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09 Jul 2019 | 07:16

Bovis Homes reports 'excellent' half yearly performance amid 'significant' improvement in profits

Homebuilder Bovis Homes reported 'excellent' first-half performance amid 'significant' improvement in profitability, following a step up in sales growth. For the six month period ended 30 June, its average private sales rate per site per week rose 15% to 0.6 from 0.52 a year earlier.

The group delivered a total of 1,647 homes, up 4% from 1,580 last year. Of this 1,031 were private units and 616 affordable. The company said it expected to deliver a similar number of affordable homes this year compared to last year. The total average selling price increased by about 3% to £270,000. The private average selling price in the period increased to about £342,000 from £334,700 a year earlier, driven by an improved geographical spread of sales outlets with overall underlying pricing remaining 'broadly flat,' according to the homebuilder. The company said it expected to open a further 13 new sites this year, after opening 10 new developments in the half. 'We start the second half of the year with a strong forward sales position and are confident of delivering completions in line with our expectations for the year,' Bovis said.

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