During the first half, the company entered new land contracts on deferred terms totaling around £130 million and settled land creditor payments of around £180 million, ending with land creditors of £290 million, or 12% of land value. Management said it expects land creditors to rise over the medium term to 15% to 20% of land value, “similar to historic norms.”Bellway emphasized an ongoing push to improve capital efficiency, particularly by reducing work-in-progress (WIP) and increasing cash conversion. The ...