House builder ups sales numbers
Bovis Homes Group has confirmed its expectations of a strong showing in the first half of the year, revealing large increases in house sales, revenue and profit.
In the first six months of 2012, Bovis sold 18 per cent more homes than in the same period in 2011, completing on 944. There was also an increase in its completions of social homes, rising from 120 in the first half last year to 138 in the six months to June 2012.
Total revenue rose from £133.6 million to £170.3 million, with revenue from the social housing arm of the business growing from £11.5 million to £14.1 million.
Bovis also saw a sharp increase in its operating profit, climbing from £10 million in the first half of 2011 to £17.6 million – an increase of 76 per cent.
The improved performance of the group has led to a doubling of dividends for its shareholders, with dividends at 3.0 pence, up from 1.5 pence at this time last year.
David Ritchie, chief executive of Bovis, said: ‘The group has delivered a strong performance during the first half of 2012 with profit before tax doubling against the backdrop of stable, but challenging, market conditions. This increase has been delivered through the compound positive effect of increased volumes, improved average sales price and stronger profit margins.
‘As a result of a greater number of active sales outlets with an increasing proportion of new, more profitable sites, the group’s profits will, subject to stable market conditions, continue to increase significantly in the second half of 2012, in line with the group’s expectations.’