On Tuesday, British housebuilder Bellway Plc (BWY.L) launched a share repurchase scheme worth 100 million pounds ($123.1 million) despite announcing a lower half-year profit as increasing sales in recent weeks sparked optimism of a turnaround in the industry.
Bellway, which develops anything from one-bedroom apartments to six-bedroom family homes and luxury penthouses, said its underlying pre-tax profit for the six months ended Jan. 31 came in at 312.1 million pounds, compared with 327.2 million pounds a year earlier.
Newcastle-based Bellway plc develops and builds homes.
The London Stock Exchange and FTSE 250 Index include it.
John Thomas Bell and his sons John and Russell created John T. Bell & Sons, a Newcastle-based housebuilder, in 1946.
Kenneth Bell, the youngest brother, joined the firm in 1951.
In 1961, North British Properties, the three brothers’ commercial property company, was floated on the London Stock Exchange. North British reverse-acquired John T Bell in 1963.
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