UK: Bellway's revenue dips 31% to $3 billion

12 Aug 2024 CW Team

British homebuilder Bellway announced a smaller-than-anticipated decline in annual revenue on Friday and noted an improvement in buyer confidence following a reduction in mortgage rates. The homebuilding sector in the UK, which has been affected by a prolonged cost-of-living crisis, is expected to benefit from the first reduction in UK interest rates in over four years.

Earlier this month, many UK mortgage lenders lowered their rates in anticipation of this long-awaited change, although the Bank of England has downplayed the likelihood of a series of rapid rate cuts.

Bellway indicated that customer confidence has been bolstered by the moderation of both mortgage interest rates and consumer price inflation, along with rising wages. This more optimistic outlook coincides with Britain?s new Labour government's plans to address the country?s chronic housing shortage by relaxing planning restrictions and increasing the availability of land.

The company reported that its annual revenue fell by approximately 31% to $3 billion, surpassing analysts' average forecast of ?2.27 billion, according to LSEG data. Bellway's annual underlying operating margin is expected to be around 10%, down from 16% the previous year, as noted in its trading update.

Bellway, which builds a range of properties from single-room apartments to luxury penthouses, stated that its forward order book?a key industry measure of demand?was valued at ?1.41 billion at the end of its financial year, compared to ?1.19 billion the previous year. Larger competitors such as Persimmon and Taylor Wimpey have predicted that their annual housebuilding figures will be at the higher end of their guidance range, highlighting market expectations of a recovery in demand.

Infrastructure Transport

27 Jun 2026

Noida Airport Fuels NCR Realty Growth

The start of commercial operations at Noida International Airport has recently emerged as a major trigger for real estate growth across Noida, Greater Noida and the Yamuna Expressway region. The airport is expected to improve regional connectivity and support the next phase of development in eastern NCR.The airport, inaugurated on 28 March, has begun passenger services, while cargo operations are also expected to strengthen its role as an economic and logistics hub. Its operationalisation is expected to reduce dependence on Delhi’s Indira Gandhi International Airport for residents and busine..

thyssenkrupp and GlobalLogic Form AI Alliance

thyssenkrupp AG and GlobalLogic, a Hitachi Group company, have recently formed a strategic alliance to deploy autonomous robotics and Physical AI across heavy industry operations. The partnership aims to improve safety, reduce engineering bottlenecks and accelerate industrial transformation at scale.The alliance brings together thyssenkrupp’s industrial expertise with Hitachi’s innovation capabilities. It includes GlobalLogic, Method and Hitachi America R&D, creating a “Lab-to-Scale” pipeline that connects research, digital strategy, design and enterprise software engineering for i..

Platinum Corp Launches Luxury Suites in Santacruz

Platinum Corp has recently launched Platinum Stellar: Bespoke Presidential Suites, a premium residential project in Santacruz West, Mumbai. The development is positioned as a boutique luxury offering for homebuyers seeking expansive layouts, privacy and personalised living experiences.Located on Main Avenue, the project has been designed as a low-density, high-end residential address with spacious homes starting from 2,500 sq ft and extending to full-floor residences. The project targets HNIs, business owners and legacy residents from the Bandra-Khar-Santacruz belt.Platinum Stellar has been de..