Published: 00:01, 18 August 2014 |
Updated: 09:19, 18 August 2014
Pre-tax profits more than doubled at a Kent housebuilder thanks to a record number of sale completions.
In an impressive half year results, Bovis Homes said revenues increased by 75% to £322.1m, with profits before tax up 166% to £49.4m.
The New Ash Green-based company reporter a 54% rise in legal completions to 1,487 homes in the first six months of this year.
The average sale price on private legal completions was £239,500, which is 20% higher than the £200,200 average in the same period in 2013. That figure excludes private rented sector homes.
Bovis Homes chief executive David Ritchie said: “In the first half of 2014 the group has delivered a record number of legal completions leading to a 150% increase in operating profit.
“The strong trading position will enable the delivery of a significant increase in profits in 2014 in line with our expectations, subject to stable market conditions..." - Bovis Homes' David Ritchie
“This significant increase is the result of the compound positive effect of increased volumes, improved average sales price and stronger profit margins.
“The strong trading position will enable the delivery of a significant increase in profits in 2014 in line with our expectations, subject to stable market conditions.
“With a further increase in capital turn, this level of profit is expected to generate a return on capital in 2014 of approximately 16%.”
Mr Ritchie also revealed the group had its most successful half year of land investment, acquiring 4,597 consented plots on 23 sites.
He said: “This will support further sales outlet growth into 2015 and beyond, which is expected to lead to further strong improvements in return on capital employed.”
Every morning at 10am we play you an hour of tunes from the 90s. We call it, #WeLoveThe90s.
Play 'Say It' with Garry and Laura on kmfm Breakfast and you could win £1,000!
Wake up to kmfm Breakfast with Garry and Laura - it's Kent's alarm call.
A guide for your future. For year 11 students in Kent and Medway. Click here for the e-edition.
Education, Training & Childcare is a special supplement published by KM Media Group four times a year. Click here for latest e-edition.
Get the latest food and drink news, recipes from some of the nation's top chefs plus updates from Kent's vineyards and breweries.
Search in your local area to find your perfect partner in Kent, with FreshStart Dating! PLUS, register for free!.
Find out what's going on in the garden, with Kent expert Lucy Hewett's weekly update.
Buy pictures that you've seen in a KM newspaper, or send in a picture and we will place it on our photo sales website so that you can purchase a super, unique gift.