Housing provider sees double profits
Kent-based housing provider Bovis Homes Group PLC has revealed double profits, spurred by a 21% increase in sales.
The company completed 18% more homes in the year to July 2012, and sold them for a higher average price.
Pre-tax profits were up from £8.1m in 2011, to £16.2m, as chief executive David Ritchie, suggested market conditions were stable, but still “challenging”.
Mr Ritchie said: “As a result of a greater number of active sales outlets with an increasing proportion of new, more profitable sites, the Group’s profits will, subject to stable market conditions, continue to increase significantly in the second half of 2012, in line with the Group’s expectations.
“While investing strongly, the Group is controlling capital employed through land bank management and by managing working capital tightly, which will, based on stable market conditions, lead to strongly improving shareholder returns going forward.
This was posted in Bdaily's Members' News section by Tom Keighley .