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Wed December 01 2021

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House-builders report more growth

5 Jul 18 Two house-builders that have been weathering different kinds of storms have today published healthy-looking trading updates.

Persimmon, in the news a lot recently for the size of its executive bonuses, reports that total revenues for the first six months of 2018 were up 5% on last year to £1.84bn and new housing legal completion volumes increased by 278 homes, or 3.6%, to 8,072 homes. The company’s average selling price increased by 1.2% to c. £215,800 (2017: £213,262).

Meanwhile Bovis Homes, which not long ago was paying people to move into unfinished homes, appears to be back on track under the leadership of former Galliford Try boss Greg Fitzgerald.

Bovis completed 1,580 new homes in the first half of 2018, which was 4% up on last year and slightly ahead of the board’s expectations.  Bovis opened 17 new sites in the period and operated from an average of 86 active sales outlets (2017: 96). Six new sites are launching this summer the average active sites number is expected to increase in the second half.

Bovis Homes chief executive Greg Fitzgerald said:  “We expect to deliver a significant step up in profitability for the half year as we start to see the financial benefits from the strategic direction, changes implemented, and specific margin initiatives launched over the past 18 months.  In addition, we have delivered another disciplined and orderly period end with our customer satisfaction score continuing to trend at well above 80%."

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