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16 Jan 2019 | 07:16

Bovis Homes expects profits 'slightly' ahead of market expectations

Housebuilder Bovis Homes said Wednesday it expected annual profits would be slightly ahead of market expectations amid a 'significant step-up' in operating margins.

'The group expects to deliver a significant step-up in operating margin for 2018, with profits for the year expected to be slightly ahead of market consensus,' Bovis said.

Bovis' house-building volumes came in at 3,759 up 3% from 3,645 the previous year, though this undershot guidance of 4,000 completions given in November.

The homebuilders' average selling price was flat at £273,000 for the year, with private average selling price of £338,000 up slightly from £334,500 a year earlier, and in line with its expectations.

Forward sales totalled 2,681 units, up from 2,656 last year, with a value of £521m, up from £518m.

The year started with a 'strong' forward sales position with 91% of 2020 land secured.

The company proposed a final dividend of 38.0p a share, up from 32.5p a share last year. 'The significant improvement in operational performance across all areas of the business is expected to deliver a record year of profits for the Group. Customer satisfaction is a key priority and the Group's return to 4 star housebuilder status along with another controlled and disciplined period end reflect this,' said Greg Fitzgerald, Chief Executive.

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