Bellway profits slashed

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Date: Tuesday 14 Oct 2008

LONDON (ShareCast) - Housebuilder Bellway has announced write-downs of £130.9m after completing 6,556 sales in the 12 months ended 31 July, 14% less than last year.

Turnover dropped to £1.15bn from £1.35bn in 2007 and, even before the huge exceptional charge, pre-tax profit for the period slumped to £165.7m from £234.8m last time.

The group is still paying a final dividend of 6p a share, but that means the total payout for the year slips to 24.1p from 43.1p before.

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