Soaring profit and record completions for Bovis

 

Soaring profit and record completions for Bovis

Bovis Homes has seen a surge in operating profit and a “record” number of legal completions in the six months to June 30 2014, it said today (August 18).

The housebuilder’s operating profit grew 150% to £51.2 million compared to the first half of 2013, driven by a 54% increase in legal completions to 1,487 homes. This total consisted of 1,107 private homes against 839 last year.

The average sales price of these private legal completions climbed from £200,200 in H1 2013 to £239,500.

As of week 32, Bovis has achieved 3,530 net sales for legal completion in 2014 compared to 2,505 net sales at the same point in 2013.

Trading in the first half was “strong,” with private reservations increasing 31%. Net reservations per site per week rose 10% to 0.65 against H1 2013.

 “I am delighted to report that the group is delivering on its growth strategy,” said David Ritchie, Bovis’ ceo.

 “We have developed a strategic plan which would see the business, in a stable housing market, growing over the next few years to annual volumes of between 5,000 and 6,000 new homes at premium profit margins benefiting from the effectiveness of the operating model.”

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