Bovis reports strong half-year results

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Bovis Homes Group PLC has issued an upbeat trading update for the six months ending June 30.

The housebuilder, with a regional office in Bishop’s Cleeve, Cheltenham, reports a 15% increase in average private sales rate per site per week in the period to June 30.

It delivered a total 1,647 completions in the half year, a 4% increase on the same period last year. Of this 1,031 were private units and 616 affordable.

The Group’s private average selling price in the period increased to £342,000 (2018: £334,700). Total average selling price increased by circa 3% to £270,000 (2018: £262,700).

It opened 10 new developments in the half and operated from an average of 88 active sites. It expects to open a further 13 new sites this year.

Six site managers and their teams have been awarded NHBC Pride in the Job Quality Awards this year.

The Group balance sheet has further strengthened in the period with a net cash position as at 30 June 2019 of circa £103m (30 June 2018: £42.8m).

Chief Executive Greg Fitzgerald said: “I am very pleased to report an excellent first half performance across the Group and, in particular, a significant improvement in profitability, a strong cash position and a step-up in our sales rate.

“We have had another controlled period, focused on delivering high-quality homes and are currently trending at a 5-star HBF customer satisfaction rating. We start the second half with a strong forward sales position and expect to deliver an improved performance in 2019.”

The statement adds that market fundamentals remain stable and, despite the ongoing uncertainty surrounding Brexit, Bovis continues to see good demand for its new homes across all its operating regions.

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