British housebuilder Bovis Homes has reported impressive results in its trading update for the year ended 31 December 2013.
In line with other competitors Bovis has reported a hefty increase in its average sales price. The company announced that its average sales price jumped 14 per cent to £195,100 up from £170,700 in 2012. The housebuilder attributed the rising price to an improved mix of larger homes with a greater proportion of higher value southern sites.
The company also saw growth of 19 per cent growth in legal completions to 2,813 up from 2,355 in 2012.
Commenting, David Ritchie, chief executive of Bovis Homes, said:
Our forward order book is in its best position for many years.
With further increases in active sales outlets supported by ongoing assertive land buying, the Group is confident of its future prospects and ability to deliver further significant improvement in returns.
Analysts had anticipated a strong update from the housebuilding company. In a research note released on Friday, Liberum Capital reissued their buy rating on Bovis shares. They followed analysts at Deutsche Bank, Citi Group and Panmure Gordon who have reiterated a buy rating on shares of Bovis Homes in the past fortnight.