Bovis builds on strong first half
Housebuilder Bovis Homes is back in the black with a £3.5m pre-tax profit for the six months to 30 June 2010. The company, which has its central base in Warwickshire, posted a pre-tax loss of £8.6m in the comparable 2009 period.
However, the company suffered a loss in revenue in the first six months. Income stood at £115.6m for the six month period, down from £122.6m in the first half of 2009.
The housebuilder recorded a gross profit margin of 16.3 per cent – more than doubling its 2009 result of 8.1 per cent. In its latest set of results, Bovis’ operating margin was 4.2 per cent, compared with its loss in 2009 of -2.2 per cent.
David Ritchie, chief executive of Bovis Homes Group, said that the company was “well positioned” to exploit opportunities to expand.
He added: "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. In addition, the group has successfully implemented it near term land investment strategy.
“Along with continuing the successful conversion of its strategic land investments, the group has purchased a considerable amount of consented land. In total, the group has added 1,874 consented plots to the land bank in the first half of 2010, increasing the land bank to 13,113 consented plots at 30 June 2010.”
