Bovis Homes has announced a 10% hike in pretax profit to £58.4m despite a backdrop of rising interest rates.
The housebuilder has also reported an 8.9% increase in earnings per share which now total 34.2p for the interim period ending 30 June 2007.
Total group revenue grew by 3.8% to £259.9m.
The group’s average sales price for the first half of 2007 was £189,600 compared to £188,700 for the comparable six months of 2006, representing a 0.5% year over year increase.
Land sales totalled £19.1m compared with £10.2m in the first half of 2006, demonstrating both the ongoing strength in the land market, and the weighting of planned land sales to the first half in 2007.
Malcolm Harris, chief executive of Bovis Homes Group said: “The Group’s first six months’ profits have been good, generating a strong operating margin and supported by a solid balance sheet.
“Interest rate rises have softened the market and as future movements remain uncertain, consumers are reacting cautiously.
“The Group continues to anticipate an increase in volume ahead of that delivered in 2006.”
