10/08/2001
Housebuilder Bellway's shares were boosted further by an upbeat trading statement for the year to 31 July, meaning that they have gained about 70% in value since last year's figures, when the company reported an impressive 27% return on capital employed, amongst the best such performances in its sector. Bellway says that the number of homes sold last year was about equal to the previous year, but with an increased average selling price. It adds that demand remains strong and that the current number of reservations is similar to last year's levels. Analysts expect about £98m in pre-tax profits this year and earnings of 61.3p, rising to £106m and 68.1p in 2001-2. This puts Bellway on a forward p/e of 6.3 - worth buying.
| Market cap: | £418.9m |
| PE Forecast: | 6.3 |
| Share price: | 383.5p |
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