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Sat June 19 2021

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Bovis completions up 18%

9 Jul 12 Bovis Homes built 18% more homes in the first half of 2012 than in H1 2011.

There were 944 legal completions in the six months to June 2012, up from 801 in the same period last year.

In a trading update, the company said that it expects to report a 21% housing gross margin for the half year (H1 2011: 20.1%). Including a profit of £3.9m from land sales, it expects to deliver a 10% operating margin, up from 7.5% last time.

Chief executive David Ritchie said: "The group has performed strongly, in line with expectations, in the first half of 2012 with a significant improvement in profit delivered from the ongoing successful execution of the group's growth strategy. The continued success in the land market during the first half of 2012, with around 2,500 new plots contracted, is positioning the group for further growth in the future."

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