(Reuters) – British car manufacturer Bellway Plc (BWY. L) said Tuesday that it expects profits to fall by 2020 and beyond, as coronavirus blockages have led to extended and reduced productivity, leading to high costs.
Home deliveries have fallen by nearly a third, but the road stampede holiday and the slow reopening of its sites have led to a resumption of demand, the company said, which is dedicated to the construction of luxury apartments, family homes and penthouses.
Bellway will resume dividend bills as soon as there is more certainty about the economic outlook, the company said.
The UK housing market, which virtually ended in March and April, has since regained strength due to the easing of the brakes and tax exemptions for the purchase of homes in England and Northern Ireland.
Newcastle-based Bellway said home deliveries fell 31% to 7522 in the full year ending July 31, but had a stack of counterfeit orders of 1760.2 million pounds ($2.30 billion), down from 1223.9 million pounds last year.
The average promotion value for home terminations is approximately 293,000 pounds, compared to 291,968 pounds last year.
Reporting through Samantha Machado in Bengaluru; Edited through Ramakrishnan M.
All quotes were delayed for at least 15 minutes. See here for a complete list of transactions and delays.
© 2020 Reuters. All rights are reserved.