Author Topic: Bovis Homes Group 2011 results show profits up 35%  (Read 3576 times)

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The Prophet

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Bovis Homes Group 2011 results show profits up 35%
« on: February 28, 2012, 05:08:47 pm »
Bovis Homes increased the number of new homes built to 2,045 up 8% on 2010 results.
The average sale price of their homes also increased by 5% in the year to £180,100.
The group's turnover increasing 22% to £364.8 million and Gross profit up by 35% to £72.2 million in the year to 31 December 2011.

David Ritchie, the Chief Executive of Bovis Homes Group PLC said:
"The Group has delivered a strong improvement in profit in 2011 against a challenging but stable market environment. This profit improvement has been delivered through the compound positive effect of increased volumes, improved sales prices and stronger margins.  Significant progress has also been made in positioning the Group for continued improving returns. The substantial land investment in recent years will deliver a strong increase in active sales outlets in 2012. Based on a continuation of current market conditions, this will further enhance volumes, sales prices and profit margins. As well as driving profitability, the Group is focused on enhancing shareholder returns through improving the efficiency of its capital employed, through land bank management, including the sale of consented plots on selected sites, and by managing working capital tightly."

"Looking forward, based on current market conditions continuing, increasing profits combined with further improvements in the use of capital will deliver a strongly increasing return on capital employed in 2012 and beyond. I would like to recognise the considerable effort, commitment and hard work of our employees during 2011 and to thank them all for their contribution to the Group's success."