Author Topic: Bovis Homes half-year pre tax profits rise by 130%  (Read 4833 times)

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Bovis Homes half-year pre tax profits rise by 130%
« on: September 14, 2011, 12:57:31 pm »
Housebuilder Bovis Homes has reported that profits have more than doubled in the six months to 30 June 2011 and attributes this to cost-cutting and rising house prices.
Pre-tax profits surged to £8.1 million in the six month period compared with £3.5 million in the same period a year earlier, while total revenue rose to £133.6 million.

However, Bovis completed only 801 new homes - virtually unchanged from the 803 new homes built in the same period a year ago.
The average selling price of their new homes increased by 3.2% to £163,400 - up from £158,400.

David Ritchie, the company's chief executive, said:
"This increase has been delivered through improved profit margins generated from reduced construction costs on existing sites and the initial contribution
from new higher margin sites acquired since the housing market downturn."
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