The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Afternoon ladies & Gents
Hope all is well
I’m currently looking at shifting my S & S Isa provider
I’m a bit of a bargain hunter really so tend to like to keep a fair amount of un invested cash on the side ready!
My current platform does not pay interest on un invested cash. Had a quick look at AJ Bell & II.
AJ says they pay 1.7% up to 10k and 2.2 above
II 1.75% & 2.75%.
From experience, any preference who would you use as your trading platform? And any others to consider
TIA & have a pleasant evening
Regards Crossley
Indeed DenFos
Although I didn’t look, I bet a week ago it was a lot higher?
Currently my worse performing share @ -13.35%
I guess I should count myself lucky it’s the only one!
I’ve one more purchase here, but when is the time? Waiting patiently.
And one in TW. Again I wait
Continued to review previously contracted land and decided not to proceed with the purchase of 886 plots across 4 previously approved sites.
Bellway has maintained a strong balance sheet with net cash of £232 million4 at 31 July 2023 (2022 -£245.3 million). Average net cash was £192.0 million9 during the year (2022 - £223.9 million), demonstrating the resilience of the Group's financial position throughout the period. Committed land obligations are lower than the prior year and remain modest, at around £335 million (2022 - £393.4 million) with low adjusted gearing, inclusive of land creditors, of only 3%5 (2022 - 4.4%).
The Board continues to expect to maintain the total dividend for financial year 2023, in line with the prior year payment of 140.0p per share. The £100 million share buyback programme is progressing well, and 2.9 million shares have been purchased in the period at a cost of around £66 million.
In the year ahead, we will preserve balance sheet resilience through our ongoing disciplined approach to land and production expenditure, and the Board will continue to review the Group's capital requirements, with deployment targeted where it can best generate long-term value for shareholders.
Housing revenue of around £3.4 billion (2022 - £3,520.6 million), in line with previous guidance.
§ Total housing completions of 10,945 homes (2022 - 11,198), at an average selling price of £310,000 (2022 - £314,399).
§ The underlying operating margin is expected to be around 16%3 (2022 - 18.5%), with the reduction reflecting the effect of build cost and overhead inflation, extended site durations and the increased use of targeted sales incentives.
§ The Group's programme of accelerating the construction of social homes partially offset weaker private demand, which was impacted by higher mortgage rates and the end of Help-to-Buy.
§ The overall reservation rate reduced by 28.4% to 156 per week (2022 - 218) and the private reservation rate decreased by 35.9% to 109 per week (2022 - 170).
§ Robust balance sheet provides continued resilience and strategic flexibility, with year-end net cash of £232 million4 (2022 - £245.3 million) and low adjusted gearing, inclusive of land creditors, of only 3%5 (2022 - 4.4%).
§ The £100 million share buyback launched on 28 March 2023 is progressing well, with 2.9 million shares purchased at a cost of around £66 million.
§ The combination of strong volume output and the decrease in reservation rates resulted in a lower, yet still sizeable year-end order book, with a value of £1,193.5 million6 (2022 - £2,114.3 million), which comprises 4,411 homes (2022 - 7,223 homes).
§ Strong recognition from our customers and employees, having retained our status as a five-star7 homebuilder for the seventh consecutive year and 89% of our colleagues recommending Bellway as 'a great place to work'.
The Group has delivered housing revenue of around £3.4 billion (2022 - £3,520.6 million), a 3% reduction on the prior year and in line with previous guidance. Volume output was supported by the strong order book at the start of the financial year, and notwithstanding the reduction in underlying demand, completions reduced by only 2.3% to 10,945 (2022 - 11,198).
The overall average selling price decreased by over 1% to £310,000 (2022 - £314,399), primarily driven by a lower proportion of private completions, which reduced to 75% of the total (2022 - 82%). In the year ending 31 July 2024, the proportion of social completions will remain elevated and together with the ongoing disciplined use of incentives, we expect a further moderation in the average selling price.
The underlying operating margin for the 2023 financial year is expected to be around 16%3 (2022 - 18.5%), and the reduction reflects the effect of build cost and overhead inflation, together with extended site durations and the increased use of sales incentives during a more challenging trading period.
During the year, the Group has contracted to purchase 4,715 plots8 (2022 - 19,089 plots) across 35 sites8 (2022 - 107 sites) with a total contract value of £378.2 million8 (2022 - £1,300.3 million). We have als
Https://group.legalandgeneral.com/en/investors/financial-calendar
Morning Strictly
I did wander a week or two back if you might tip the balance in favour of BWY and away from RDW. With the monthly chart looking to favour BWY by over 8% and from your previous post I presume you have?
ATB
The full paragraph from the RNS….
For 2022, the Board proposes a final dividend of 60p per share to be paid on 5 May 2023 to shareholders on the register on 14 April 2023, following shareholder approval at the AGM. This dividend is the final and only dividend in respect of financial year 2022. The Board's intention is to at least maintain the 2022 dividend per share in 2023, with a view to growing this over time. As previously announced, payments will be made semi-annually with an interim dividend paid in the second half of this year in relation to 2023.
The number of homes sold by housebuilder Gleeson dropped by 14% in the year to June as it was hit by the fall out from the economic turmoil in the wake of the mini budget.
The listed firm, which has historically sold houses predominantly to first time buyers, said in a trading update that it sold 1,723 homes in the year, down from 2,000 the year before, putting it on course to meet analysts’ expectations.
Good afternoon FFO
Well done on keeping your head above water on Bdev & Wimps. Just in profit with Barratt’s myself. Although div needed.
Is there any benefit in holding a large land bank with falling house prices though?
Funnily enough, was only reading last week an old article with reference to Wimps writing down their land bank values in 2009 and the effects it had on their books.
Best of luck going forward. Some key dates just around the corner
Hi, here is something I thought you might find interesting: - https://uk.investing.com/news/stock-market-news/housebuilders-reel-at-costs-from-new-regulations-but-even-stricter-rules-due-3074737