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Bellway announces strong balance sheet
House builder Bellway has announced a strong balance sheet in its latest trading update.
The group said it has a net cash position of £61 million, which it said can be attributed to a "significant reduction" in its stock of unsold properties.
Figures from the report, which covers the six months period to January 31st 2010, revealed that the group has sold 2,247 homes, up from 2,014 in the same period last year.
The organisations order book stood at 2,506 homes or £390 million.
This compares with 2,173 or £296 million from last year's report.
However, despite the increase in sales and orders, Bellway has said that trading conditions will remain "subdued" throughout 2010, especially for first-time buyers, as a result of high demands for deposits on property purchases.
Despite the warning, a statement from the company said: "The board considers that the group is currently well positioned and is trading profitably with a high level of targeted output already secured and no borrowings.
"This should enable Bellway to take advantage of opportunities as and when they arise."
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