Bovis Homes profits soar as completions rise 15%

Aaron Morby 11 years ago
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House builder Bovis Homes took advantage on the strong southern market to deliver pre-tax profits up nearly 70% to £54m.

Profits were well ahead of expectations for 2012, fed by a 15% rise in completions to 2,355 and average selling prices up 5%.

The improvements pushed operating margin up from 10% last time to 13.4%.

Over the year Bovis invested in 3,500 consented plots, bringing the total consented land bank to 13,776, worth an estimated £600m.

In the first eight weeks of the year, the south east house builder reported reservation rates 9% ahead.

David Ritchie, the chief executive, said: “After another year of substantial land investment in 2012, the group expects to deliver a strong increase in active sales outlets in 2013.

“Assuming a continuation of stable market conditions, this will further enhance volumes, sales prices and profit margins.”

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