 | 2024 | |
| Number | Number | |
Administrative | 1,112 | 1,064 |
| Production and others employed in housebuilding | ||
| and associated trading activities | 1,634 | 1,709 |
2,773 |
The emoluments of the Executive Directors are disclosed in the Report of the Board of Directors’
Remuneration on pages 124 to 149.
| 2025 | 2024 | |
| £m | £m | |
Salaries and fees (including pension compensation) | 5.4 | 4.2 |
Social security | 1.5 | 1.0 |
Taxable benefits | 0.4 | 0.2 |
Annual cash bonus | 5.1 | 3.3 |
Pension costs | 0.3 | 0.2 |
Share-based payments | 2.5 | 2.4 |
15.2 | 11.3 |
Notes to the Group Financial Statements continued
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22. Retirement benefit assets continued
Risk | Description | ||
Asset volatility | The Scheme’s defined benefit obligation is calculated using a discount | ||
rate set with reference to corporate bond yields. | However, a significant | ||
| proportion of the Scheme’s assets are invested in growth assets, such as | |||
| equities, that would be expected to outperform corporate bonds in the | |||
long-term but create volatility and risk in the short-term. | This scheme | ||
| mitigates this volatility risk through the use of diversified growth funds and | |||
| liability driven instruments. | |||
Inflation risk | A significant proportion of the Scheme’s defined benefit obligation is linked | ||
| to inflation, with higher inflation increasing the liabilities. However, there are | |||
| caps of either a 3% (CPI) or 5% p.a. (RPI) increase in place to limit the effect | |||
| of higher inflation. | |||
Life expectancy | The majority of the Scheme’s liabilities are to provide a pension for the life | ||
| of the member, with any increase in life expectancy also increasing the | |||
| Scheme’s defined benefit obligation. | |||
Notes to the Group Financial Statements continued
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22. Retirement benefit assets continued
Defined benefit obligation | Fair value of Scheme assets | Net defined benefit asset | ||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| £m | £m | £m | £m | £m | £m | |
Balance at 1 August | (42.3) | (41.5) | 43.2 | 44.0 | 0.9 | 2.5 |
| Included in the income statement | ||||||
| Interest (expense)/ | ||||||
| income | (2.1) | (2.1) | 2.1 | 2.1 | – | – |
(2.1) | (2.1) | 2.1 | 2.1 | – | – | |
| Included in other comprehensive income/(expense) | ||||||
| Remeasurement gain | ||||||
| arising from: | ||||||
– Change in demographic and financial assumptions | 3.1 | (0.4) | – | – | 3.1 | (0.4) |
| – Experience | ||||||
| adjustments | 0.2 | (0.8) | – | – | 0.2 | (0.8) |
| Return on plan assets | ||||||
| excluding interest | ||||||
| income | – | – | (3.3) | (0.4) | (3.3) | (0.4) |
3.3 | (1.2) | (3.3) | (0.4) | – | (1.6) | |
Other Benefits paid | 2.2 | 2.5 | (2.2) | (2.5) | – | – |
2.2 | 2.5 | (2.2) | (2.5) | – | – | |
Balance at 31 July | (38.9) | (42.3) | 39.8 | 43.2 | 0.9 | 0.9 |
| 2025 | 2024 | |
| £m | £m | |
Diversified growth fund | 13.0 | 13.9 |
Corporate bonds | 5.1 | 4.9 |
Liability driven instruments | 16.7 | 19.6 |
Insurance policies annuities | 4.5 | 4.7 |
Cash and cash equivalents | 0.5 | 0.1 |
39.8 | 43.2 |
| 2025 | 2024 | |
| % per annum | % per annum | |
Discount rate | 5.60 | 5.00 |
Future salary increases | 3.40 | 3.60 |
Allowance for pension in payment increases of RPI or 5% p.a. if less | 2.70 | 2.90 |
Allowance for deferred pension increases of 3% p.a. | 3.00 | 3.00 |
| 15% of | 15% of | |
| Allowance for commutation of pension for cash at retirement | pension | pension |
Male retiring in 2025 | 22.7 years |
Female retiring in 2025 | 24.4 years |
Male retiring in 2045 | 24.0 years |
Female retiring in 2045 | 25.9 years |
Notes to the Group Financial Statements continued
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22. Retirement benefit assets continued
Male retiring in 2024 | 22.3 years |
Female retiring in 2024 | 24.2 years |
Male retiring in 2044 | 23.6 years |
Female retiring in 2044 | 25.7 years |
Assumption | Change in assumption | Change in liabilities (%) |
Discount rate | +0.10% p.a. | Decrease by 1.0% |
Inflation | +0.10% p.a. | Increase by 1.0% |
Mortality | +1 year life expectancy | Increase by 3.7% |
Notes to the Group Financial Statements continued
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23. Share-based payments continued
Options issued under the SRSOS are offered to all employees including the Executive Directors.
An outline of the performance conditions in relation to the LTIP is detailed under the long-term
incentive scheme section on pages 130 to 136 within the Remuneration Report.
Share-based payments have been valued by an external third party using various models
detailed below, based on publicly available market data at the time of the grant, which the
Directors consider to be the most appropriate method of determining their fair value.
The number and weighted average exercise price of share-based payments is as follows:
LTIP, DB P
| 2025 | 2025 | 2024 | 2024 | |
| Weighted | Number of | Weighted | Number of | |
| average | options | average | options | |
| exercise price | exercise price | |||
| p | No. | p | No. | |
Outstanding at the beginning of the year | – | 597,279 | – | 459,623 |
Granted during the year | – | 159,958 | – | 268,698 |
Lapsed during the year | – | (159,522) | – | (129,954) |
Exercised during the year | – | (1,000) | – | (1,088) |
Outstanding at the end of the year | – | 596,715 | – | 597,279 |
Exercisable at the end of the year | – | – | – | – |
The options outstanding at 31 July 2025 have a weighted average contractual life of 1.2 years
(2024 – 1.5 years). The weighted average share price at the date of exercise for share options
exercised during the year was 2,666.0p (2024 – 2,260.9p).
SRSOS
| 2025 | 2025 | 2024 | 2024 | |
| Weighted | Number of | Weighted | Number of | |
| average | options | average | options | |
| exercise price | exercise price | |||
| p | No. | p | No. | |
Outstanding at the beginning of the year | 1,625.5 | 770,162 | 1,686.5 | 753,984 |
Granted during the year | 2,513.0 | 96,317 | 1,632.0 | 232,528 |
Forfeited during the year | 1,813.0 | (100,206) | 1,707.6 | (163,423) |
Exercised during the year | 2,397.0 | (11,462) | 2,268.9 | (52,927) |
Outstanding at the end of the year | 1,702.1 | 754,811 | 1,625.5 | 770,162 |
Exercisable at the end of the year | 2,534.0 | 17,157 | 2,338.2 | 6,767 |
The options outstanding at 31 July 2025 have an exercise price in the range of 1,550.0p to
2,535.0p (2024 – 1,550.0p to 2,535.0p) and have a weighted average contractual life of 1.9 years
(2024 – 2.7 years). The weighted average share price at the date of exercise for share options
exercised during the year was 2,659.8p (2024 – 2,734.3p).
Notes to the Group Financial Statements continued
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23. Share-based payments continued
The fair value of services received in return for share options granted is measured by reference to
the fair value of the share options granted. The inputs into the models for the various grants in the
current and previous year were as follows:
| 2025 | |||||
| October | December | November | December | December | |
| 2024 | 2024 | 2024 | 2024 | 2024 | |
| Scheme description | LTIP | LTIP | DBP | 3 Year | 5 Year |
| SRSOS | SRSOS | ||||
| Valuation model | n/a | n/a | n/a | Black | Black |
| Scholes | Scholes | ||||
Grant date | 25-Oct-24 | 16-Dec-24 | 18-Dec-24 | 15-Nov-24 | 15-Nov-24 |
| Risk free interest rate | 0.0% | 0.0% | 0.0% | 4.2% | 4.2% |
| Exercise price | – | – | – | 2,513p | 2,513p |
| Share price at date of grant | 3,050p | 2,426p | 2,424p | 2,548p | 2,548p |
| Expected dividend yield | 0.0% | 0.0% | 2.2% | 2.1% | 2.1% |
| Expected life | 3 years | 3 years | 3 years | 3 years | 5 years |
| 2 months | 2 months | ||||
| Vesting date | 25-Oct-27 | 16-Dec-27 | 18-Dec-27 | 01-Feb-28 | 01-Feb-30 |
| Expected volatility | 35% | 35% | 35% | 35% | 35% |
| Fair value of option | 3,040p | 2,147p | 2,267p | 677p | 816p |
| 2024 | |||||
| October | November | November | November | November | |
| 2023 | 2023 | 2023 | 2023 | 2023 | |
| Scheme description | LTIP | LTIP | DBP | 3 year | 5 year |
| SRSOS | SRSOS | ||||
| Valuation model | Monte | Monte | n/a | Black | Black |
| Carlo | Carlo | Scholes | Scholes | ||
Grant date | 24-Oct-23 | 14-Nov-23 | 14-Nov-23 | 22-Nov-23 | 22-Nov-23 |
| Risk free interest rate | 0.0% | 0.0% | 0.0% | 4.3% | 4.1% |
| Exercise price | – | – | – | 1,632p | 1,632p |
| Share price at date of grant | 2,036p | 2,350p | 2,350p | 2,378p | 2,378p |
| Expected dividend yield | 0.0% | 5.0% | 5.0% | 5.0% | 5.0% |
| Expected life | 3 years | 3 years | 4 years | 3 years | 5 years |
| 2 months | 2 months | ||||
| Vesting date | 24-Oct-26 | 14-Nov-26 | 14-Nov-27 | 01-Feb-27 | 01-Feb-29 |
| Expected volatility | 30% | 30% | 30% | 30% | 35% |
| Fair value of option | 1,377p | 1,554p | 1,744p | 744p | 789p |
In the case of the DBP and LTIP awards, there are no market-related performance conditions,
and awards will be eligible to vest upon reaching a date set out in the Deed of the award. For the
LTIP scheme, participants are entitled to dividend equivalents and as such the fair value has not
been discounted and is therefore equal to the share price at the date of the grant. As dividends
are not reinvested in the DBP scheme, the fair value of these awards is equal to the share price at
the date of the grant, discounted for the fair value of dividends. The valuations of both schemes
have also been adjusted for any post-vesting holding period with the adjustment calculated using
Ghaidarov’s adjustments to Finnerty’s Average Strike Option Marketability Discount Model to
calculate the loss of marketability discount factor.
The expected volatility for all models was determined by considering the volatility levels
historically for the Group. Volatility levels for more recent years were considered to have more
relevance than earlier years for the period reviewed.
The Group recognised a total expense of £4.6 million (2024 – £4.5 million) in relation to equity-
settled share-based payment transactions.
Notes to the Group Financial Statements continued
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| 2025 | 2024 | |
| £m | £m | |
| Invoiced to joint arrangements in respect of accounting, management | ||
| fees, interest on loans, land purchases and infrastructure works | 33.3 | 22.9 |
| Amounts owed to joint arrangements in respect of land purchases | ||
| and management fees at the year end | (3.1) | (5.0) |
Amounts owed by joint arrangements in respect of accounting, management fees, interest, land purchases and infrastructure works | 71.1 | 62.2 |
Notes to the Group Financial Statements continued
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Notes to the Group Financial Statements continued
26. Alternative performance measures continued
• Underlying profit for the year – This is the profit for the year before net legacy building safety
expense and other exceptional items. The Directors consider this to be an important indicator
of the profitability of the Group.
• Underlying earnings per share – This is calculated as underlying profit for the year divided
by the weighted average number of ordinary shares in issue during the year (excluding the
weighted average number of ordinary shares held by the Company or Trust which are treated
as cancelled). This is calculated in note 5.
• Underlying dividend cover – This is calculated as underlying profit for the year per ordinary
share divided by the dividend per ordinary share relating to that period. At the half year the
dividend per ordinary share is the proposed interim ordinary dividend, and for the full year
it is the interim dividend paid plus the proposed final dividend. The Directors consider this
an important indicator of the proportion of underlying earnings paid to shareholders and
reinvested in the business.
• Dividend cover – This is calculated as earnings per ordinary share for the period divided by the
dividend per ordinary share relating to that period. At the half year the dividend per ordinary
share is the proposed interim ordinary dividend, and for the full year it is the interim dividend
paid plus the proposed final dividend. The Directors consider this an important indicator of the
proportion of earnings paid to shareholders and reinvested in the business.
• Capital invested in land, net of land creditors, and work-in-progress – This is calculated as
shown in the table below. The Directors consider this as an indicator of the net investment by
the Group in the period to achieve future growth.
| 2025 | 2024 | Mvt | 2024 | 2023 | Mvt | |
| Per balance sheet | £m | £m | £m | £m | £m | £m |
Land | 2,502.9 | 2,431.4 | 71.5 | 2,431.4 | 2,578.8 | (147.4) |
Work-in-progress | 2,165.0 | 2,123.9 | 41.1 | 2,123.9 | 1,861.6 | 262.3 |
| Increase in capital | ||||||
| invested in land | ||||||
| and work-in-progress | ||||||
| in the year | 112.6 | 114.9 | ||||
Land creditors | (337.6) | (225.3) | (112.3) | (225.3) | (368.8) | 143.5 |
| Increase in capital | ||||||
invested in land, net of land creditors, and work-in- progress in the year | 0.3 | 258.4 |
• Net asset value per ordinary share (‘NAV’) – This is calculated as total net assets divided by
the number of ordinary shares in issue at the end of each period (see note 18). The Directors
consider this to be a proxy when reviewing whether value, on a share by share basis, has
increased or decreased in the period.
• Capital employed – Capital employed is defined as the total of equity plus net debt or less net
cash. The Directors consider this to be an important indicator of the operating efficiency and
performance of the Group. The definition has been updated in the year as explained below in
the calculation for underlying return on capital employed.
• Underlying return on capital employed (‘underlying RoCE’) – This is calculated as operating
profit before net legacy building safety expense and other exceptional items divided by the
average capital employed. Average capital employed is calculated based on opening, half
year and closing capital employed. The calculation is shown in the table below. The Directors
consider this to be an important indicator of whether the Group is achieving a sufficient return
on its investments.
| Restated* | Restated* | |||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| Capital | Capital | |||||
| employed | employed | |||||
| including | including | |||||
| Capital | Land | land | Capital | Land | land | |
| employed | creditors | creditors | employed | creditors | creditors | |
| £m | £m | £m | £m | £m | £m | |
| Underlying | ||||||
| operating profit | 303.5 | 303.5 | 238.1 | 238.1 | ||
| Capital employed/ | ||||||
| land creditors: | ||||||
| Opening | 3,475.9 | 225.3 | 3,701.2 | 3,229.6 | 368.8 | 3,598.4 |
Half year | 3,530.4 | 289.7 | 3,820.1 | 3,357.6 | 238.5 | 3,596.1 |
Closing | 3,514.4 | 337.6 | 3,852.0 | 3,475.9 | 225.3 | 3,701.2 |
| Average | 3,506.9 | 284.2 | 3,791.1 | 3,354.4 | 277.5 | 3,631.9 |
| Underlying return | ||||||
| on capital employed | 8.7% | 8.0% | 7.1% | 6.6% |
* The definition of capital employed has been updated to deduct net cash. The comparative figures have therefore been restated to
reflect this change. This was done to ensure consistency in the calculation of the performance measure with other companies in the
housebuilding sector to allow for more meaningful comparison.
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Notes to the Group Financial Statements continued
26. Alternative performance measures continued
| Restated* | Restated* | |||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2024 | |
| Capital | Capital | |||||
| employed | employed | |||||
| including | including | |||||
| Capital | Land | land | Capital | Land | land | |
| employed | creditors | creditors | employed | creditors | creditors | |
| £m | £m | £m | £m | £m | £m | |
Operating profit | 250.7 | 250.7 | 212.8 | 212.8 | ||
| Capital employed/land | ||||||
| creditors: | ||||||
| Opening | 3,475.9 | 225.3 | 3,701.2 | 3,229.6 | 368.8 | 3,598.4 |
Half year | 3,530.4 | 289.7 | 3,820.1 | 3,357.6 | 238.5 | 3,596.1 |
Closing | 3,514.4 | 337.6 | 3,852.0 | 3,475.9 | 225.3 | 3,701.2 |
| Average | 3,506.9 | 284.2 | 3,791.1 | 3,354.4 | 277.5 | 3,631.9 |
| Return on capital | ||||||
| employed | 7.1% | 6.6% | 6.3% | 5.9% |
• Underlying pre-tax return on equity (‘underlying RoE’) – This is calculated as profit before
taxation before net legacy building safety expense and other exceptional items, divided by the
average of the opening, half year and closing net assets. The Directors consider this to be a
good indicator of the operating efficiency of the Group.
| 2025 | 2024 | |
| £m | £m | |
Underlying profit before taxation | 289.1 | 226.1 |
| Net assets: | ||
| Opening | 3,465.4 | 3,461.6 |
Half year | 3,522.4 | 3,434.2 |
Closing | 3,556.2 | 3,465.4 |
Average | 3,514.7 | 3,453.7 |
Underlying pre-tax return on equity | 8.2% | 6.5% |
• Pre-tax return on equity (‘RoE’) – This is calculated as profit before taxation divided by the
average of the opening, half year and closing net assets. The Directors consider this to be a
good indicator of the operating efficiency of the Group.
| 2025 | 2024 | |
| £m | £m | |
Profit before taxation | 221.9 | 183.7 |
| Net assets: | ||
| Opening | 3,465.4 | 3,461.6 |
Half year | 3,522.4 | 3,434.2 |
Closing | 3,556.2 | 3,465.4 |
Average | 3,514.7 | 3,453.7 |
Pre-tax return on equity | 6.3% | 5.3% |
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26. Alternative performance measures continued
• Underlying post-tax return on equity – This is calculated as profit for the year before net legacy
building safety expense and other exceptional items, divided by the average of the opening,
half year and closing net assets. The Directors consider this to be a good indicator of the
operating efficiency of the Group.
| 2025 | 2024 | |
| £m | £m | |
Underlying profit for the year | 209.7 | 160.6 |
| Net assets: | ||
| Opening | 3,465.4 | 3,461.6 |
Half year | 3,522.4 | 3,434.2 |
Closing | 3,556.2 | 3,465.4 |
Average | 3,514.7 | 3,453.7 |
| Underlying post-tax return on equity | 6.0% | 4.7% |
• Post-tax return on equity – This is calculated as profit for the year divided by the average of the
opening, half year and closing net assets. The Directors consider this to be a good indicator of
the operating efficiency of the Group.
| 2025 | 2024 | |
| £m | £m | |
Profit for the year | 157.5 | 130.5 |
| Net assets: | ||
| Opening | 3,465.4 | 3,461.6 |
Half year | 3,522.4 | 3,434.2 |
Closing | 3,556.2 | 3,465.4 |
Average | 3,514.7 | 3,453.7 |
| Post-tax return on equity | 4.5% | 3.8% |
• Total growth in value per ordinary share – The Directors use this as a proxy for the increase in
shareholder value since 31 July 2022. A period of 3 years is used to reflect medium-term growth.
| Net asset value per ordinary share: | ||
| At 31 July 2025 | 2,989p | |
At 31 July 2022 | 2,727p | |
Net asset value growth per ordinary share | 262p | |
| Dividend paid per ordinary share: | ||
| Year ended 31 July 2025 | 59.0p | |
Year ended 31 July 2024 | 111.0p | |
Year ended 31 July 2023 | 140.0p | |
Cumulative dividends paid per ordinary share | 310.0p | |
Total growth in value per ordinary share | 572.0p |
• Annualised accounting return in NAV and dividends paid since 31 July 2022 – This is
calculated as the annualised increase in net asset value per ordinary share plus cumulative
ordinary dividends paid per ordinary share since 31 July 2022 (as detailed above) divided by
the net asset value per ordinary share at 31 July 2022. The Directors use this as a proxy for the
increase in shareholder value since 31 July 2022.
Net asset value growth per ordinary share | 262p | ||
Cumulative dividends paid per ordinary share | 310.0p | ||
Total growth in value per ordinary share | 572.0p | ||
Net asset value per ordinary share at 31 July 2022 | 2,727p | ||
Total value per ordinary share | 3,299.0p | ||
3,299.0 | ^(1/3) –1 | ||
| Annualised accounting return = | 2,727 | 6.6% |
Notes to the Group Financial Statements continued
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• Underlying capital growth in the period – This is calculated as capital growth in the period
before net legacy building safety expense and other exceptional items per share.
Capital growth in the period | 135.0p | |
Net legacy building safety expense and other exceptional items per share | 43.9p | |
Underlying capital growth in the period | 178.9p | |
Net asset value at 31 July 2024 | 2,913p | |
178.9p | ||
| Underlying capital growth = | 2,913p | 6.1% |
• Capital growth in the period – This is calculated as the increase in NAV in the period combined
with the ordinary dividend paid in the year.
| Net asset value per ordinary share: | ||
| At 31 July 2025 | 2,989p | |
At 31 July 2024 | 2,913p | |
Net asset value growth per ordinary share | 76p | |
| Dividend paid per ordinary share: | ||
| Year ended 31 July 2025 | 59.0p | |
Capital growth in the period | 135.0p |
• Net cash/(debt) – This is the cash and cash equivalents less bank debt and fixed rate sterling
USPP notes. Net cash/(debt) does not include lease liabilities, which are reported within trade
and other payables on the balance sheet. The Directors consider this to be a good indicator
of the financing position of the Group. This is reconciled in note 15.
• Average net cash/(debt) – This is calculated by averaging the net cash/(debt) position at
1 August and each month end during the year. The Directors consider this to be a good
indicator of the financing position of the Group throughout the year.
26. Alternative performance measures continued
• Annualised accounting return in NAV and dividends paid since 31 July 2015 – This is
calculated as the annualised increase in net asset value per ordinary share plus cumulative
ordinary dividends paid per ordinary share since 31 July 2015 divided by the net asset value per
ordinary share at 31 July 2015. The Directors use this as a proxy for the increase in shareholder
value since 31 July 2015.
| Net asset value per ordinary share: | ||||
| At 31 July 2025 | 2,989p | |||
At 31 July 2015 | 1,286p | |||
Net asset value growth per ordinary share | 1,703p | |||
| Dividend paid per ordinary share: | ||||
| Year ended 31 July 2025 | 59.0p | |||
Year ended 31 July 2024 | 111.0p | |||
Year ended 31 July 2023 | 140.0p | |||
Year ended 31 July 2022 | 127.5p | |||
Year ended 31 July 2021 | 85.0p | |||
Year ended 31 July 2020 | 100.0p | |||
Year ended 31 July 2019 | 145.4p | |||
Year ended 31 July 2018 | 132.5p | |||
Year ended 31 July 2017 | 111.5p | |||
Year ended 31 July 2016 | 86.0p | |||
Cumulative dividends paid per ordinary share | 1,097.9p | |||
Total growth in value per ordinary share | 2,800.9p | |||
Net asset value per ordinary share at 31 July 2015 | 1,286p | |||
Total value per ordinary share | 4,086.9p | |||
4,086.9 | ^(1/10) –1 | |||
| Annualised accounting return = | 1,286 | 12.3% |
Notes to the Group Financial Statements continued
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26. Alternative performance measures continued
• Cash generated from operations before investment in land, net of land creditors, and
work-in-progress – This is calculated as shown in the table below. The Directors consider this
as an indicator of whether the Group is generating cash before investing in land and work-in-
progress to achieve future growth.
| 2025 | 2024 | |
| £m | £m | |
Cash from/(utilised in) operations | 222.0 | (20.2) |
Add: increase in capital invested in land, net of land creditors, and work-in-progress (as described above) | 0.3 | 258.4 |
Cash generated from operations before investment in land, net of land creditors, and work-in-progress | 222.3 | 238.2 |
• Adjusted operating cashflow (before land spend, legacy building safety spend, and
shareholder returns) – This is calculated as the net change in cash and cash equivalents,
adding back cashflows relating to land spend, the utilisation of the legacy building safety
provision and shareholder returns. Land spend is cashflows related to the acquisition of land.
Shareholder returns include payments to shareholders through dividends and share buyback
programmes. The Directors consider this as an indicator of how effective the Group is at
generating cash to invest in future growth and drive long term value creation for shareholders.
| 2025 | 2024 | |
| £m | £m | |
Net increase/(decrease) in cash and cash equivalents | 52.3 | (242.5) |
| Add back: | ||
| Land spend | 472.0 | 465.0 |
| Utilisation of total legacy building safety improvements provision, net | ||
| of reimbursement asset | 44.6 | 36.1 |
Dividends paid | 70.0 | 131.7 |
Share buyback programme | – | 34.9 |
| Adjusted operating cashflow (before land spend, legacy building | ||
| safety spend and shareholder returns) | 638.9 | 425.2 |
• Adjusted gearing – This is calculated as the total of net cash/(debt) and land creditors divided
by total equity. The Directors believe that land creditors are a source of long-term finance so this
provides an alternative indicator of the financial stability of the Group.
| 2025 | 2024 | |
| £m | £m | |
Net cash/(debt) | 41.8 | (10.5) |
Land creditors | (337.6) | (225.3) |
(295.8) | (235.8) | |
Total equity | (3,556.2) | (3,465.4) |
Adjusted gearing | 8.3% | 6.8% |
• Gearing – This is calculated as net debt divided by total equity. The Directors consider this to be
a good indicator of the financial stability of the Group.
| 2025 | 2024 | |
| £m | £m | |
Net cash/(debt) | 41.8 | (10.5) |
Total equity | (3,556.2) | (3,465.4) |
Gearing | – | 0.3% |
• Order book – This is calculated as the total expected sales value of current reservations that
have not legally completed. The Directors consider this to be an important indicator of the likely
future operating performance of the Group.
27. Post balance sheet events
Share buyback
The Board has approved a return of £150 million surplus capital to shareholders, through a share
buyback programme, with contract terms agreed on Monday 13 October 2025. The buyback
programme will consist of two tranches. The first £75 million tranche is irrevocable, and it will
therefore be recognised as a liability, on 13 October 2025. The second £75 million tranche is not
yet contracted; it can therefore be revoked and, as such, it is not yet recognised as a liability.
Notes to the Group Financial Statements continued
Bellway p.l.c. Annual Report and Accounts 2025
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206
About Us
Company Balance Sheet Company Income Statement
Note
2025
£m
2024
£m
ASSETS
Non-current assets
Investments in subsidiaries
2 54.5 52.3
Trade and other receivables 3 419.4 441.1
473.9 493.4
Current assets
Trade and other receivables
3 85.6 80.8
Cash and cash equivalents 86.7 55.8
172.3 136.6
Total assets 646.2 630.0
LIABILITIES
Current liabilities
Corporation tax payable
6.1 1.8
Trade and other payables 4 20.9 10.9
27.0 12.7
Total liabilities 27.0 12.7
Net assets 619.2 617.3
EQUITY
Issued capital
6 14.8 14.8
Share premium 7 183.5 183.2
Capital redemption reserve 7 20.6 20.6
Other reserves 2.1 2.1
Retained earnings 398.2 396.6
Total equity 619.2 617.3
Approved by the Board of Directors on 13 October 2025 and signed on its behalf by:
John Tutte Shane Doherty
Director Director
Registered number 1372603
In accordance with the provisions of section 408 of the Companies Act 2006, a separate Income
Statement for the Company has not been presented. The Company’s profit for the year was
£68.0 million (2024 – £234.0 million).
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About Us
Company Statement of Changes in Equity
Note
Issued
capital
£m
Share
premium
£m
Capital
redemption
reserve
£m
Other
reserves
£m
Retained
earnings
£m
Total
equity
£m
Balance at 1 August 2023 15.0 182.0 20.4 2.1 290.2 509.7
Total comprehensive
income for the year
Profit for the year
– – – – 234.0 234.0
Total comprehensive
income for the year
– – – – 234.0 234.0
Transactions with
shareholders recorded
directly in equity:
Dividends on equity shares
8 – – – – (131.7) (131.7)
Shares issued 6 – 1.2 – – – 1.2
Credit in relation to
shareoptions
– – – – 4.5 4.5
Share buyback programme
and cancellation of shares
6,7 (0.2) – 0.2 – (0.4) (0.4)
Total contributions by
and distributions to
shareholders
(0.2) 1.2 0.2 – (127.6) (126.4)
Balance at 31 July 2024 14.8 183.2 20.6 2.1 396.6 617.3
Note
Issued
capital
£m
Share
premium
£m
Capital
redemption
reserve
£m
Other
reserves
£m
Retained
earnings
£m
Total
equity
£m
Balance at 31 July 2024 14.8 183.2 20.6 2.1 396.6 617.3
Total comprehensive
income forthe year
Profit for the year
– – – – 68.0 68.0
Total comprehensive
income forthe year
– – – – 68.0 68.0
Transactions with
shareholders recorded
directly in equity:
Dividends on equity shares
8 – – – – (70.0) (70.0)
Purchase of own shares – – – – (1.0) (1.0)
Shares issued 6 – 0.3 – – – 0.3
Credit in relation to
shareoptions
– – – – 4.6 4.6
Total contributions by
and distributions to
shareholders
– 0.3 – – (66.4) (66.1)
Balance at 31 July 2025
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About Us
Basis of preparation
The separate Company financial statements are prepared in accordance with Financial
Reporting Standard 101, ‘Reduced Disclosure Framework’ (‘FRS 101’). The financial
statements have been prepared under the historical cost convention, as modified by
the revaluation of certain assets and liabilities, and in accordance with the Companies
Act 2006.
These financial statements, for the year ended 31 July 2025, are the first the Company
has prepared in accordance with FRS 101. For periods up to and including the year
ended 31 July 2024, the Company prepared its financial statements in accordance with
UK adopted IAS and with the requirements of the Companies Act 2006 as applicable to
companies reporting under those standards. The transition from UK adopted IAS to FRS
101 has been applied retrospectively. The Directors have assessed that this change has no
material impact on the financial position or performance of the Company. Consequently,
there are no adjustments to total comprehensive income or equity on restatement.
In preparing these financial statements, the Company applies the recognition,
measurement and disclosure requirements of International Financial Reporting Standards
as adopted by the UK (UK-adopted international accounting standards) but makes
amendments where necessary in order to comply with the Companies Act 2006 and to
take advantage of FRS 101 disclosure exemptions.
The following exemptions from the requirements of IFRS have been applied in the
preparation of these financial statements, in accordance with FRS 101:
• Paragraphs 45(b) and 46 to 52 of IFRS 2, ‘Share-based payment’ (details of the number
and weighted-average exercise prices of share options, and how the fair value of goods
or services received was determined).
• IFRS 7 ‘Financial Instruments: Disclosures’.
• Paragraph 91 to 99 of IFRS 13, ‘Fair value measurement’ (disclosure of valuation
techniques and inputs used for fair value measurement of assets and liabilities).
• The following paragraphs of IAS 1, ‘Presentation of financial statements’:
– 10(d) (statement of cash flows),
– 16 (statement of compliance with all IFRS),
– 38A (requirement for minimum of two primary statements, including cash
flow statements),
– 38B-D (additional comparative information),
– 40A-D (requirements for a third statement of financial position).
– 111 (statement of cash flows information), and
– 134-136 (capital management disclosures).
Accounting Policies
• IAS 7 ‘Statement of cash flows’.
• Paragraph 30 and 31 of IAS 8 ‘Accounting policies, changes in accounting estimates and
errors’ (requirement for the disclosure of information when an entity has not applied a
new IFRS that has been issued but is not yet effective).
• The requirements in IAS 24 ‘Related party disclosures’ to disclose related party
transactions entered into between two or more members of a group.
• The requirements in IAS 36 ‘Impairment of asset’ to disclose valuation technique and
assumptions used in determining recoverable amount.
On publishing the Company financial statements here together with the Group
financial statements, which were approved for issue on 13 October 2025, the Company
is taking advantage of the exemption in section 408 of the Companies Act 2006 not
to present its individual income statement and related notes that form a part of these
financial statements.
Other financial statement considerations
In preparing the Company financial statements, management has considered the impact
of climate change, and the possible impact of climate-related and other emerging business
risks. A rigorous assessment of the impact of climate-related risks has been performed,
and disclosed in the Strategic Report, in accordance with the recommendations of the
Task Force on Climate-related Financial Disclosures. No issues were identified that would
materially impact the carrying values of either the Company’s assets or liabilities, or have
any other material impact on the financial statements.
The preparation of financial statements requires management to make judgements,
estimates and assumptions that affect the application of policies and reported amounts
of assets and liabilities, income and expenses. The estimates and associated assumptions
are based on historical experience and various other factors that are believed to be
reasonable under the circumstances, the results of which form the basis of making the
judgements about the carrying values of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates.
The accounting policies set out within the notes to the financial statements have been
applied consistently to all periods presented in these financial statements, unless
otherwise stated.
Critical accounting judgements and key sources of estimation uncertainty
Management has not made any individual accounting judgements that are material to the
Company and does not consider there to be any key sources of estimation uncertainty.
Bellway p.l.c. Annual Report and Accounts 2025
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209
About Us
Employment costs, including Directors, comprised:
2025
£m
2024
£m
Wages and salaries 11.0 4.6
Social security 1.4 0.4
Pension costs 0.3 0.2
Share-based payments 2.4 1.8
15.1 7.0
The average number of persons employed, including Directors, during the year was:
2025
Number
2024
Number
Administrative 38 11
The majority of the costs of the Company’s employees are charged to the other Group
companies.
2. Investments in subsidiaries
Investments in subsidiaries
Interests in subsidiary undertakings are valued in the Company financial statements at
cost less impairment, which is reviewed annually.
The subsidiary undertakings in which the Company has interests are incorporated in England
and Wales. In each case their principal activity is related to housebuilding. Further details are
included in Subsidiaries, associates and joint ventures.
Where Bellway owns 100% of the voting rights of a business, the company is considered to be
controlled by Bellway and is treated as a subsidiary.
The Company had the following investments in subsidiaries at 31 July:
Subsidiary undertakings
2025
£m
2024
£m
Interest in subsidiary undertakings’ shares at cost 54.5 52.3
The increase in interest in subsidiary undertakings in the year is related to share-based payments.
The Directors believe that the carrying value of the investments is supported by their underlying
net assets.
At the balance sheet date, the Company had no interests in joint ventures.
Notes to the Company Financial Statements
Going concern
The Group, which the Company heads, has prepared forecasts, including certain
sensitivities, on page 198. Having considered these forecasts, the Directors consider that
the Group the Company heads is well placed to manage business and financial risks in the
current economic environment. Consequently, the Directors are confident that the Group
and Company will have sufficient funds to continue to meet its liabilities as they fall due
for the period to 31 July 2027, and have therefore prepared the financial statements on a
going concern basis.
1. Employee information
Employee benefits – share-based payments
The fair value of equity settled share options granted is recognised as an employee
expense with a corresponding increase in equity. The fair value is measured as at the
date the options are granted and the charge is only amended if vesting does not take
place due to non-market conditions not being met. Various option pricing models
are used according to the terms of the option scheme under which the options were
granted. The fair value is spread over the period during which the employees become
unconditionally entitled to the options. At the balance sheet date, if it is expected that non-
market conditions will not be satisfied, the cumulative expense recognised in relation to
the relevant options is reversed.
With respect to share-based payments, a deferred tax asset is recognised on the relevant
tax base. The tax base is then compared to the cumulative share-based payment expense
recognised in the income statement. Deferred tax arising on the excess of the tax base
over the cumulative share-based payment expense recognised in the income statement
has been recognised directly in equity outside the SOCI as share-based payments are
considered to be transactions with shareholders.
Where the Company grants options over its own shares to employees of its subsidiaries
it recognises, in its individual financial statements, an increase in the cost of investment in
its subsidiaries equivalent to the equity settled share-based payment charge recognised
in its consolidated financial statements, with the corresponding credit being recognised
in equity.
Bellway p.l.c. Annual Report and Accounts 2025
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210
About Us
4. Trade and other payables
Trade and other payables
Trade and other payables on normal terms are not interest-bearing and are stated at their
nominal value.
Current liabilities
2025
£m
2024
£m
Social security and other taxes 0.8 0.2
Other payables 0.3 0.3
Accruals 19.8 10.4
20.9 10.9
5. Contingent liabilities and commitments
Contingent liabilities of the Company are disclosed unless the possibility of an outflow
insettlement is remote.
Where the Company enters into financial guarantee contracts to guarantee the
indebtedness of joint arrangements and other companies within the Group, the
Companyhas elected to account for these by applying IFRS 9.
Guarantees relating to subsidiaries
The Company is a guarantor to bank and USPP indebtedness of other companies within the
Group. Based on the liquidity and expected cash generation of these other companies, the fair
value of these guarantees, as at 31 July 2025 is immaterial (2024 – immaterial).
Guarantees relating to joint arrangements
The Company has previously guaranteed the overdrafts of joint arrangements but cancelled
these during the year (2024 – guaranteed up to a maximum of £0.3 million). The guarantees were
released and there were no related cash outflows, therefore the fair value of these guarantees is
nil (2024 – immaterial).
Commitments
The Company has no commitments.
3. Trade and other receivables
Trade and other receivables
Trade and other receivables are stated at their fair value at the date of initial recognition
and subsequently at amortised cost less allowances for impairment. The loss allowance
for amounts owed by subsidiary undertakings is equal to the 12-month expected credit
loss unless there has been a significant increase in credit risk since the date of initial
recognition, in which case the loss allowance is equal to the lifetime expected credit loss.
A significant increase in credit risk is deemed to have occurred if a review of available
information indicates an increased probability of default.
Non-current receivables
2025
£m
2024
£m
Amounts due from subsidiary undertakings 419.4 441.1
419.4 441.1
Current receivables
2025
£m
2024
£m
Amounts due from subsidiary undertakings 84.8 80.0
Prepayments and accrued income 0.8 0.8
85.6 80.8
Amounts due from Group undertakings are unsecured, repayable on demand and are interest
bearing. Amounts expected to be repaid within the next 12 months are shown as current.
The Company has assessed expected credit losses and the loss allowance for amounts due from
subsidiary undertakings as immaterial.
Notes to the Company Financial Statements continued
Bellway p.l.c. Annual Report and Accounts 2025
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211
About Us
7. Reserves
Own shares held by ESOP trust
The purchase of shares in the Company by the trust are charged directly to equity.
Share premium
This reserve is not distributable.
Own shares held
The Company holds shares within the Bellway Employee Share Trust (1992) (the ‘Trust’), on
which dividends have been waived, for participants of certain share-based payment schemes
as outlined in note 23 in the Group financial statements. The cost of these is charged to
retained earnings.
2025
Number
2024
Number
At start of year 326,114 327,202
Transferred to employees or Directors (1,000) (1,088)
Shares purchased 44,983 –
At end of year 370,097 326,114
2025
£m
2024
£m
Cost of shares held in the Trust 9.8 8.8
Market value of shares held in the Trust 9.2 9.3
Capital redemption reserve
On 7 April 2014 the Company redeemed 20,000,000 £1 preference shares, being all of the
preference shares in issue. An amount of £20.0 million, equivalent to the nominal value of the
shares redeemed, was transferred to a capital redemption reserve on the same date.
Over the course of the calendar year 2023 the Company purchased 4,560,057 of its own shares
which it cancelled. On cancellation of the shares, the aggregate nominal value of £0.6 million was
transferred from issued capital to the capital redemption reserve.
This reserve is not distributable.
2025
£m
2024
£m
At start of year 20.6 20.4
Amounts transferred in respect of own shares purchased and
cancelled during the year
– 0.2
At end of year 20.6 20.6
Notes to the Company Financial Statements continued
6. Issued capital
Classification of equity instruments and financial liabilities issued by the Company
Equity instruments issued by the Company are treated as equity only to the extent that
they meet the following two conditions:
(a) they include no contractual obligations upon the Company to deliver cash or other
financial assets or to exchange financial assets or financial liabilities with another party
under conditions that are potentially unfavourable to the Company; and
(b) where the instrument will or may be settled in the Company’s own equity instruments,
it is either a non-derivative that includes no obligation to deliver a variable number of the
Company’s own equity instruments or is a derivative that will be settled by the Company’s
exchanging a fixed amount of cash or other financial assets for a fixed number of its own
equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a
financial liability. Where the instrument so classified takes the legal form of the Company’s
own shares, the amounts presented in these financial statements for called up share
capital and share premium exclude amounts in relation to those shares.
2025
Number
000
2025
£m
2024
Number
000
2024
£m
Allotted, called up and fully paid 12.5p
ordinary shares
At start of year
118,980 14.8 120,559 15.0
Issued on exercise of options 12 – 52 –
Buyback and cancellation of shares – – (1,631) (0.2)
At end of year 118,992 14.8 118,980 14.8
The holders of ordinary shares are entitled to receive dividends as declared from time to time and
are entitled to one vote per share at meetings of the Company.
During the prior year, the Company purchased 1,631,263 of its own ordinary shares for a total
consideration of £34.9 million, including transaction costs of £0.4 million. All shares purchased
were for cancellation, as part of the £100.0 million share buyback programme entered into on
28 March 2023 and completed on 27 October 2023.
Bellway p.l.c. Annual Report and Accounts 2025
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212
About Us
8. Dividends on equity shares
Dividends
Dividends on equity shares are recognised as a liability in the period in which they are
approved by the shareholders. Interim dividends are recognised when paid.
2025
£m
2024
£m
Amounts recognised as distributions to equity holders in the year:
Final dividend for the year ended 31 July 2024 of 38.0p
pershare(2023 – 95.0p)
45.1 112.7
Interim dividend for the year ended 31 July 2025 of 21.0p
pershare(2024 – 16.0p)
24.9 19.0
70.0 131.7
Proposed final dividend for the year ended 31 July 2025
of 49.0p per share (2024 – 38.0p)
58.1 45.1
The 2025 proposed final dividend is subject to approval by shareholders at the Annual General
Meeting on 27 November 2025 and, in accordance with IAS 10 ‘Events after the Reporting Period’,
has not been included as a liability in these financial statements. At the record date for the final
dividend for the year ended 31 July 2024, shares were held by the Bellway Employee Share Trust
(1992) (the ‘Trust’) on which dividends had been waived (see note 7).
The level of distributable reserves are sufficient in comparison to the proposed dividend.
Notes to the Company Financial Statements continued
Bellway p.l.c. Annual Report and Accounts 2025
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About Us
Subsidiaries – dormant
^
Ashberry Homes Limited
Bellway (Builders) Limited
Bellway Financial Services Limited
Bellway London Limited
Bellway Trustee Company Limited
Bulldog Premium Growth I Limited
George Blackett Limited
Homes2Let Limited
J. T. B. (Chapel Farm) Estates Limited
J. T. B. Estates Limited
John T. Bell & Sons (1976) Limited
Nixons Kitchens Limited
Seaton GR SPV 13 Limited
Seaton GR SPV 14 Limited
Seaton Thirteen Limited
Seaton Eleven Limited
c
Other entities
Artex Axcell (Guernsey) PCC Limited (formerly Artex Insurance (Guernsey) PCC Limited)
d
Notes:
^ Dormant.
^^ These shares are held indirectly.
a. Registered address is Persimmon House, Fulford, York, YO19 4FE.
b. Registered address is One Eleven, Edmund Street, Birmingham, B3 2HJ.
c. Registered address is Bothwell House, Hamilton Business Park, Caird Street, Hamilton ML3 0QA.
d. Registered address is PO Box 230, Heritage Hall, Le Marchant Street, St Peter Port, Guernsey, GY1 4JH.
Subsidiaries, Associates and Joint Ventures
Group undertakings
The Directors set out below information relating to the Group undertakings (excluding resident
management companies) as at 31 July 2025. All of these Group undertakings are registered
in England and Wales unless otherwise stated. They are engaged in housebuilding and
associated activities, have coterminous year ends with the Group, 100% of their ordinary share
capital is held by the Company and the registered address is the same as the Company (unless
otherwise stated).
Where Bellway owns 100% of the voting rights of a business, the company is considered to be
controlled by Bellway and is treated as a subsidiary.
Subsidiaries – trading
Bellway Homes Limited
Bellway Housing Trust Limited
Bellway Properties Limited
Bellway (Services) Limited
Litrose Investments Limited
Bellway Home Space Limited
Woolsington One Limited
^^
Ashberry Strategic Land Limited
^^
Bellway Joint Ventures Limited
^^
Fradley Residential LLP
^^
Joint arrangements
Cramlington Developments Limited (50% owned, year end of 30 June)
^^ a
Leebell Developments Limited (50% owned, year end of 30 June)
^^ a
Ponton Road LLP (50% owned)
^^
Lambeth Regeneration LLP (50% owned)
^^
Bellway Latimer Cherry Hinton LLP (50% owned)
^^
Langley Sustainable Urban Extension Limited (33% owned)
^^ b
Bellway p.l.c. Annual Report and Accounts 2025
Strategic Report Governance Accounts Other Information
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About Us
Resident management companies continued
The Directors set out below information relating to resident management companies which are currently held by the Group as at 31 July 2025.
Control is exercised by the Group’s power to appoint directors and the Group’s voting rights in these companies. All the resident management companies listed below are limited by guarantee, unless
otherwise indicated, without share capital and are incorporated in the UK.
The capital, reserves and profit or loss for the year have not been stated for the resident management companies listed below as the beneficial interest in any assets or liabilities of these companies
is held by the residents. The Group does not have exposure, or rights to variable returns from these companies and therefore they are not included in the consolidated financial statements. They are
temporary members of the Group and will be handed over to residents in due course.
Company Name Registered Office
Abbey Heights Residents Management Company Limited
Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER
Abbotswood Park Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, SP2 7QY
Admiral Park (Tongham) Management Company Limited
Victoria House, 178 - 180 Fleet Road, Fleet, Hampshire, England, GU51 4DA
Alkerden Heights (Parcel 5a) Management Company Limited
C/O Trinity Estates Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Amen Corner (Binfield) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, England, SP2 7QY
Arden Glade Residents Management Company Limited
Bellway Homes Limited (West Midlands) 1 Centurion Court, Centurion Way, Wilnecote, Tamworth, Staffordshire,
UnitedKingdom, B77 5PN
Arrowe Brook Park (Greasby) Residents Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL
Ashlands and Brierley View Management Company Limited
Bellway Homes Limited (East Midlands) 3 Romulus Court, Meridian Business Park, Braunstone Town, Leicester,
UnitedKingdom, LE19 1YG
Aspects Management Company Limited
1 Bow Churchyard, London, United Kingdom, EC4M 9DQ*
Aspen Apartments (Colchester) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, United Kingdom, BH25 5NR
Aspen Walk (Eight Ash Green) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Astley Fields Management Company Limited
Bellway Homes Limited (West Midlands) 1 Centurion Court, Centurion Way, Wilnecote, Tamworth, Staffordshire,
UnitedKingdom, B77 5PN
Autumn Ford Management Company Limited
Bellway House Kingsway North, Team Valley, Gateshead, United Kingdom, NE11 0JH
Azalea (Medstead) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Badbury Reach Management Company Limited
Trinity, Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Barley Fields (Tamworth) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, England, SP2 7QY
Barleycorn Way Residents Management Company Limited
C/O Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Barleywoods Residential Management Limited
C/O Michael Laurie Magar Limited, 1 The Beacons, Hatfield, Hertfordshire, United Kingdom, AL10 8RS
Barton Manor (Barton) Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, NG1 6HH
Barton Meadows Residents Management Company Limited
C/O Kingston Property Services Limited Cheviot House, Beaminster Way, East Kingston Park, Newcastle Upon Tyne,
UnitedKingdom, NE3 2ER
Barton Quarter (Horwich) Residents Management Company Limited
C/O Rmg House, Essex Road, Hoddesdon, United Kingdom, EN11 0DR
Subsidiaries, Associates and Joint Ventures continued
Bellway p.l.c. Annual Report and Accounts 2025
Strategic Report Governance Accounts Other Information
215
About Us
Subsidiaries, Associates and Joint Ventures continued
Company Name Registered Office
Bassingbourn Fields Management Company Limited
C/O Michael Laurie Magar Limited, 1 The Beacons, Hatfield, Hertfordshire, United Kingdom, AL10 8RS
Baswich Grange Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Beaulieu Grange (Chelmsford) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Beckton Parkside Management Company Limited
C/O Pinnacle Housing Ltd As Agent For Beckton Parkside Management Company Limited, 8th Floor Holborn Tower,
137-144High Holborn, London, England, WC1V 6PL
Bellway at Rosewood Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Belmont Park (Maidenhead) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Berwick Green Bristol Management Company Limited
1st Floor 2540 The Quadrant, Aztec West, Almondsbury, Bristol, United Kingdom, BS32 4AQ*
Bicknor Wood Ltd
Unit 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL
Blenheim Green Management Company Limited
C/O Trustmgt Ltd Unit 7, Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Bluebell Walk (Harrietsham) Management Company Ltd
C/O Gateway Property Management Limited Gateway House, 10 Coopers Way, Southend-On-Sea, Essex, United Kingdom,
SS2 5TE
Bluebells (Witham) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Bluenote Apartments Management Company Limited
C/O Gateway Property Management Gateway House, 10 Coopers Way, Southend On Sea, Essex, England, SS2 5TE
Boorley Gardens Residents Management Company Limited
2 Centro Place, Pride Park, Derby, Derbyshire, United Kingdom, DE24 8RF*
Bourne View (Ipswich) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Bower Place Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Brackley Village Residents Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Brambleside Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Brampton Gate Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Bridleway Grange Residents Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, United Kingdom, SP2 7QY
Broadleaf Ashby Management Company Limited
1 Bow Churchyard, London, United Kingdom, EC4M 9DQ
Broadleaf Management Company Limited
1 Bow Churchyard, London, United Kingdom, EC4M 9DQ
Brook Meadows Wixams Residents Management Company Limited
Building 5 Caldecotte Lake, Caldecotte, Milton Keynes, United Kingdom, MK7 8LE
Brook View (Wixams) Residents Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Brookvale Management Company Limited
Trinity Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Buckland Rise (Peters Village) Management Company Ltd
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Burdon Rise Residents Management Company Limited
Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER
Buttercross Meadows Brigg Management Company
North Point Stafford Drive, Battlefield enterprise park, Shrewsbury, Shropshire, UK, SY1 3BF
Byron Heights Residents Management Company Limited
Cheviot House, Beaminster Way East, Newcastle Upon Tyne, Tyne And Wear, England, NE3 2ER
Resident management companies continued
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Company Name Registered Office
Carters Caversham Management Company Reading Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Castlegate (Skelton) Management Company Limited
Cheviot House, Beaminster Way East, Newcastle Upon Tyne, England, NE3 2ER
Cathedral Park (Chichester) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Cavendish Grove (Raynes Park) Residents Management Company
Limited
Suite No. 1 Stubbings House, Henley Road, Maidenhead, United Kingdom, SL6 6QL
Cecilly Mills Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Centurion Chase Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Chailey Gardens Management Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Chalfont Drive Residents Management Company Limited
406a Birmingham Road, Sutton Coldfield, England, B72 1YJ
Chamberlains Bridge Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Cherry Orchard (Bevere) Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Chestnut Vale Residents Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Chilsey Grange Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Chilsey Grange Phase 2 Management Company Limited
Imperium, Imperial Way, Reading, Berkshire, United Kingdom, RG2 0TD
Clarence Gate Residents Management Company Limited
C/O Kingston Property Services Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom,
NE3 2ER
Clifford Gardens (Skipton) Management Company Limited
North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, United Kingdom, SY1 3BF
Coed Derw Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Cooper Square (Maidenhead) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Copperfields Residents Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, United Kingdom, SP2 7QY
Copperhouse Green Management Company Limited
8th Floor, Holborn Tower, 137-144 High Holborn, London, England, WC1V 6PL
Copthorne Keep Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Corallian Heights Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Cornelia Gardens Management Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Cornfield's Residents Management Company Limited
The Walbrook Building, 25 Walbrook, London, United Kingdom, EC4N 8AF
Cortlands Management Company Limited
C/O Michael Laurie Magar Limited, 1 The Beacons, Hatfield, Hertfordshire, United Kingdom, AL10 8RS
Cotton Woods (Preston) Residents Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL
Crossways Quarter Management Company Limited
8th Floor Holborn Tower, 137-144 High Holborn, London, United Kingdom, WC1V 6PL
Crown Fields (Chatham) Management Company Ltd
C/O Gateway Property Management Gateway House 10 Coopers Way, Temple Farm Industrial Estate, Southend-On-Sea,
Essex, England, SS2 5TE
Curzon Park (Residents) Management Company Limited
One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ
Subsidiaries, Associates and Joint Ventures continued
Resident management companies continued
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Company Name Registered Office
Cuttle Brook Management Company Ltd
One Eleven, Edmund Street, Birmingham, B3 2HJ
Dacres Wood Court Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Dalesway (Harrogate) Management Company Limited
Rmg House, Essex Road, Hoddesdon, Hertfordshire, United Kingdom, EN11 0DR
Darwins Edge Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
De Havilland Place (Kings Hill) Management Company Limited
C/O 30 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY
Devonshire Place (Grays) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Dickens Manor Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Digby Court (Birmingham) Management Company Limited
Stonemead House, 95 London Road, Croydon, Surrey, United Kingdom, CR0 2RF
Dove Manor Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Dunton Fields (Laindon) Management Company Ltd
8 Hemmells, Basildon, Essex, England, SS15 6ED
Earlsfield Park (Knowsley) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
East Middle Callerton Residents Management Company Limited
Kingston Property Services Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER
Eastbrook Village East Phase 1 (Site H) Management Company Limited
8th Floor Holborn Tower, 137-144 High Holborn, London, United Kingdom, WC1V 6PL
Eastbrook Village East Phase 2 (Site H) Management Company Limited
8th Floor Holborn Tower, 137-144 High Holborn, London, United Kingdom, WC1V 6PL
Eastside Quarter Management Company Limited
8th Floor, Holborn Tower, 137-144 High Holborn, London, England, WC1V 6PL
Ebbsfleet Cross (Phase 2) Management Company Limited
23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Ebbsfleet Cross Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Elder brook Residential Management Company Limited
C/O Michael Laurie Magar Limited, 1 The Beacons, Hatfield, Hertfordshire, United Kingdom, AL10 8RS
Elements Residents Management Company Limited
One Eleven, Edmund Street, Birmingham, West Midlands, B3 2HJ
Elemore Resident Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Elizabeth Square (Durrington) Residents Management Company Limited
C/O Bellway Homes Limited (South London) 1st Floor, Regent House, 1-3 Queensway, Redhill, Surrey, United Kingdom,
RH1 1QT
Euxton Heights Residents Management Company Limited
C/O Trustmgt (Rfs) Limited, Unit 7 Portal Business Park, Tarporley, Cheshire, United Kingdom, CW6 9DL
Eve Meadows (Haughley) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Fairfields (Calcot) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Falcon Grove Management Company Limited
Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER
Fallow Wood View (Burgess Hill) Residents Management
Company Limited
C/O Bellway Homes Limited (South London) 1st Floor, Regent House, 1-3 Queensway, Redhill, Surrey, United Kingdom,
RH1 1QT
Farriers Court Residents Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Fellows Gardens Management Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Subsidiaries, Associates and Joint Ventures continued
Resident management companies continued
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Company Name Registered Office
Fielders Crescent Management Company Limited
C/O Pinnacle Housing Ltd As Agent For Fielders Crescent Management Company Limited, 8th Floor Holborn Tower,
137-144 High Holborn, London, England, WC1V 6PL
Fielders Crescent Phase 3 (209A) Management Company Limited
8th Floor Holborn Tower, 137-144 High Holborn, London, United Kingdom, WC1V 6PL
Fielders Quarter Phase 4 (209B) Management Company Limited
8th Floor Holborn Tower, 137-144 High Holborn, London, United Kingdom, WC1V 6PL
Fielders Quarter Phase 5 (208A) Management Company Limited
8th Floor Holborn Tower, 137-144 High Holborn, London, United Kingdom, WC1V 6PL
Forest Chase Management Company Ltd
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Forest Oak Management Company Limited
59 Coton Road, Nuneaton, England, CV11 5TS
Forest Walk (Lydney) Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Forster Park (Stevenage) Residents Management Company Ltd
2 Centro Place, Pride Park, Derby, Derbyshire, United Kingdom, DE24 8RF
Foxhill (Brackley) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Foxlow Grange Berryfields Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Foxmill Gardens (Willand) Management Company Limited
137 Newhall Street, Birmingham, England, B3 1SF
Furlong Park Residents Management Company Limited
North Point, Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England, SY1 3BF
Fusion (Harlow) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Gloster Chase Management Company Limited
C/O Gateway Property Management Limited Gateway House, 10 Coopers Way, Southend-On-Sea, Essex, England, SS2 5TE
Goodsyard (No 1) Management Company Limited
506 Premier Block Management Centennial Avenue, Elstree, Borehamwood, England, WD6 3FG
Great Dunmow Grange Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Greensands Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Grey Gables Farm Residents Management Company Limited
One Eleven, Edmund Street, Birmingham, B3 2HJ
Greystone Meadows (Undy) Management Company Limited
7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL
Grove Meadows Management Company Limited
Marlborough House, 298 Regents Park Road, London, United Kingdom, N3 2UU
Halewood Oaks Resident Management Company Limited
C/O Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Hall Road (Rochford) Management Company Limited
C/O Pod Group Services Limited First Floor, Unit 1, Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom,
WD6 1JD
Halyards Residents Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Hampden Gardens (Thame) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Hampton Trove Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Hanwell View Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Harbour Village (Ebbsfleet) Management Company Limited
Vantage Point 23 Mark Road, Redland, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Hardintone Court Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, NG1 6HH
Subsidiaries, Associates and Joint Ventures continued
Resident management companies continued
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Company Name Registered Office
Harnham Park Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Hartshorne Residents Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Hartside View (Hartlepool) Residents Management Company Limited
2 Centro Place, Pride Park, Derby, Derbyshire, United Kingdom, DE24 8RF*
Harvard Place (Earls Colne) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Harvino Residents Management Company Limited
Trustmgt (Rfs) Limited 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom, CW6 9DL
Hatfield Grove (Hatfield Peverel) Management Company Limited
C/O Pod Group Services Limited First Floor, Unit 1, Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom,
WD6 1JD
Hathaway Gardens Management Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Hathaway Gardens Ph2 Residents Management Company Limited
1 Bow Churchyard, London, United Kingdom, EC4M 9DQ
Hawksview (Hawkhurst) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Hawthorn Park (Hempsted) Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom, CW6 9DL
Hawthorne Rise Management Company Limited
Trinity, Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Hazel Fold Residents Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, United Kingdom, SP2 7QY
Hazelrigg Residents Management Company Limited
2 Centro Place, Pride Park, Derby, Derbyshire, DE24 8RF*
Heatherley Wood Residents Management Company Limited
Rmg House, Essex Road, Hoddesdon, England, EN11 0DR
Heathlands Rmc Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Helios Park Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Helliers Lane (Cheddar) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Hellingly (Hailsham) Management Company Ltd
First Floor, Unit 1, Elstree Gate, Borehamwood, Hertfordshire, England, WD6 1JD
Henderson Park (Thorpe le Soken) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
High Point Residents Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Highlands Grange Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Highwoods View Management Company Limited
Regent House, 1-3 Queensway, Redhill, United Kingdom, RH1 1QT
Hinxhill Park (Ashford) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Hollytree Walk (Colchester) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Holmwood Residents Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Hugglescote Grange Management Company Limited
Bellway Homes Limited (East Midlands) Romulus Court, Meridian East, Leicester, United Kingdom, LE19 1YG
Huntercombe Walk (Taplow) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, United Kingdom, SP2 7QY
Ikon (Croydon) Management Company Limited
Sutherland House, 1759 London Road, Leigh On Sea, Essex, United Kingdom, SS9 2RZ
Imperial Gardens (Howden) Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, CW6 9DL
Subsidiaries, Associates and Joint Ventures continued
Resident management companies continued
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Subsidiaries, Associates and Joint Ventures continued
Company Name Registered Office
Indigo Park (Chichester) Management Company Limited
Stubbings House, Stubbings Lane, Maidenhead, Berkshire, England, SL6 6QL
Ivy Hill Residential Management Company Limited
C/O Michael Laurie Magar Limited, 1 The Beacons, Hatfield, Hertfordshire, United Kingdom, AL10 8RS
Jameson Manor Residents Management Company Limited
Kingston Property Services Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER
Jellicoe Gardens (Moreton) Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom, CW6 9DL
K George's Vale (Cuffley) Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL
Keephatch Gardens (Wokingham) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Kingfisher Green (Rainham) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Kingsfleet Park (Trimley St. Martin) Management Company Limited
1 Cunard Square, Chelmsford, England, CM1 1AQ
Kingsland Gate Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Kingsmere Park (West Parley) Management Company Limited
Vantage Point 23 Mark Road, Hemel Hempstead Industrial Estate, Hemel Hempstead, England, HP2 7DN
Kingsreach (Slough) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, SP2 7QY
Kingswood Heath (Colchester) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR*
Ladden Garden Village Pl 24-27 (Leasehold Apartments) Management
Company Limited
Units 1, 2 & 3 Beech Court Beech Court, Reading, Berkshire, England, RG10 0RQ
Lakeside Park Management Company Limited
137 Newhall Street, Birmingham, England, B3 1SF
Langford Park Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Langmead Place (Angmering) Management Company Limited
C/O Realty Management Ground Floor, Discovery House, Crossley Road, Stockport, United Kingdom, SK4 5BH
Lathom Pastures Residents Management Company Limited
C/O Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Latitude Residents Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Latitude Residents No 3 Limited
New Kings Court Tollgate, Chandler's Ford, Eastleigh, Hampshire, United Kingdom, SO53 3LG
Lavender Rise Management Company Limited
13a, Building Two, Canonbury Yard, 190 New North Road, London, United Kingdom, N1 7BJ
Legacy Wharf (Phase 2) Management Company Limited
8th Floor Holborn Tower, 137 To144 High Holborn, London, Greater London, England, WC1V 6PL
Legacy Wharf Management Company Limited
8th Floor, Holborn Tower, 137-144 High Holborn, London, England, WC1V 6PL
Lestone Mews Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Liberty Quarter Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Lillibet Gardens Residents Management Company Limited
Rmg House, Essex Road, Hoddesdon, United Kingdom, EN11 0DR
Linkside (Burton) Management Company Limited
One, Station Approach, Harlow, Essex, England, CM20 2FB
Linmere Gateway Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Linmere Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Resident management companies continued
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Subsidiaries, Associates and Joint Ventures continued
Company Name Registered Office
Lion Wharf (Isleworth) Management Company Limited
C/O Gateway Property Management Gateway House 10 Coopers Way, Temple Farm Industrial Estate, Southend-On-Sea,
Essex, United Kingdom, SS2 5TE
Little Acres Residents Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, England, SP2 7QY
Littlebrook (Cutbush Lane) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Lockharts Rmc Limited
One, Station Approach, Harlow, Essex, England, CM20 2FB
Lockwood Place (Bramford) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Long Acre (Shinfield) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Long Lane (Beverley) Management Company Limited
North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, United Kingdom, SY1 3BF
Longfield Place (Sherfield) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Longholme Park Residents Management Company Limited
North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, England, SY1 3BF
Longwood Copse Residents Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Lucas Green Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Lydiate Gate Residents Management Company Limited
C/O Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Lysander Fields Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Maes Y Rhedyn Fern Meadow Residents Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL*
Mallard Walk Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Malvern Chase (Tewkesbury) Management Company Limited
Bellway Homes 2540 The Quadrant, Aztec West, Bristol, BS32 4AQ
Maple Creek Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead Industrial Estate, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Marconi (Chelmsford) Management Company Limited
C/O Pinnacle Housing Ltd As Agent For Marconi (Chelmsford) Management Company Limited, 8th Floor Holborn Tower,
137-144 High Holborn, London, England, WC1V 6PL
Marlborough Road Wroughton (Swindon) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Maybrey Works Management Company Limited
8th Floor, Holborn Tower, 137-144 High Holborn, London, England, WC1V 6PL
Mead Fields (Phase 2) Weston Parklands Management Company Limited
1st Floor, 2540 The Quadrant Aztec West, Almondsbury, Bristol, England, BS32 4AQ
Mead Fields Phase 2 (Leasehold Apartments) Management
Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Meadow Rise (Heighington) Management Company Limited
Cheviot House, Beaminster Way East, Newcastle Upon Tyne, England, NE3 2ER
Merchants Gate Cottingham Limited
North Point, Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England, SY1 3BF
Mill Fields (Wingerworth) Management Company Limited
C/O Trust Green Management Company Unit 7, Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom,
CW6 9DL
Millstone Park Residents Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom, CW6 9DL
Resident management companies continued
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Company Name Registered Office
Millworks, K Langley Management Company Limited
C/O Gateway Property Management Gateway House 10 Coopers Way, Temple Farm Industrial Estate, Southend-On-Sea,
Essex, England, SS2 5TE
Modello Residents Management Company Limited
Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER
Montague Green (Rowland's Castle) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Montem Square Management Company Limited
Bellway Homes Limited (Thames Valley) Imperium, Imperial Way, Reading, United Kingdom, RG2 0TD
Moreton Fields (Buckingham) Residents Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Mousley Park Hilton Management Company Limited
One Eleven, Edmund Street, Birmingham, United Kingdom, B3 2HJ
Mulberry Park Apartments (Management Company) Limited
2540 The Quadrant Aztec West, Almondsbury, Bristol, BS32 4AQ
Narrowboat View Residents Management Company Limited
Woolsington House, Woolsington, Newcastle Upon Tyne, United Kingdom, NE13 8BF
Navigators Walk Management Company Limited
C/O 30 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY
New Cardington Hangars Block Residents Management
Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
New Cardington Hangars Estate Residents Management
Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
New Gimsons Place (Witham) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Nightingale Rise (Hoo) Management Company Limited
C/O Rendall & Rittner Limited, 13b St. George Wharf, London, England, SW8 2LE
North Abingdon Management Company Limited
One, Station Approach, Harlow, Essex, England, CM20 2FB
Northdene Residents Management Company Limited
Unit 7 Portal Business Park Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Novello Management Company Limited
C/O Pod Group Services Limited First Floor, Unit 1, Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom,
WD6 1JD
Oak Hill Park (Chinnor) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Oakfields Park (Halstead) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Oakley Park (Edenbridge) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Old Brook View Residents Management Company Limited
C/O Rmg House, Essex Road, Hoddesdon, United Kingdom, EN11 0DR
Old Forest Road (Winnersh) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Old R Chace Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL
Old School Gardens Residents Management Company Limited
Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER
Oxenden Park (Thornden Wood) Management Company Limited
Unit 7, Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Oxlease Residents Limited
New Kings Court Tollgate, Chandler's Ford, Eastleigh, Hampshire, England, SO53 3LG
Park Gate Village Residents Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL
Parsonage Place (Otham) Management Company Limited
Unit 7, Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Subsidiaries, Associates and Joint Ventures continued
Resident management companies continued
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Company Name Registered Office
Parsons Croft Management Company Limited
Unit 7 Portal Business Park, Tarporley, England, CW6 9DL
Pasture Walk Management Company Limited
Castleman Business Centre, Embankment Way, Ringwood, England, BH24 1EU
Penmire Rise Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Penny Way Snaith Management Company Limited
Bellway Homes Limited (Yorkshire) First Floor, Unit 2150, Century Way, Leeds, United Kingdom, LS15 8ZB
Perceval Grange Management Company Limited
C/O Bellway Homes Limited (South London) 1st Floor, Regent House, 1-3 Queensway, Redhill, Surrey, United Kingdom,
RH1 1QT
Phase 1A Parc Mawr (Penllergaer) Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL
Phoenix Park (Thame) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Pinchbeck Fields (EC) Residents Management Company Limited
C/O Michael Laurie Magar Limited, 1 The Beacons, Hatfield, Hertfordshire, United Kingdom, AL10 8RS
Pinewood Grange (Stowmarket) Management Company Limited
C/O Michael Laurie Magar Limited, 1 The Beacons, Hatfield, Hertfordshire, United Kingdom, AL10 8RS
Pipits Residents Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Pirton Fields (Churchdown) Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL
Platts Meadow (Winsford) Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom, CW6 9DL
Plummers Meadow (Halewood) Residents Management
Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL
Poppy Field Residents Management Company Limited
North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England, SY1 3BF
Poppy Fields (Cholsey) Flats Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Poppy Fields (Cholsey) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Poppy View (Saffron Walden) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Porters Grove (St. Leonards) Management Company Limited
C/O 30 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY
Primrose Grove Management Company Limited
C/O Michael Laurie Magar Limited, 1 The Beacons, Hatfield, Hertfordshire, United Kingdom, AL10 8RS
Priory Grange (Hatfield Peverel) Management Company Limited
Floor 1 Unit 1, Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, United Kingdom, WD6 1JD
Q Gate and Jubilee Place Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom, CW6 9DL
QE2 (Welwyn Garden City) Management Company Limited
Sutherland House, 1759 London Road, Leigh On Sea, Essex, United Kingdom, SS9 2RZ
Quantock Heights (Banwell) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Rainbow Fields (Waddicar) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, England, SP2 7QY
Redlands Grove Management Limited
13a, Building Two, Canonbury Yard, 190 New North Road, London, England, N1 7BJ
Renaissance (Reading) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Renovo (West Thurrock) Management Company Limited
8 Hemmells, C/O Accordant Estates Company Ltd., Hemmells, Basildon, England, SS15 6ED
Ridleys Orchard (Whitton) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Subsidiaries, Associates and Joint Ventures continued
Resident management companies continued
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224
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Company Name Registered Office
Riverbrook Place (Crawley) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Roe Wood Park Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Rolleston Manor Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Roman Fields (Corbridge) Management Company Limited
2 Centro Place, Pride Park, Derby, Derbyshire, United Kingdom, DE24 8RF
Roman Gate (Melton Mowbray) Management Company Limited
80 Mount Street, Nottingham, Nottinghamshire, England, NG1 6HH
Roman Walk Residents Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Rookery Park Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Rose Meadow (Northwich) Residents Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL
Rosedale Park Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Rowley Fields Residents Management Company Limited
North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, England, SY1 3BF
Royal Bowland Park Residents Management Company Limited
C/O Rmg House, Essex Road, Hoddesdon, United Kingdom, EN11 0DR
Sandstone Brook Residents Management Company Limited
One Eleven, Edmund Street, Birmingham, West Midlands, United Kingdom, B3 2HJ
Sandwell College Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, NG1 6HH
Sapphire Fields & Beaumont Park Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Saxon Heath (Marham Park) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Scholars Place Management Company Limited
One, Station Approach, Harlow, Essex, England, CM20 2FB
Seaford Grange (Newlands) Management Company Limited
Woodland Place Wickford Business Park, Hurricane Way, Wickford, England, SS11 8YB
Sheasby Park Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Silkmakers Court Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Sixty Three Management Company Limited
Gateway House, 10 Coopers Way, Southend-On-Sea, Essex, SS2 5TE
Sky Plaza (Farnborough) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
Snelsmoor Village Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL
Somerford Gate (Congleton) Residents Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL
Sovereign Place (Horley) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Spindrift Park (Pagham) Residents Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Spires View (Old Marston) Management Company Limited
Vantage Point 23 Mark Road, Hp2 7dn, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
St George's Park (Phase 2) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
St George's Park Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
St George's Walk Residential Management Company Limited
North Point, Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England, SY1 3BF
St James Park (Parcel G) Management Company Limited
C/O Gateway Property Management Gateway House, 10 Coopers Way, Southend-On-Sea, England, SS2 5TE
Subsidiaries, Associates and Joint Ventures continued
Resident management companies continued
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225
About Us
Company Name Registered Office
St James Park (Parcels B and C) Management Company Limited
C/O Gateway Property Management Limited, Gateway House 10 Coopers Way, Southend-On-Sea, Essex, SS2 5TE
St John's View (Menston) Management Company Limited
North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, United Kingdom, SY1 3BF
St Lythans Park (Culverhouse Cross) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
St Mary's Hill (Blandford) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
St Mary's Stannington Management Company Limited
Cheviot House, Beaminster Way East, Newcastle Upon Tyne, England, NE3 2ER***
St Oswald's Place Residents Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, United Kingdom, SP2 7QY
St Wilfrid's Place (Litherland) Residents Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, England, CW6 9DL
St. James Mews (Charfield) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Staverton Lodge Residents Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, England, CW6 9DL
Steeple Chase (Frisby) Management Company Limited
One, Station Approach, Harlow, Essex, England, CM20 2FB
Stilton Gate Management Company Limited
C/O Michael Laurie Magar Limited, 1 The Beacons, Hatfield, Hertfordshire, United Kingdom, AL10 8RS
Stoughton Park Management Company Limited
One Eleven, Edmund Street, Birmingham, West Midlands, United Kingdom, B3 2HJ
Summerhill View Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
Summers Bridge (SAB) Management Limited
Unit 7, Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL*
Summers Bridge Residents Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL*
Swinfen Vale Management Company Limited
Bellway Homes East Midlands 3 Romulus Court, Meridian Business Park, Braunstone Town, Leicester, United Kingdom,
LE19 1YG
Tattenhoe Park (Parcel 4) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
The Abbey Fields Grange Management Company Limited
80 Mount Street, Nottingham, Nottinghamshire, England, NG1 6HH
The Academy Residents Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, United Kingdom, SP2 7QY
The Alders (Wolverhampton) Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, NG1 6HH
The Avenue (Medburn) Residents Management Company Limited
Kingston Property Services Limited Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER
The Beeches (Stanton Cross) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
The Brackens Residents Management Company Limited
R M G House, Essex Road, Hoddesdon, England, EN11 0DR
The Chase Residents Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
The Cherry Meadow & Hatton Court Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
The Coppice Heights & Amber Rise Management Company Limited
80 Mount Street, Nottingham, Nottinghamshire, England, NG1 6HH
The Fairways (Basingstoke) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
The Foresters Management Company Limited
3 Romulus Court Meridian Business Park, Braunstone Town, Leicester, United Kingdom, LE19 1YG
The Foundry (Hemel Hempstead) Management Company Limited
506 Premier Block Management Centennial Avenue, Elstree, Borehamwood, England, WD6 3FG
Subsidiaries, Associates and Joint Ventures continued
Resident management companies continued
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About Us
Company Name Registered Office
The Furlongs (Gt. Leighs) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
The Furrows (Warboys) Residents Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
The Gateford Quarter Management Company Limited
80 Mount Street, Nottingham, Nottinghamshire, England, NG1 6HH
The Grange (Fenham) Resident Management Company Limited
Cheviot House, Beaminster Way East, Newcastle, Tyne And Wear, United Kingdom, NE3 2ER
The Green (Solihull) Management Company Limited
10 Queen Street Place, London, United Kingdom, EC4R 1AG
The Haven (Emsworth) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
The Landings Residents Management Company Limited
C/O Unit 7 Portal Business Park, Eaton Lane, Tarporley, Cheshire, United Kingdom, CW6 9DL
The Long Shoot Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
The Meadows Residents Management Company Limited
Imperium, Imperial Way, Reading, England, RG2 0TD
The Mount Prestwich Residents Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, United Kingdom, SP2 7QY
The Oaks (Parsons Hill) Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
The Oaks (Witham) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
The Old Foundry Residents Management Company Limited
C/O Alexander House Mandarin Road, Rainton Bridge Business Park, Houghton Le Spring, United Kingdom, DH4 5RA
The Orchards (Colchester) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
The Pastures (Telford) Management Company Limited
80 Mount Street, Nottingham, Nottinghamshire, NG1 6HH
The Printworks (Reading) Residents Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
The Residence (Nine Elms) Management Company Limited
C/O Pinnacle Housing Ltd As Agent For The Residence (Nine Elms) Management Company Ltd, 8th Floor Holborn Tower,
137-144 High Holborn, London, England, WC1V 6PL
The Residence (Phase 2) Management Company Limited
C/O Pinnacle Housing Ltd As Agent For The Residence (Phase 2) Management Company Limited, 8th Floor Holborn Tower,
137-144 High Holborn, London, England, WC1V 6PL
The Ridgeway (Chinnor) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN**
The Spinney (Oteley Road) Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, Wiltshire, England, SP2 7QY
The Vale (Bottesford) Management Company Limited
One Eleven, Edmund Street, Birmingham, United Kingdom, B3 2HJ
The Vickers (Witchford) Residents Management Company Limited
C/O Michael Laurie Magar Limited, 1 The Beacons, Hatfield, Hertfordshire, United Kingdom, AL10 8RS
The Wickets Management Company Limited
Bellway Home East Midlands 3 Romulus Court, Meridian Business Park, Braunstone Town, Leicester, United Kingdom,
LE19 1YG
The Willows Residential Management Company Limited
C/O Michael Laurie Magar Limited, 1 The Beacons, Hatfield, Hertfordshire, United Kingdom, AL10 8RS
The Withers (Netherton) Residents Management Company Limited
Unit 7 Portal Business Park, Tarporley, England, CW6 9DL
The Woodlands (Watnall) Management Company Limited
One, Station Approach, Harlow, Essex, England, CM20 2FB
Tidbury Heights Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Tranby Park Residential Management Company Limited
Rmg House, Essex Road, Hoddesdon, Hertfordshire, United Kingdom, EN11 0DR
Subsidiaries, Associates and Joint Ventures continued
Resident management companies continued
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Strategic Report Governance Accounts Other Information
227
About Us
Company Name Registered Office
Trilogy Residents Management Company Limited
R M G House, Essex Road, Hoddesdon, Hertfordshire, United Kingdom, EN11 0DR
Tylman Place (Faversham) Management Company Limited
Iv Property Management Ltd 3rd Floor, 86-90 Paul Street, London, London, England, EC2A 4NE
Victoria Gardens (Peters Village) Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Victoria Gate & Place Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom, NG1 6HH
Wakeley Meadow (Rainham) Residents Management Company Limited
C/O 30 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY
Waltham Heights Resident's Management Company Limited
1 Bow Churchyard, London, United Kingdom, EC4M 9DQ
Walton Park Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Watchman's Place Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, United Kingdom, HP2 7DN
Waterhouse Mill Residents Management Company Limited
One Eleven, Edmund Street, Birmingham, B3 2HJ
Waterside At Riverwell (Block E) Management Company Limited
506 Premier Block Management Centennial Avenue, Elstree, Borehamwood, England, WD6 3FG
Wavendon Chase Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Wavendon View Residents Management Company Limited
Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
Weaver Green Residents Management Company Limited
C/O Unit 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom, CW6 9DL
Weavers Meadow (Trowbridge) Management Company Limited
Units 1, 2 & 3 Beech Court Beech Court, Reading, Berkshire, England, RG10 0RQ
Wellfield Rise Residents Management Company Limited
Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER
Wellington Gardens (Aldershot) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Wellington Grange (Pocklington) Management Limited
North Point Stafford Drive, Battlefield Enterprise Park, Shrewsbury, United Kingdom, SY1 3BF
West End Quarter (Folkestone) Management Company Limited
C/O Gateway Property Management Limited Gateway House, 10 Coopers Way, Southend-On-Sea, Essex, United Kingdom,
SS2 5TE
Westbrook Moorings Management Company Limited
506 Premier Block Management Centennial Avenue, Elstree, Borehamwood, England, WD6 3FG
Westcombe Park (Heybridge) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Western Grange Residents Management Company Limited
Bellway Homes Limited Bellway House, Kings Park, Kingsway North, Gateshead, Tyne And Wear, United Kingdom, NE11 0JH
Westland Place Management Company Limited
C/O Gateway Property Management Gateway House, 10 Coopers Way, Southend On Sea, Essex, England, SS2 5TE
Westminster Road Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Wharf Farm (Rugby) Residents Management Company Limited
Unit 7 Portal Business Park, Eaton Lane, Tarporley, United Kingdom, CW6 9DL*
Whitehill Gardens Residential Management Company Limited
C/O Michael Laurie Magar Limited, 1 The Beacons, Hatfield, Hertfordshire, United Kingdom, AL10 8RS
Whitehouse Park Residents Management Company Limited
C/O Trinity (Estates) Property Management Limited Vantage Point, 23 Mark Road, Hemel Hempstead, United Kingdom,
HP2 7DN
Whitworth View Residents Management Company Limited
Cheviot House, Beaminster Way East, Newcastle Upon Tyne, United Kingdom, NE3 2ER
Wickfields (Longwick) Management Company Limited
Sutherland House, 1759 London Road, Leigh On Sea, Essex, United Kingdom, SS9 2RZ
Subsidiaries, Associates and Joint Ventures continued
Resident management companies continued
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228
About Us
Subsidiaries, Associates and Joint Ventures continued
Company Name Registered Office
Wildflower Meadow Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, England, HP2 7DN
Willow Park (Halstead) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Willow Rise Management Company Limited
Bellway Homes Limited (East Midlands) Romulus Court, Meridian East, Leicester, United Kingdom, LE19 1YG
Windgreen Gardens Management Company Limited
Fisher House, 84 Fisherton Street, Salisbury, England, SP2 7QY
Wodbury Manor Management Company Limited
30 Tower View, Kings Hill, West Malling, Kent, United Kingdom, ME19 4UY
Wolds View Residents Management Company Limited
North Point, Stafford Drive, Battlefield Enterprise Park, Shrewsbury, Shropshire, England, SY1 3BF
Woodgreen (Blyth) Residents Management Company Limited
Cheviot House, Beaminster Way East, Newcastle Upon Tyne, Tyne And Wear, England, NE3 2ER
Yellowfields Phase 3B Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, United Kingdom, HP2 7DN
Yew Tree Gardens (Cholsey) Management Company Limited
Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire, United Kingdom, HP2 7DN
Yew Tree Park Management Company Limited
Cumberland Court, 80 Mount Street, Nottingham, United Kingdom, NG1 6HH
* Company is a 50/50 joint venture.
** Company limited by shares wholly owned by Bellway Homes.
*** Company limited by shares.
Resident management companies continued
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229
About Us
Other
Information
Five Year Record
231
Glossary
232
Advisers and Company Secretary
234
Shareholder Analysis and Financial Calendar
235
Bellway p.l.c. Annual Report and Accounts 2025
Strategic Report Governance Accounts Other Information
230
About Us
2021
£m
2022
£m
2023
£m
2024
£m
2025
£m
Income statement
Revenue
3,122.5 3,536.8 3,406.6 2,380.2 2,782.8
Operating profit 531.5
3
653.2
3
543.9
3
238.1
3
303.5
3
Net finance expenses (11.1) (12.1)
3
(9.9)
3
(9.7)
3
(12.9)
3
Share of results of
jointventures
10.4 9.3 (1.4) (2.3) (1.5)
Profit before taxation 530.8
3
650.4
3
532.6
3
226.1
3
289.1
3
| Five Year Record | |||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | |||||||
| Statistics | |||||||||||
| Number of homes sold | 10,138 | 11,198 | 10,945 | 7,654 | 8,749 | ||||||
| Average price of new homes £306.5k £314.4k £310.3k £307.9k £316.4k | |||||||||||
Income tax expense | (98.1) 3 | (131.9) 3 | (130.4) 3 | (65.5) 3 | (79.4) 3 | ||||||
Profit for the year * | 432.7 3 | 518.5 3 | 402.2 3 | 160.6 3 | 209.7 3 | ||||||
| Balance sheet | |||||||||||
| ASSETS | |||||||||||
| Non-current assets | 102.1 | 71.6 | 79.4 | 88.6 | 103.2 | ||||||
Current assets | 4,574.7 | 4,913.5 | 5,034.7 | 4,911.1 | 5,091.3 | ||||||
| LIABILITIES | |||||||||||
| Non-current liabilities | (316.9) | (646.3) | (647.0) | (600.8) | (571.0) | ||||||
Current liabilities | (1,072.1) | (971.0) | (1,005.5) | (933.5) | (1,067.3) | ||||||
| EQUITY | |||||||||||
| Total equity | 3,287.8 | 3,367.8 | 3,461.6 | 3,465.4 | 3,556.2 |
Underlying gross margin
2
20.9%
3
22.3%
3
20.2%
3
16.0%
3
16.4%
3
Gross margin 19.2% 12.5% 19.0% 15.2% 15.1%
Underlying operating margin
2
17.0%
3
18.5%
3
16.0%
3
10.0%
3
10.9%
3
Operating margin 15.4% 8.7% 14.8% 8.9% 9.0%
Basic earnings per
ordinaryshare
316.9p 196.9p 297.7p 109.8p 132.8p
Total dividend per
ordinaryshare
117.5p 140.0p 140.0p 54.0p 70.0p
| Underlying return on capital | ||||||
employed 2 | 18.2% 3,^ | 21.0% 3,^ | 17.1% 3,^ | 7.1% 3,^ | 8.7% 3 | |
Return on capital employed 2 | 16.4% ^ | 10.0% ^ | 15.9% ^ | 6.3% ^ | 7.1% | |
Gearing 2 | – | – | – | 0.3% | – | |
| Net asset value per | ||||||
ordinaryshare 2 | 2,664p | 2,727p | 2,871p | 2,913p | 2,989p | |
Land portfolio – plots with implementable DPP | 30,933 | 32,344 | 32,229 | 30,787 | 30,554 | |
| Weighted average number | ||||||
| ofordinary shares | 123,306,035 | 123,227,544 | 122,593,350 | 118,830,821 | 118,644,063 | |
| Number of ordinary shares | ||||||
| inissue at end of year | 123,396,422 | 123,486,260 | 120,558,573 | 118,980,237 | 118,991,699 | |
| Notes: | ||||||
2 | APM (note 26 to the Group Financial Statements). |
3 Stated before net legacy building safety expense and other exceptional items.
^ Restated (note 26 to the Group Financial Statements).
* All attributable to equity holders of the parent.
Bellway p.l.c. Annual Report and Accounts 2025
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231
About Us
Glossary
Affordable Housing
Social rented and intermediate housing provided to specified eligible households whose needs
are not met by the market, at a cost low enough for them to afford, determined with regard
to local incomes and local house prices. It is generally provided by councils and not-for-profit
organisations such as housing associations.
Articles of Association
The Company’s Articles of Association that were adopted on 11 December 2020 and as revised
from time to time.
Average Selling Price
Calculated by dividing the total price of homes sold by the number of homes sold.
Biodiversity Net Gain (‘BNG’)
Is an approach to development and land management, that aims to leave the natural
environment in a measurably better state than it was beforehand.
Brownfield
Land which has been previously used for other purposes.
Cancellation Rate
The rate at which customers withdraw from a house purchase after paying the reservation fee,
but before contracts are exchanged, usually due to difficulties in obtaining mortgage finance,
| Reservation fees are refunded in accordance with the Consumer Code for Home Builders. |
| Community Infrastructure Levy (CIL) |
| The CIL is a tool for local authorities in England and Wales to help deliver infrastructure to support |
| the development of the area. |
| DEFRA |
| Department for Environment, Food and Rural Affairs. |
| Earnings per Share (EPS) |
| Profit attributable to ordinary equity shareholders divided by the weighted average number |
| ofordinary shares in issue during the financial year, excluding the weighted average number |
ofordinary shares held by the Bellway Employee Trust (1992) which are treated as cancelled.
Energy Savings Opportunity Scheme (ESOS)
The ESOS is a mandatory energy assessment scheme for large organisations in the UK.
Executive Board
The Executive Board is made up of the Executive Directors of Bellway p.l.c.
Greenhouse Gas (GHG)
GHGs are gases that contribute to the greenhouse effect by absorbing infrared radiation.
Carbon dioxide and chlorofluorocarbons are examples of greenhouse gases.
Home Builders’ Federation (HBF)
The HBF us an industry body representing the homebuilding industry in England and Wales.
It represents member interests on a national and regional level to create the best possible
environment in which to deliver new homes.
Land Bank
The land back is comprised of three tiers: i) owned or unconditionally contracted land with an
implementable detailed planning permission (‘DPP’); ii) medium-term ‘pipeline’ land owned or
controlled by the Group, pending an implementable DPP; iii) strategic long-term plots which
currently have a positive planning status and are typically held under option.
Legacy Building Safety Improvements Provision
Included within this provision, there are two components (i) SRT and associated review, and
(ii)Structural defects provision.
MHCLG
Ministry for Housing, Communities and Local Government formerly Department for Levelling up,
Housing and Communities (‘DLUHC’).
Mortgage Market Review (MMR)
The MMR was a comprehensive review of the mortgage market which introduced reforms
todeliver a mortgage market that is sustainable and works better for consumers.
National Planning Policy Framework (NPPF)
The NPPF sets out the government’s planning policies for England and how these are expected
to be applied. It provides a framework within the local people and their accountable councils
can produce their own distinctive local and neighbourhood plans, which reflect the needs and
priorities of their communities.
National Housebuilding Council (NHBC)
The NHBC is the leading warranty insurance provider and body responsible for setting standards
of construction for UK housebuilding for new and newly constructed homes.
Net Legacy Building Safety Expense
This contains the income statement movements in relation to the legacy building safety provision
and any associated reimbursement assets.
New Homes Bonus (NHB)
The NHB was introduced in 2011 by the coalition government with the aim of encouraging local
authorities in England to grant planning permissions for the building of new houses in return for
additional revenue. Under the scheme, the government has been matching the council tax raised
on each new home built in England.
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About Us
New Homes Ombudsman Service (NHOS)
Has been introduced with the aim to provide dispute resolution for, and determine complaints by,
buyers of new build homes.
New Homes Quality Board (NHQB)
An independent not-for-profit body which was established for the purpose of developing a
new framework to oversee reforms in the build quality of new homes and the customer service
provided by developers.
New Homes Quality Code (NHQC)
An industry code of practice that lays out a mandatory set of requirements which must
beadopted and observed by all registered developers.
Pipeline
Plots which are either owned or contracted by the Group, pending an implementable
detailedplanning permission, with development generally expected to commence within
thenext three years.
Planning Permission
Usually granted by the local planning authority, this permission allows a plot of land to be built
on, change its use or for an existing building to be redeveloped or altered. Permission is either
‘outline’ when detailed plans are still to be approved, or ‘detailed’ when detailed plans have
been approved.
Residential Property Developer Tax (RPDT)
RPDT is a tax, introduced in April 2022, which is charged at a rate of 4% on certain profits
ofcompanies carrying out residential property development.
REGO
Renewable Energy Guarantees of Origin.
RIDDOR
RIDDOR refers to the Reporting of Injuries, Diseases and Dangerous Occurrences Regulations
2013. The Regulations require an employer to report any absence by an employee of seven days
or more caused by an accident at work to the Health and Safety Executive.
Science Based Target initiative (SBTi)
Science-based targets provide companies and financial institutions with a clearly defined pathway
to future-proof growth by specifying how much and how quickly they need to reduce their
greenhouse gas emissions.
Section 75 and Section 106 Planning Agreements
These are legally binding agreements or planning obligations entered between a landowner and
a local planning authority. These arrangements are a way of delivering or addressing matters that
are necessary to make a development acceptable in planning terms.
Self-Remediation Terms (SRT)
Is a commitment to remediate buildings over 11 metres in height with identified life critical fire
safety issues, which were constructed in England and Wales since 5 April 1992.
Site/Phase
A site is a concise area of land on which homes are being constructed. Larger sites may
bedivided into a number of phases which are developed at different times.
Social Housing
Housing that is let at low rents and on a secure basis to people in housing need. It is generally
provided by councils and not-for-profit organisations such as housing associations.
Strategic Land Holdings
These are plots which currently have a positive planning status and are typically held
under option.
Sustainability Accounting Standards Board (SASB)
SASB have developed a set of industry standards which identify the minimal set of financially
material sustainability topics and their associated metrics for the typical company in an industry
toreport against.
Task Force on Climate Related Financial Disclosures (TCFD)
TCFD was created by the Financial Stability Board to develop consistent climate related financial
risk disclosures.
Total Shareholder Return (TSR)
The total return of a stock to an investor, or the capital gain plus dividends.
The 5% Club
Members of the 5% club aspire to achieve 5% of their workforce in ‘earn and learn’ positions
(including apprentices, sponsored students and graduates on formalised training schemes)
within5 years of joining.
Underlying
Throughout the Annual report and Accounts, underlying refers to any statutory performance
measure or alternative performance measure which is before net legacy building safety expenses
and other exceptional items. The Group believes that underlying metrics are useful for investors
as these measures are closely monitored by the Directors in assessing Bellway’s operating
performance, thereby allowing investors to understand and evaluate performance on the same
basis as.5 management.
See also Alternative Performance Measures section on pages 201 to 206.
United Nations Sustainable Development Goals (SDGs)
The SDGs are a collection of 17 interlinked global goals designed to be a ‘shared blueprint
forpeace and prosperity for people and the plant, now and into the future.’
Glossary continued
Bellway p.l.c. Annual Report and Accounts 2025
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233
About Us
Advisers and Company Secretary
Finance Director and Company Secretary and Registered Office
Phil Hope
Bellway p.l.c.
Registered number 1372603
Registrars, Transfer Office and ShareholderQueries
MUFG Corporate Markets
Central Square
29 Wellington Street
Leeds
LS1 4DL
Tel +44(0)3716640300 Calls are charged at the standard geographic rate and will vary by provider.
Calls outside the United Kingdom are charged at the applicable international rate. Lines are open
9.00am – 5.30pm Monday to Friday excluding bank holidays in England and Wales.
Financial Adviser
Citigroup Global Markets Limited
Stockbrokers
Citigroup Global Markets Limited
Numis Securities Limited
Bankers
Barclays Bank PLC
HSBC Holdings plc
Lloyds Banking Group plc
National Westminster Bank plc
Santander UK plc
Svenska Handelsbanken AB
Auditor
Ernst & Young LLP
Solicitor
Slaughter and May
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234
About Us
Shareholder Analysis Financial Calendar
Shareholders by size of holding at 31 July 2025 Holdings Shares
Number % Holding %
0 – 2,000 1,409 68.0 743,951 0.6
2,001 – 10,000 301 14.5 1,294,030 1.1
10,001 – 50,000 142 6.9 3,434,417 2.9
50,001 and over
220 10.6 113,519,301 95.4
Total 2,072 100 118,991,699 100
Shareholders by type at 31 July 2025 Holdings Shares
Number % Holding %
Private shareholders 1,395 67.3 1,928,622 1.6
Investment trusts 7 0.3 118 <0.1
Deceased Accounts 24 1.2 15,327 <0.1
Nominee companies 562 27.1 99,272,717 83.4
Limited companies 35 1.7 109,822 0.1
Bank and bank nominees 22 1.1 16,189,250 13.6
Other institutions 27 1.3 1,475,843 1.2
Total 2,072 100 118,991,699 100
AGM 27 November 2025
Final 2024/25 dividend – ex-dividend date 04 December 2025
Final 2024/25 dividend – Record date 05 December 2025
Final 2024/25 dividend – DRIP election date 19 December 2025
Final 2024/25 dividend – payment date 14 January 2026
Trading update 10 February 2026
Announcement of 2025/26 interim results 24 March 2026
Bellway p.l.c. Annual Report and Accounts 2025
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About Us
Notes
Bellway p.l.c. Annual Report and Accounts 2025
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236
About Us Other InformationAccounts
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