Bellway's £77m pre-tax profit sets a new record

Housebuilder Bellway boosted its operating margins to 18.5% in the six-month period to 31 January 2004, a full two percentage points higher than in the same period last year.
Bellway chief executive John Watson said: "I am delighted to announce record results."
Turnover was 21% higher at £440m, while pre-tax profit ran to £77m, up by a third as Bellway enjoyed a 8.6% climb in the average sale price of its new houses to £157,000.
All 15 trading divisions performed well, with the embryonic south-west division contributing to the results for the first time. Plans to divide Scotland into two trading divisions are well advanced and these two separate entities will commence operation from August 2004.
The Thames Gateway North division has recently bought its first site and will contribute in 2005.
During the six months, Bellway spent £170m on acquiring land with planning permission.