Bovis Homes doubles profit in first half

 
City A.M. Reporter
Housebuilder Bovis Homes Group doubled profit in the first half of 2012, helped by a rise in the number of its sales outlets, and said it expected profit to increase further in the second half of 2012.

The company said today that profit before tax for the six months to the end of June was £16.2m, compared to £8.1m in the same period in 2011. Revenue rose 27 per cent to £170.3m.
The number of its active sales outlets increased by 21 per cent to 82 over the period, versus 68 in the same period in 2011, it 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," chief executive David Ritchie said in a statement.

The company and its rivals have enjoyed continued strong demand for homes despite the UK's tough economic outlook, thanks to a lack of available new homes in Britain and government schemes to spur the market.

They also seized upon the financial crisis as a chance to buy up cheaper developer land and have focused on building in regions where house prices have stayed strong, which has helped them to improve profitability.