Bovis Homes Group has published its latest accounts and reports an increase in profits of 47% in 2018.
Profit before tax is up to £168.1m, will turnover increasing by 3% to £1,061.4m. Total completions in were up from 3,654 in 2017 to 3,759 last year, with the average price increasing slightly (from £272,400 to £273,200 year-on-year.
While a long way short of recent results from other national housebuilders, such as Taylor Wimpey’s £810.7m and Persimmon’s £1.091bn, it has been a significant improvement under the helm of chief executive Greg Fitzgerald, who joined the company from Galliford Try in 2017. That year, annual profits had dipped to £114.0m from 2016’s £154.7m.
Fitzgerald said: “The group has made substantial progress operationally over the past 18 months delivering record profits and a step change in our operating margin. We have transformed the quality of our product and customer service and are delighted this is reflected in our 4-star housebuilder status for 2018 [from 2-star in 2017].”
He added: “Looking ahead, we are implementing many initiatives which will continue to build a better Bovis Homes including our new Phoenix housing range with its first completions this spring, and the development of our new Partnership Housing division. We have a strong sales position and excellent land visibility and expect to make further operational and financial progress in 2019.”
