Bovis Homes has reported a profit hike of 47% for the year ended 31 December 2018.
Pretax profits for the year hit £168.1m, up from £114m the previous year, ahead of market expectations.
Group revenue was up by 3.2%, totalling £1,061.4m.
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Bovis Homes has reported a profit hike of 47% for the year ended 31 December 2018.
Pretax profits for the year hit £168.1m, up from £114m the previous year, ahead of market expectations.
Group 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 strong land acquisition, including valuable strategic land conversion, with all 2019 land consented and 97% of 2020 requirement secured.
Greg Fitzgerald, chief executive at Bovis Homes, 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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