Alistair Leitch steps down at upbeat Bellway

ALISTAIR Leitch, the Scots-born group finance director at housebuilder Bellway, yesterday announced his retirement as the firm released a positive trading update.

Leitch, 57, who joined as a divisional accountant in Scotland in 1981, will be replaced by group chief accountant Keith Adey, 32, at the end of January.

News of the changes accompanied the London-listed builder's pre-close update, which revealed that full-year profits will be "modestly" ahead of City expectations.

Bellway said a combination of rising completions in the year and stronger margins would push its headline profit figure ahead of a market consensus of 62.3 million.

Analysts at Panmure Gordon upgraded the stock to "buy" from "hold" and nudged up their target price to 766p from 761p.