Bovis Homes reports profit and revenue up over first half of the year
Bovis Homes has reported a 20% rise in profit over the first half of the year, hailing an increase in its average selling price for boosting its performance.
Reporting its results for the six months to 30 June 2013, the housebuilder posted revenue of 拢184m, up 8% from 拢170m for the same period last year.
The firm posted pre-tax profit of 拢18.6m, up 19% from 拢15.6m for the same period last year.
Operating profit rose from 拢17.5m to 拢20.5m.
The firm completed 963 homes over the period, up slightly on 944 last year, with the average sales price increasing by 15% to 拢188,500, which it said was primarily due to the mix of homes sold.
The firm added 2,767 plots to its land bank over the period, bringing its total consented land bank to 15,579 plots.
David Ritchie, Bovis Homes chief executive said the firm had performed 鈥渟trongly鈥� in the first half, with 鈥渋ncreased volumes, improved average sales price and stronger profit margins鈥�.
He said the performance had been helped by an improvement in homebuyer sentiment, supported by the government鈥檚 Help to Buy scheme.
He said: 鈥淭he success of the Group in acquiring high quality, consented residential land, combined with the strong pipeline of future land opportunities, will support further sales outlet growth into 2014 and beyond.
鈥淭his in turn is expected to lead to further strong improvements in return on capital employed going forward.鈥�
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