Housebuilder Bovis has posted a 20% year-on-year rise in pretax profit.
In its half-year results to the end of June 2019, chief executive Greg FitzGerald said: “We delivered an excellent first-half performance, with a significant step up in our sales rate, record profits and a further strengthening of our balance sheet.”
The group’s private sales rate increased by 15% in the first half, operating margin was up by 140 basis points to 16%, and profit before tax increased by 20% to £72.4m – a record level for Bovis Homes.
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The group’s balance sheet strengthened further, with a net cash position of £102.4m as at 30 June, compared to £42.8m at the same time last year.
The firm has also increased its interim dividend by 8% to 20.5p per share.
Bovis had previously run into difficulty amid complaints about build quality in 2016. Since then it has refocused the business and in its results today said its HBF customer satisfaction score was trending above 90%. However, there have still been complaints about build quality during 2018.
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