Revenue grows 9% to £350m as number of home completions breaks through the 1,500 mark
Half year revenue at housebuilder Bovis Homes has jumped 9% to £350m on the back of record number of completions.
Total revenue grew from £322.1m in H1 of 2014 to £350.7m in H1 2015, with operating profit rising 6% to £54.3m from £51.2m.
Margins remained practically unchanged at 16%, up 0.1% from 15.9% in 2014. The number of homes completed rose by 38 from 2014 to 1,525 from 1487 the year before.
The housebuilder’s land bank has risen by just over 1,000 to 19,081 in the six months to June 2015, with Bovis Homes holding 2,687 plots with planning consent.
Production to 14 August is 11% ahead of the same period in 2014, providing a base for further volume growth in 2015 and 2016.
Bovis Homes group chief executive David Ritchie said: “We have delivered a strong first half performance in 2015 with a record number of legal completions and a further improvement in return on capital employed.
“Our long term land investment in high quality locations, including delivery from strategic land, is providing a consented land bank which supports growth in active sales outlets leading to increased volumes.
“We anticipate that the addition of around 40 sites per annum will support our medium term growth strategy to deliver volumes of between 5,000 and 6,000 new homes each year.”