Bovis profits jump after cost push
HOUSBUILDER Bovis Homes today said underlying profits more than doubled after it sold more properties at higher average prices than last year.
Average selling prices rose 4 per cent to £160,700 as the Kent-based group built more family homes to reduce its exposure to first-time buyers who are struggling to find mortgages.
Pre-tax profits rose 147 per cent to £18.5 million as profit margins increased after the group brought down the cost of building homes.
The number of homes sold increased 5 per cent to 1,900, which helped to drive a 6 per cent increase in revenues to £298.6 million.