Bovis beats expectations

The group, which has sites across Yorkshire including developments in Hemsworth, Mirfield, Hook, Selby and Walsden, reported 15 per cent more sales in 2012 at 2,355 completions.

Its average prices increased five per cent to £170,700.

Together with building on sites bought cheaply since the downturn, cost cuts and land sales, this helped operating margins climb to about 13.5 per cent from 10 per cent a year earlier.

Bovis started 2012 with forward sales of 778 homes, up 37 per cent on a year earlier.

It has 13 per cent more active outlets at 90, and expects this number to grow in 2013.

“Assuming stable market conditions, this increase will enable the group to continue to drive growth in returns in 2013,” it said.

David Ritchie, chief executive, said: “2012 was a successful year for Bovis Homes. We delivered significant growth in profits and returns as a result of our continued strategy for growth through investment in high quality consented and strategic land.

“This strategy will be further progressed in 2013, which, subject to stable market conditions, should deliver strong improvements in the group’s returns in 2013 and beyond.”