Bovis Homes experience 15% profit increase

// HA News

Bovis Homes have released their Half Year Results 2016 this week, announcing a 15% increase in pre-tax profit.  The housing provider says that despite fallout following the referendum, the underlying housing market is positive.

According to the report, the overall number of legal completions from 1,525 in the first six months of 2015 increased to 1,601 this year. Their social completions also increased from 345 to 370 throughout the same time period.

As the period is for 6 months prior to 30th June, the impact of Brexit would have had no noticeable effect on these figures.

Commenting on the results, Chief Executive of Bovis Homes Group PLC, David Ritchie said “We have delivered a record number of homes in the first half of 2016 which has driven strong profit growth, improved returns and a 9% increase in the interim dividend. Our forward sales position means we are well placed to continue this strong performance through the remainder of the year.

“Whilst it is too early to judge the impact of the EU Referendum and the Bank's monetary policy response on the UK housing market, the underlying market fundamentals for UK housing remain positive. We have been pleased with the resilient level of interest shown by potential home buyers contacting us. Our robust balance sheet, with debt lower than last year, means that we are well positioned to continue to take advantage of prime land opportunities at potentially higher returns. Overall, we remain confident in our strategy to deliver long-term growth in shareholder returns.”

To read the report from Bovis, please click here.

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