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Bovis booms in first half

8 Jul 14 House-builder Bovis Homes Group has increased its output in the first half of 2014 by more than 50%.

Legal completions in H1 2014 reached 1,487, which is 54% more than the 963 it built in the first half of 2013, the company said in a trading update.

The first-half operating margin is expected to be at least 15%, up from 11.1% last year.

Average sales price on legal completions was £210,000, which is 11% higher than the H1 2013 average of £188,500, driven by mix and modest improvements in house prices

A record investment of 4,597 consented plots on 23 sites has been added to the consented land bank during the first half of 2014 to maintain growth momentum.

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Chief executive David Ritchie said: “Bovis Homes has delivered its highest ever number of first half-year legal completions, driven by the high quality investments made during the last few years.  This is expected to lead to excellent first half results with a material improvement on last year.

"Trading continues to be robust, further increasing our confidence in delivering both strong volume growth for 2014 and an enhanced forward sales position for 2015.  The group achieved a record number of land investments during the first half year in what continues to be an active, but orderly land market.

"The group's results are now benefiting from our assertive, disciplined strategy of growth through land investment and we are well positioned to deliver our 2014 targets.  Looking further ahead we are confident that further improvements in key financial metrics can be delivered and that ongoing land investment will continue to strengthen the business and further enhance shareholder returns."

Bovis Homes Group will report its half-year results in full on 18 August 2014.

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