Bellway plc (LON:BWY) blew away any Brexit blues as it posted another record year of growth and more than 40% increase in pre-tax profit.
Trading since the June 23 vote to leave the EU had been resilient, the house builder said, and it sees further growth in volumes for the current year.
For the year to end July, pre-tax profit came in at £497.9mln against £354.2mln last year on revenues, which were almost 27% higher at £2.24bn.
Operating profit was up 36.5% to £492.0mln, while earnings per share (EPS) was 328.7p compared to 231.5p in 2015.
The proposed total dividend per share has risen by 40.3% to 108.0p (2015: 77p).
Chairman John Watson said: "The long term outlook continues to be positive, supported by strong customer demand, a substantial forward order book and favourable trading conditions across all areas of the country where Bellway operates.
"Bellway has invested significantly in high quality land opportunities and infrastructure over recent years. As a result, with its strong balance sheet and structure of nineteen operating divisions, the group is well placed to deliver additional value for shareholders through further disciplined volume growth in the current financial year."
City broker Liberum rates shares a 'buy' and targets 3,125p.
"Bellway started the year with an order book of 4,644 homes, up 2% from the prior year, reflecting slower conditions in June and July around the referendum," it said.
"This grew to 6% ahead, year-on-year, by 4 October. The order book of 4,701 units represents around 50% of the volumes expected in the year to July 2017."
Shares gained 4.89% to 2,360p.