Bovis Homes increases dividend to shareholders after New Ash Green company sells record number of homes in first half of this year

Shareholders at a house builder are set to enjoy a 14% boost to their dividend as the housing market continues to boom.

Bovis Homes said it plans to up its payout to 13.7p per share, up from 12p last year, after a record number of legal completions in the first half of this year.

It sold 1,525 new homes in the period, with the average sale price up 6% to £222,000.

Maidstone's Local Plan has been adopted
Maidstone's Local Plan has been adopted

The company, based in New Ash Green, near Brands Hatch, said in a trading update it expects to sell more than 3,500 homes this year.

Chief executive David Ritchie said: “The group has delivered a record number of first half legal completions, made possible by the high quality land investments made during the last few years.

“We continue to trade well in a positive UK housing market delivering a strong forward sales and build position on an increased number of sales outlets.

“As a result we are on track to deliver our expected growth for 2015 and a further increase in return on capital employed supported by robust profit margins and improved capital turn.

“Future growth in shareholder returns is being underpinned by further disciplined investment in new consented and strategic land.”

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