Partly Cloudy

Partly Cloudy

max temp: 7°C

min temp: 1°C

ESTD 1874 Search

Construction: Record first half for house builder Bovis

13:13 18 August 2014

Bovis has reported a record number of completions for the first half of 2014.

Bovis has reported a record number of completions for the first half of 2014.

House builder Bovis Homes today reported a record number of completions in the first six months of the year as it took advantage of a buoyant property market.

shares

The company said legal completions jumped 54% to 1,487 homes in the half year to June 30, as it saw pre-tax profit more than double, rising 166% to £49.4million.

The group, which concentrates on family housing in the South East, said the average selling price for private housing during the period was £239,500, 20% up on the same period a year ago.

Bovis said: “In the first half of 2014, the UK housing market has continued to be robust, with a solid level of mortgage availability and positive home buyer confidence.”

It said consumer confidence had been buoyed by the Government’s Help to Buy scheme. However there had been a “moderation of sales activity” late in the second quarter and into the early part of the current trading period which was “a return to more normal seasonal patterns”.

Bovis, which currently has more than a dozen developments in the eastern region, including sites in Colchester, Takeley and Elsenham, said it had almost fully sold its 3,650-home target for the year, adding that average selling prices for private and social housing would range between £210,000 and £215,000 overall for 2014.

The business said that due to strong trading it planned to boost its dividend and almost double the amount of houses it built to between 5,000 and 6,000 “over the next few years.”

Bovis said it will lift its dividend to 35p a share this year, including a half-year pay-out tripling to 12p. It added that it intends to pay at least 35p a share as a dividend next year.

Chief executive David Ritchie said: “The group is delivering on its growth strategy and combined with housing market improvements is producing fast improving returns.”

Brokers at Panmure Gordon welcomed the update from Bovis and said the firm was its “key housebuilding pick.”

shares

1 comment

  • Here we have it straight from the 'horses mouth' !, PROFITS more than doubled !, yet they keep telling the Councils they cannot afford to build 'Affordable Homes' !, someone is telling big porky pies !, what's more the Council's are swallowing it !

    Report this comment

    freedomf

    Monday, August 18, 2014

The views expressed in the above comments do not necessarily reflect the views of this site

A aerial view of Stansted Airport.

Stansted Airport has reported its busiest-ever January with more than 1.66million passengers passing through its terminal last month.

Delegates at an Innovation Martlesham event this week celebrating the inclusion of Ipswich in the new TechNation report on the UK's leading technology clusters.

Digital businesses in and around Ipswich are worth nearly £200million to the local economy and employ nearly 10,000 people, according to a new study.

Completion of the renovation work at St Lawrence church, Ipswich 
Mike Taylor, Cllr Sandy martin, John fields  and Peter brooks

£100,000 makeover for church in the heart of Ipswich centre

Most businesses do not believe the Governments target of achieving full employment within five years, according to a new report.

Most businesses do not believe the Government’s target of achieving full employment within five years, according to a new report.

Telecoms giant BT is to launch a breakthrough new service aimed at diverting millions of nuisance calls.

Telecoms giant BT is to launch a “breakthrough” new service aimed at diverting millions of nuisance calls.

Most read

Fred Olsen Travel Sale

cover

Click here to view
the Fred Olsen
Travel Sale

View

Most commented

HOT JOBS

Show Job Lists

Topic pages

Streetlife

Great British Life

Great British Life
MyDate24 MyPhotos24