Bovis builds record number of homes
South east house builder Bovis Homes delivered a 29% growth in legal completions to a record 3,635 homes last year.
In the a trading statement for the year, Bovis this morning said it would build on this achievement in 2015 and deliver further strong growth despite signs of a cooling in the housing market.
Bovis Homes achieved a record year of land investment, adding 7,300 plots to the consented land bank across 42 sites, replenishing at twice the rate of homes sold.
By the end of year, its land bank had swelled to 18,000 consented plots, providing around five years of consented land supply at present volumes.
The house builder boasted its strongest forward sales position for many years with 1,752 reservations for 2015 delivery, 27% ahead of the 1,377 reservations at the start of 2014.
It average selling price over 2014 rose 11%, helping to lift operating margin from 14.9% to 17%.
David Ritchie, chief executive of Bovis Homes, said: “We have continued to execute our strategic plan successfully despite the housing market moderating in the second half of 2014.
“The size of the business is set to grow further after a record year of land investment in 2014. Subject to market conditions being similar to 2014, we expect to deliver further growth in revenue and profit, giving rise to further improvement in returns in 2015.”
Aaron Morby | Thu 15th January | Construction Enquirer