Bovis profit soars thanks to 'step change' in quality

By Hamish Champ2018-09-06T06:49:00

Increase in first half numbers reflects “excellent progress”, says CEO

Bovis has reported a 41% hike in pre-tax profit for the first six months of 2018, fuelled by what the housebuilder called a “step change” in the quality of its new homes.

Chief executive Greg Fitzgerald, who was lured out of retirement last year to lead the housebuilder after it had rebuffed the advances of Galliford Try and Redrow, said the profit rise in the first half reflected “the excellent progress made across all business areas over the past 18 months, [plus] a step change in the quality of the homes we are building and level of service we are providing our customers”.

While Bovis’ revenue for the six months to the end of June 2018 rose just 1% to £432m, its gross margin grew 280bps to 20.9%, with pre-tax profit coming in at £60.2m.

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