Housebuilders recover lost ground

Aug 29 2008 by Peter McCusker, The Journal

THE FTSE 100 Index ended the session 73.1 points higher at 5601.2 yesterday.

Wellstream, the designer and manufacturer of bespoke flexible products, systems and solutions for the oil and gas industry, declared 501% growth in its profits before tax for the six months to June 30, compared to the same period in 2007. The company, which has an office in Newcastle, credited the strong performance to high levels of demand supported by a solid oil and gas market.

Gordon Chapman, chief executive of Wellstream, declared that the Board remain confident with the outlook for the end of the financial year, amid high energy prices, and believe that the current strategy should put the company in good stead for the future, providing ample opportunity for growth. Shares in Wellstream closed 4.27% higher at 1220p.

Helius Energy, which operates biomass renewable electricity generation plants, revealed its potential for future growth. The company chairman, Alex Worrall, announced that the group is acquiring the rights to a site in the west of England and that the cash expenditure is in line with expectations. Shares in the company closed 1.39% higher at 18.25p.

Shares in Bellway were marked higher at 7.74%, regaining some of the recent losses. Barratt Developments followed suit, closing 5.09% higher in a rising market yesterday.

The region’s largest riser was Bellway, and the largest faller was BNS Telecom, 3.13% lower.

Ken Oiwa ken.oiwa@brewin.co.uk