Bovis Homes pre-tax H1 profit up 15%

Bovis Homes recorded a pre-tax profit of  £61.7 million, a 15% increase on the £53.8 million recorded for the same period in 2015.

David Ritchie, Chief Executive of Bovis Homes Group PLC said, “We have delivered a record number of homes in the first half of 2016 which has driven strong profit growth, improved returns and a 9% increase in the interim dividend. Our forward sales position means we are well placed to continue this strong performance through the remainder of the year.

“Whilst it is too early to judge the impact of the EU Referendum and the Bank’s monetary policy response on the UK housing market, the underlying market fundamentals for UK housing remain positive. We have been pleased with the resilient level of interest shown by potential home buyers contacting us. Our robust balance sheet, with debt lower than last year, means that we are well positioned to continue to take advantage of prime land opportunities at potentially higher returns. Overall, we remain confident in our strategy to deliver long-term growth in shareholder returns.”

Legal completions grew 5% to 1,601. Average sales price on legal completions also increased by 14% to £254,500.

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