Bovis Homes notches up huge rise in pre-tax profits
Housebuilder Bovis Homes Group hiked pre-tax profits by nearly
70% in “challenging” economic conditions last year.
The business based in New Ash Green, near Gravesend, reported
today that annual profits before tax soared from £36.4m to £54.1m
(69%), well ahead of market expectations. Sales revenue rose 17% to
The strong performance reflected 15% growth in house sales
completed, up from 2,045 in 2011 to 2,355. Average sales price
edged up 5% to £170,700 (2011 - £162,400).
Bovis said there was significant growth in future profit
potential with 13,776 consented plots at the end of the financial
year, with potential gross profit of £600m.
Since New Year’s Day, Bovis reported 350 private reservations in
the first eight weeks of 2013 (2012: 320), an increase of 9%.
David Ritchie, chief executive, said: “The Group delivered
strong growth in profit and return on capital employed in 2012 in a
challenging but stable market environment. These improvements have
been achieved through the compound positive effect of increased
volumes, improved sales prices and stronger margins.
“Significant progress has also been made in positioning the
Group for sustained improvements in future shareholder returns.
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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