Bovis has boosted its chief executive’s pay package to more than £2m after the housebuilder made “significant operational and financial progress” in 2018.
The housebuilder’s latest financial accounts reveal that Greg Fitzgerald received a total remuneration package (including salary, bonus, pension and long-term incentives) of £2.18m for 2018, up from £1.376m in 2017.
Although Fitzgerald received a smaller bonus this year (£593,000 compared to £829,000 the previous year), his base salary has increased to £666,000 from £455m.
The company’s financial performance, which saw a profit hike of 47% for the year ending 31 December 2018, resulted in Fitzgerald and group finance director Earl Sibley receiving 89% of their maximum bonus.
In terms of remuneration for 2019, Fitzgerald’s salary was increased by 2% from £666,250 to £679,575, while Sibley’s was increased by 3% from £325,000 to £334,750.
Bovis also reported that revenue was up by 3.2%, totalling £1,061.4m.
The housebuilder reported 3,758 home completions and a 390 basis points increase in operating margin, rising to 16.4%, up from 12.5%.
It pointed to success in land acquisition, including valuable strategic land conversion, with all 2019 land consented and 97% of its 2020 requirement secured.
Fitzgerald said: “The group has made substantial progress operationally over the past 18 months, delivering record profits and a step change in our operating margin.
“Looking ahead, we are implementing many initiatives which will continue to build a better Bovis Homes, including our new Phoenix housing range with its first completions this spring, and the development of our new Partnership Housing division. We have a strong sales position and excellent land visibility and expect to make further operational and financial progress in 2019.”
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