Housebuilder Bellway has hailed success in Scottish markets following a “noticeable improvement” in sales volumes north of the border.
The company, which has developments in Callandar, Alloa, and Cowdenbeath, Dunfermline and Kinglassie in Fife, said its regional operations had benefited from investment in new sites as it posted a 10% hike in revenue, to £1.11 billion, during the year to the end of July.
Pre-tax profits rose by a third in the same period, reaching £140.9 million.
Chief executive Ted Ayres said legal completions in Scotland rose to 414 over the course of the year, up 23% from the previous year’s total of 336.
Mr Ayres also hailed the launch of the Help to Buy scheme in Scotland, and said he hoped the programme of help for purchasers seeking a 95% loan-to-value deal would see the continuation of the improved trading conditions already experienced over the last 12 months.
Bellway will launch two new divisions in the Thames Valley and Manchester as it seeks to grow volume by 15%. Its land bank has grown to almost 33,000 plots.
The company also announced a 50% increase in its end-year dividend, taking the full year shareholder payout to 30p per share. Stocks in the firm closed the day up 69.44p at 1455.44.