BOVIS Homes said yesterday it is on track to deliver a significant hike in profits after the UK’s buoyant property market helped the housebuilder to sell a record number of homes.
The FTSE 250 company, which builds most of its homes in the south of England but outside London, completed 3,635 property sales in the year to 31 December compared with 2,813 last year.
Chief executive David Ritchie, said: “We have continued to execute our strategic plan successfully despite the housing market moderating in the second half of 2014.”
Homes were sold at an average price of £216,600 – 11 per cent higher than the same time last year – thanks to an improved mix of properties.
Bovis’ record house sale completions helped lift operating profit margin to around 17 per cent compared to 14.9 per cent last year.
The group said it also added 7,300 plots to the consented land bank across 42 sites, replenishing at twice the rate of homes sold. At the end of 2014, its land bank stood at 18,000 consented plots, providing around five years of consented land supply at 2014 volume levels.