Half-year results show housebuilders is now in the black having turned around last year’s £8.6m loss
Bovis Homes has made a pre-tax profit of £3.5m and added over 1,800 plots to its land bank in anticipation of an upturn in demand for new homes.
According to its half year results for the six months to the end of June the firm made a pre-tax profit compared to a £8.6 million loss for the same period last year, while revenue was £6.6m lower at £115.6m.
During the first half of the year the company has purchased a considerable amount of consented land. In total, it has added 1,874 consented plots to its land bank in, increasing it 13,113 plots.
The company has terms agreed on an additional 3,000 plots, many of which are anticipated to be acquired in the second half of 2010.
David Ritchie, chief executive of Bovis Homes Group, said the group has performed well in the first half of 2010, delivering a solid set of trading results during a period when the housing market has remained challenging.
“The group is well positioned to exploit opportunities to expand, with net cash in hand at 30 June 2010 of £79m and committed bank facilities of £150m which mature in September 2013 and provide the flexibility to support the group’s land investment ambitions”.