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The boss of housebuilder Bellway saw the size of his packet almost double in the last year despite challenges in the housing market.
The Newcastle-based company’s chief executive Jason Honeyman received a total pay deal worth £3.23million for the year to July, according to Bellway’s latest annual report.
This represents a significant jump from the £1.71 million wage deal he received a year ago.
The increase was due to bonus payments, with Mr Honeyman receiving £1.13 million in long-term bonuses during the year. Last year he did not get any long-term incentive.
The report also revealed that his annual performance-linked bonus increased to £1.17 million from £826,602 the previous year.
Mr Honeyman, who has led the business for the past seven years, recorded annual pay of £799,814, up from £765,372 a year earlier.
The report revealed that Mr Honeyman received a pay package 61 times that of the average Bellway employee.
Meanwhile, Keith Eddy, who stepped down as group finance chief during the year, received a £1.36 million pay deal after being boosted by a long-term bonus.
This represents an increase from the £1.05 million package a year earlier, despite lower wages due to his departures during the year.
The executive pay deals came amid a backdrop of better profits over the year.
Earlier this month, the group reported pre-tax profit of £221.9 million, up by a fifth from the previous year.
The company sold 14.3% more homes than last year, while the average selling price of a home rose from around £308,000 to around £316,400.
Mr Honeyman said in the update that the developer faced “some near-term challenges” but that it was “very well positioned to continue to deliver the high-quality new homes needed in the coming years”.