Bellway Heading in the Right Direction But Recovery Pace Might Be Troubling -- Market Talk
Dow Jones2024-10-15
0900 GMT - Bellway's investors are more interested in the housebuilder's outlook for the next year as fiscal 2024 was a tough year and its weakness--pretax profit fell by almost 60%--came as no surprise, Quilter Cheviot analyst Oli Creasey says in a note. Although the direction of travel is positive, the pace of recovery is a little troubling with the company forecasting an 11% increase in volumes next year, Creasey says. Although this is an improvement on fiscal 2024's low base, it is still 22% lower compared to fiscal 2023, he says. Shares are up 6.8% at 3,260 pence. (anthony.orunagoriainoff@dowjones.com)
(END) Dow Jones Newswires
October 15, 2024 05:00 ET (09:00 GMT)
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