Rolling coverage of the latest economic and financial news
- Holiday Inn owner says ‘trading improved significantly’
- China and US leading way.. business travel stronger too
- Serviced offices firm IWG ‘cautiously optimistic’
- Enquiries and customer retention rates back at pre-Covid-19 levels in Q2
UK housebuilder Bellway is also benefitting from the recovery, but expects to set aside more money to fix legacy fire safety problems at some of its developments.
Further evidence from #Bellway that the #housing market recovery is built on firm foundations, sales rates were good, forward sales are good and the landbank is growing. It had a strong FY21; is having a strong FY22 and FY23 is looking stronger still. pic.twitter.com/dTqN4xDJA0
Related: Bellway to replace Grenfell-style cladding on two developments
This is a complex area where cost estimates are subject to change as on-site works progress and further investigative works are undertaken, or, if the scope of Government legislation further widens.
Bellway continues to actively pursue recoveries from suppliers, subcontractors, and professional advisors where they have fallen short of the standards required.
Bellway completes 10,138 homes in year to July generating £3.1bn in revenue, due to 4.4% increase in sales price to £306k, giving a net margin of 17%. Land enough for 19,800 units bought. Warning that £131m cladding provision is set to rise. See below. Subbies being pursued. pic.twitter.com/kd1exVkdcD
Shares in Intercontinental Hotels have gained 0.3% in early trading, while IWG are up around 1.4%.
