| Bellway profits and orders hit |
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| 14 October 2008 | |
 Bellway is the latest housebuilder to report poor results: a 30% drop in annual profits and orders down by almost 50%.Profits were £165.7 million, down from £234.8 million in the previous year earlier, while orders were off 49% at £342 million.
Bellway sold 6,556 houses during the year to 31 July, which was 14% fewer than in the previous year. The average sale price dropped from £173,300 to £169,700.
"In its long experience, the board has never witnessed such a swift change in the housing market as has been seen in the last 12 months," said chairman Howard Dawe.
"The board has a clear strategy, aimed primarily at conserving cash and reducing the cost base ... so that growth may commence when the market returns to more normal conditions."
The Newcastle-based company has reduced its workforce by 35% this year to cut costs. Tag this article :     |
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