Bovis Homes has posted a 9% increase in revenue and a 6% uplift in operating profit for the half year to 30 June, compared with the same period last year.
Revenue in H1 2015 stood at £350.7m, compared with £322.1m in H1 2014. Operating profit rose from £51.2m to £54.3m and the shareholder dividend increased from 12p to 13.7p per share.
Net debt increased from £45.3m to £58.8m.
Bovis said it completed a record number of sales during the period – 1,525, up from 1,487 in H1 2014.
The average sale price excluding PRS homes stood at £264,000, 10% up on the previous year.
With 2,687 consented plots across 15 sites added in the first half, the landbank stood at 19,081 plots across 135 sites as of 30 June.
Bovis chief executive David Ritchie said: “I am pleased to report that significant land opportunities continue to be available at higher returns, meaning disciplined investment in consented land should underpin future growth in shareholder returns. With positive market conditions prevailing, we continue to assess the housing cycle and will adapt our strategy appropriately. We anticipate that the addition of around 40 sites per annum will support our medium-term growth strategy to deliver between 5,000 and 6,000 new homes each year.”
