Research on Bellway p.l.c. (BWY:LON) from Progressive Equity Research
Bellway pointed to a ‘a resilient performance in a year marked by continued challenges for our industry’, with improved volumes but with a lower margin. It guided to completions and margins below current consensus for FY27E, but that sales could improve in FY28E, partly boosted by the PM’s ‘Your First Home’, the successor to the Conservatives’ ‘Help to Buy’ stimulus for first time buyers.
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