Overcast

Overcast

max temp: 9°C

min temp: 2°C

Search

UK: Bovis Homes raises 2012 profit forecast and sales and margins improve

09:16 18 January 2013

Bovis said today it is now on track to beat City profits forecasts for 2012

Bovis said today it is now on track to beat City profits forecasts for 2012

FURTHER signs of a return to health in the housing market emerged today as Bovis Homes reported improved sales and lifted its profit forecast.

Bovis said it had seen a 15% jump in completions last year, with its strategy of building family homes in the affluent south helping to push its average selling price up 5% to £170,700.

The added that it now expected pre-tax profits for 2012 to beat City predictions of £51.3million, with the development of land acquired during the housing downturn having helped to improve operating margins to 13.5%, from 10% in 2011.

Bovis’s statement follows upbeat trading updates from rivals including Persimmon and Taylor Wimpey, with the sector having benefited from initiatives such as FirstBuy, which sees the Government and housebuilders stump up part of the deposit.

But a spokesman for Bovis, whose current developments include sites at Red Lodge, near Mildenhall, Stowmarket and Colchester, said that while the Government schemes were welcome, its performance was not attributable to them.

The group said it invested in about 3,500 plots of land across 24 sites in 2012, and sold three plots of land during 2012.

Search hundreds of local jobs at Jobs24

0 comments

Britain’s property market will be in sharp focus next week as two of the biggest housebuilders post annual figures after a solid year for the sector, despite a Brexit vote blip.

Ipswich’s first drive-through Starbucks has opened with a special ribbon-cutting ceremony by mayor Roger Fern.

The new owner of a Suffolk pub previously in the hands of celebrity chef Marco Pierre White wants to put the community back at the heart of the business.

Retail entrepreneur James Timpson, whose family business has a record of working successfully with offenders, is to share his knowledge of prison reform at an event being held to raise money for the Ipswich-based charity Ormiston Families.

Organisers have announced the latest date for a business charity running event that has raised over a half a million pounds for good causes over the years.

Management Jobs

Show Job Lists

Most read

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter
MyDate24 MyPhotos24