A NEW push on Scottish housing developments helped Bellway post “solid results”, completing a record number of homes with revenues expected to rise by eight per cent to almost £3.2 billion, it said in a trading update.

The housebuilder said the number of housing completions rose by 5.7% to 10,892 in its update for the year ended July 31, 2019, ahead of its preliminary results announcement in October.

It said Scotland boosted results with demand for affordable homes in desirable locations.

The company said it had “significant financial flexibility and capacity for future investment with a strong balance sheet” and net cash of £201 million, against £99m at the same time the year before.

The housing giant also said it has a strong forward order book of 4,878 homes, against 4,841 homes last year. It said there continues to be a demand for new homes, supported by an environment of low interest rates, and against this backdrop, it has opened an additional 110 new sales outlets.

On the back of that, the average weekly reservation rate rose by 5% to 210 per week, and “Scotland delivered solid results, with demand most pronounced for affordably priced homes in desirable locations”.

Jason Honeyman, chief executive, said: “Bellway has concluded another successful year, further increasing the supply of much needed new homes and delivering a record number of housing completions

“Quality and customer care remain a priority for the business and this has helped the Group achieve recognition as a five-star homebuilder for the third year in succession. Trading conditions remain stable and customer confidence is resilient. This, together with a strong forward order book and a healthy balance sheet, ensures that Bellway is well placed to continue its long term growth strategy.” Shares were down 2.9% at 2,799p on the update.