This was due to a 30% hit to both revenue and housing completions between 2023 and 2024.

In the 12 months to July 2024, Bellway completed 7,654 homes compared to the 10,945 it had delivered the year before. At the same time, revenue fell from £3.4bn to £2.3bn.

Bellway ended this period with a net debt position of £10.5m. In comparison, the housebuilder finished its 2023 financial year with net cash of £232m on its books.

Commenting on these results, Bellway’s management concluded that financial performance was “in line” with expectations.

Despite an improvement in customer confidence throughout the year, Bellway’s management highlighted a lower starting forward order book and challenging trading conditions as making their mark.

This led to Bellway’s underlying earning per shares falling by 63% from 297p to 109p. A cut to the company’s dividend has therefore been proposed, slashing this from 140p to 54p.

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Despite these results, Bellway CEO Jason Honeyman (pictured above), said the company was well-placed to deliver a “material increase” in output for 2025.

“We welcome the new government's plans to reform the planning system, which in time is expected to unlock land supply and support an increase in new housing across the country,” said Jason.

“Against this improving backdrop and if market conditions remain stable, our operational strength and robust balance sheet, combined with the depth and quality of our land bank, provide an excellent platform for Bellway to deliver strong multi-year growth and to continue creating long-term value for all our stakeholders."

The company currently has a “high-quality” land bank of 95,292 plots down from the 98,164 it had in 2023.

Bellway has been growing this, purchasing 4,621 owned and controlled plots in 2024 (compared to 4,715 in 2023).

Option agreements were also entered to purchase 35 sites, up from 19 in 2023.

Bellway ended the 2024 financial year with an order book of 5,144 homes which was an increase from the 4,411 homes a year earlier.