Bovis Homes sees profit up

Bovis Homes produced an improved profit in the first half of the year, despite a drop in turnover. Pre-tax profit increased from £41.5m to £46m, but turnover slipped to £190.6m from £201.2m.

The number of completions slipped 20% from 1,142 a year ago to 950, but a 12.7% increase in the average selling price from £169,300 to £190,800 went some way to compensating.

The strategic land bank increased to 22,430 potential plots, compared to 21,841 at the start of the year.
The group's northern business "has grown rapidly and is now generating strong returns and margins", said chairman Nigel Mobbs.

During the first half of the year an eastern division was launched, investing in land in Cambridgeshire, Lincolnshire, Norfolk and Suffolk.