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Builder Bellway says cautious over new land acquisitions after Brexit vote

BrexitAug 05, 2016 07:40
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© Reuters. A crane is seen at a Bellway housing development in London

LONDON (Reuters) - British housebuilder Bellway (LON:BWY) said it would be more cautious on purchasing new sites after Britons voted to leave the European Union but that its trading had been encouraging with full-year revenue marginally ahead of expectations.

Bellway, which built 8,721 homes last in the year to the end of July, said it expected revenue to rise by 27 percent to 2.2 billion pounds slightly above an average forecast of 2.1 billion in a Thomson Reuters poll of analysts.

The firm said trading had remain strong both in the run-up to a June 23 vote in which Britons backed leaving the European Union and in the subsequent weeks, but it was too early to assess the longer-term impact.

"Following the EU referendum result, the Group is proceeding cautiously with a number of site acquisitions pending the outcome of the Autumn selling season," the firm said.

Builder Bellway says cautious over new land acquisitions after Brexit vote
 

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